HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0275%/8h= −30.1% APRnext payment −$0.34 per $10,000 · paid last 24h −0.033%

Price spread now: Pacifica against Deribit+0.050%7-day average −0.025% · you sell dearer than you buy

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$260.260% of the position

Long on Deribit Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days−0.066%−$7 on $10k

Price spread, last 4 days (all we have)+0.043%+$4 · spread now +0.050%, 7d avg −0.025%

Together, before fees−0.023%+ Points / potential airdropPacifica: Active · farm board−$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Pacifica is 0.075% dearer against Deribit than usual: you sell high and buy low (spread +0.050% now, against its 7-day average of −0.025%): +$7 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 22 hours. At the pace of the last 7 days (−0.066% in total) that is about 7.9 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.066% in total (about -3.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.34 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit HYPE_USDC-PERPETUAL	92.922	0.0375	pay 0.0047% / 1h	53m 45s	$7.5M	$4.5M	50x
Short	Pacifica HYPE	92.969	0.0100	get 0.0013% / 1h	53m 45s	$10.0M	$15.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica against Deribit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee DeribitbpFee PacificabpOrdersPrice spread, now +0.050%Rate

Funding earned: −$57.75
Price spread: +0.050% → −0.025%: $7.5
Slippage, 4 orders: −$11.05
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$76.3
Costs to cover: 0.260%
Break-even: never at this rate

Slippage from Deribit: live order book, 5 min ago; Pacifica: live order book, 5 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Deribit live order book, 5 min ago	1.24 bp	9.0 bp −$9	11.6 bp −$116	doesn't fit	doesn't fit
Sell Pacifica live order book, 5 min ago	0.05 bp	4.3 bp −$4	doesn't fit	doesn't fit	doesn't fit

HYPE on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hibachi HYPE/USDT-P	−0.0528%	1h	92.732	−0.205%	$193K	$228K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0264%	1h	92.838	−0.090%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.917	−0.005%	$1.1M	$3.9M	10x	as long as short
ApeX Omni HYPEUSDT	−0.0091%	1h	92.784	−0.149%	$350K	$1.0M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.941	+0.020%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0064%	4h	92.900	−0.024%	$44.6M	$53.6M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0063%	4h	92.800	−0.131%	$157K	$653K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.935	+0.014%	$127K	$29K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	92.977	+0.059%	$1.8M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	92.902	−0.022%	$22K	$301K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.892	−0.032%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0030%	8h	92.815	−0.115%	$12.5M	$2.7M	50x	as long as short
Bybit HYPEUSDT	+0.0038%	8h	92.923	+0.001%	$316.5M	$282.0M	75x	as long as short
Phoenix HYPE	+0.0043%	1h	92.888	−0.037%	$210K	$1.2M	10x	as long as short
01 Exchange HYPEUSD	+0.0056%	1h	92.963	+0.044%	$87K	$362K	20x	as long as short
Aster HYPEUSDT	+0.0079%	4h	92.922	0.000%	$8.7M	$36.2M	300x	as long as short
Ondo Perps HYPE-USD.P	+0.0082%	1h	92.800	−0.131%	$697K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0082%	4h	92.917	−0.005%	$225.0M	$98.9M	75x	as long as short
edgeX HYPEUSDC	+0.0088%	4h	92.755	−0.179%	$4.9M	$29.5M	30x	as long as short
Bullet HYPE-USD	+0.0093%	1h	92.864	−0.062%	$111K	$579K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.935	+0.014%	$16.1M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.942	+0.022%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.926	+0.004%	$69K	$1.1M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	92.967	+0.049%	$339K	$163K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0099%	8h	92.972	+0.054%	$114.0M	$304.5M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.920	−0.002%	$39K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.915	−0.007%	$7.5M	$45.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.978	+0.060%	$2.03B	$663.5M	10x	as long as short
Pacifica HYPEshort	+0.0100%	1h	92.969	+0.050%	$10.0M	$15.2M	20x
Binance HYPEUSDT	+0.0100%	4h	92.943	+0.023%	$373.8M	$903.5M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.942	+0.021%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.911	−0.012%	$88.2M	$79.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.919	−0.003%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.903	−0.020%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.866	−0.060%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.709	−0.229%	$28.4M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.766	−0.168%	$7.5M	$46.3M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.833	−0.096%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.939	+0.019%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.950	+0.030%	$469K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.833	−0.096%	$79K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.811	−0.120%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.937	+0.016%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.827	−0.102%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.995	+0.079%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.879	−0.046%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.826	−0.103%	$392K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.010	+0.095%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.913	−0.010%	$20.6M	$30.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.760	−0.174%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0264%	1h	92.865	−0.062%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.880	−0.045%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.910	−0.013%	$16.8M	$11.7M	75x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0375%	1h	92.922	long leg	$7.5M	$4.5M	50x
RISEx HYPE/USDC	+0.0598%	1h	93.010	+0.095%	$3.2M	$6.4M	20x	as long as short