HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0349%/8h= −38.2% APRnext payment −$0.44 per $10,000 · paid last 24h +0.008%

Price spread now: Phoenix against Deribit−0.031%7-day average +0.039% · you buy dearer than you sell

Net, funding: paid 7d − costs+$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$260.256% of the position

Long on Deribit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.312%+$31 on $10k

Price spread, last 3 days (all we have)+0.126%+$13 · spread now −0.031%, 7d avg +0.039%

Together, before fees+0.439%+$44 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Phoenix is 0.070% cheaper against Deribit than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.039%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.312%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit HYPE_USDC-PERPETUAL	93.322	0.0383	pay 0.0048% / 1h	19m 10s	$7.4M	$4.6M	50x
Short	Phoenix HYPE	93.293	0.0034	get 0.0004% / 1h	19m 10s	$214K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.031%Rate

Funding earned: −$73.23
Price spread: −0.031% → +0.039%: −$7.02
Slippage, 4 orders: −$11.65
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$105.89
Costs to cover: 0.256%
Break-even: never at this rate

Slippage from Deribit: live order book, 5 min ago; Phoenix: live order book, 4 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	3.12 bp	7.6 bp −$8	13.0 bp −$130	doesn't fit	doesn't fit
Sell Phoenix live order book, 4 min ago	0.97 bp	5.4 bp −$5	9.6 bp −$96	119.3 bp −$11.9K	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
Aftermath Perps HYPEUSD	−0.0431%	1h	93.140	−0.195%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0336%	1h	93.216	−0.114%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.133	−0.203%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0130%	1h	93.130	−0.206%	$699K	$928K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.198	−0.133%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	93.259	−0.068%	$90K	$361K	20x	as long as short
Popdex HYPEUSDT	−0.0008%	1h	93.221	−0.108%	$58K	$1.2M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.276	−0.049%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.227	−0.102%	$23K	$331K	10x	as long as short
Aster HYPEUSDT	+0.0001%	4h	93.234	−0.095%	$8.9M	$35.9M	300x	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 −0.0001%	1h	93.266	−0.060%	$20K	—	150x	as long as short
Bybit HYPEUSDT	+0.0021%	8h	93.210	−0.120%	$322.9M	$286.9M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0021%	4h	93.242	−0.086%	$172K	$518K	20x	as long as short
Phoenix HYPEshort	+0.0034%	1h	93.293	−0.031%	$214K	$1.2M	10x
Bullet HYPE-USD	+0.0045%	1h	93.212	−0.118%	$112K	$579K	20x	as long as short
Derive HYPE-PERP	+0.0047%	1h	93.185	−0.146%	$16.3M	$7.0M	10x	as long as short
Gate HYPE_USDT	+0.0054%	4h	93.230	−0.099%	$43.9M	$58.6M	75x	as long as short
MEXC HYPE_USDT	+0.0066%	4h	93.229	−0.100%	$90.3M	$82.2M	100x	as long as short
Binance HYPEUSDT	+0.0067%	4h	93.229	−0.099%	$381.8M	$895.5M	75x	as long as short
edgeX HYPEUSDC	+0.0079%	4h	93.210	−0.120%	$5.1M	$29.7M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.280	−0.045%	$18.6M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.259	−0.068%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.227	−0.102%	$397K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.203	−0.128%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.170	−0.163%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.216	−0.113%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.258	−0.069%	$2.03B	$669.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.208	−0.122%	$10.0M	$14.4M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.215	−0.115%	$113.9M	$314.3M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.232	−0.096%	$204K	$8K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.245	−0.083%	$47.0M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.240	−0.088%	$226.0M	$103.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.222	−0.107%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.248	−0.079%	$7.8M	$11.0M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.153	−0.181%	$29.0M	$50.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.258	−0.069%	$7.5M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.262	−0.064%	$415K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.227	−0.102%	$674K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.268	−0.058%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.253	−0.074%	$493K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.243	−0.085%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.210	−0.120%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.217	−0.113%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.216	−0.114%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.198	−0.133%	$18.2M	$41.9M	50x	as long as short
Kalshi KXHYPEPERP	+0.0113%	8h	93.238	−0.090%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.220	−0.109%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0239%	4h	93.400	+0.084%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.120	−0.216%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.241	−0.087%	$77K	$159K	15x	as long as short
BloFin HYPE-USDT	+0.0268%	4h	93.242	−0.086%	$16.8M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.247	−0.080%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.259	−0.067%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0383%	1h	93.322	long leg	$7.4M	$4.6M	50x
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.331	+0.010%	$20.9M	$29.0M	50x	as long as short