HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0527%/8h= −57.7% APRnext payment −$0.66 per $10,000 · paid last 24h −0.069%

Price spread now: 01 Exchange against Deribit−0.107%7-day average −0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$300.298% of the position

Long on Deribit Short on 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.046%−$5 on $10k

Price spread, last 4 days (all we have)+0.160%+$16 · spread now −0.107%, 7d avg −0.018%

Together, before fees+0.114%+$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and 01 Exchange is 0.089% cheaper against Deribit than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.018%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.046% in total (about -4.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.66 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	93.361	0.0511	pay 0.0064% / 1h	30m 12s	$7.5M	$4.0M	50x
Short	01 Exchange HYPEUSD	93.261	−0.0016	pay 0.0002% / 1h	30m 12s	$87K	$366K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now −0.107%Rate

Funding earned: −$110.67
Price spread: −0.107% → −0.018%: −$8.9
Slippage, 4 orders: −$15.84
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$149.41
Costs to cover: 0.298%
Break-even: never at this rate

Slippage from Deribit: live order book, 4 min ago; 01 Exchange: live order book, 19 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, 4 min ago	1.50 bp	6.1 bp −$6	11.3 bp −$113	doesn't fit	doesn't fit
Sell 01 Exchange live order book, 19 min ago	0.37 bp	7.1 bp −$7	13.8 bp −$138	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	−0.1568%	1h	93.135	−0.242%	$196K	$234K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0361%	1h	93.251	−0.118%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.195	−0.178%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0059%	1h	93.242	−0.127%	$110K	$578K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0022%	4h	93.227	−0.144%	$146K	$662K	20x	as long as short
01 Exchange HYPEUSDshort	−0.0016%	1h	93.261	−0.107%	$87K	$366K	20x
dYdX HYPE-USD	0.0000%	1h	93.219	−0.152%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.204	−0.169%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.258	−0.111%	$62K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	93.184	−0.190%	$1.0M	$4.0M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget HYPEUSDT	+0.0016%	4h	93.253	−0.116%	$225.3M	$99.0M	75x	as long as short
Bybit HYPEUSDT	+0.0019%	8h	93.270	−0.097%	$316.8M	$282.9M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0026%	1h	93.170	−0.205%	$702K	$1.2M	10x	as long as short
Phoenix HYPE	+0.0026%	1h	93.263	−0.105%	$207K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0054%	8h	93.297	−0.069%	$12.6M	$2.7M	50x	as long as short
edgeX HYPEUSDC	+0.0088%	4h	93.175	−0.199%	$5.0M	$30.0M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	93.231	−0.139%	$339K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.294	−0.071%	$16.1M	$63.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.286	−0.080%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.232	−0.138%	$75K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.170	−0.205%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.228	−0.142%	$8.0M	$48.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.274	−0.093%	$2.03B	$669.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.277	−0.089%	$8.7M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.231	−0.139%	$10.0M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.287	−0.079%	$373.8M	$912.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.288	−0.078%	$114.4M	$309.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.230	−0.141%	$215K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.228	−0.142%	$46.7M	$54.3M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.240	−0.130%	$91.0M	$81.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.208	−0.164%	$46.1M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.237	−0.133%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.225	−0.146%	$7.3M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.131	−0.247%	$28.5M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.218	−0.153%	$7.5M	$47.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.165	−0.210%	$342K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.217	−0.154%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.286	−0.081%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.252	−0.117%	$483K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.240	−0.130%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.233	−0.137%	$16.1M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.204	−0.168%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.275	−0.092%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.341	−0.021%	$1.4M	$6.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.229	−0.141%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.278	−0.088%	$394K	$158K	20x	as long as short
Kalshi KXHYPEPERP	+0.0106%	8h	93.313	−0.051%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.120	−0.258%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.210	−0.162%	$4.6M	$5.8M	50x	as long as short
Reya HYPERUSDPERP	+0.0269%	1h	93.231	−0.139%	$80K	$127K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.258	−0.110%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.160	−0.215%	$16.9M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0341%	1h	93.323	−0.041%	$20.8M	$29.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0511%	1h	93.361	long leg	$7.5M	$4.0M	50x
RISEx HYPE/USDC	+0.0527%	1h	93.276	−0.091%	$3.2M	$6.3M	20x	as long as short