Funding you earn now, next payment 00:00 UTC+0.0199%/8h= +21.8% APRnext payment +$0.25 per $10,000 · paid last 24h +0.028%
Price spread now: Deribit against Derive+0.115%7-day average +0.073% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.022%−$2 on $10k
+Price spread, last 3 days (all we have)−0.064%−$6 · spread now +0.115%, 7d avg +0.073%
=Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Deribit is 0.041% dearer against Derive than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.073%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.022% in total (about -1.2% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.25 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 | Derive HYPE-PERP | 94.057 | 0.0093 | pay 0.0012% / 1h | 42m 55s | $16.5M | $7.1M | 10x |
| Short | Deribit HYPE_USDC-PERPETUAL | 94.165 | 0.0292 | get 0.0036% / 1h | 42m 55s | $7.4M | $4.6M | 50x |
Derive HYPE-PERP
Deribit HYPE_USDC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit against Derive. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $41.87
- Price spread: +0.115% → +0.073%
- $4.14
- Slippage, 4 orders
- no order book: not counted
- Fee Derive: 3 bp × 2 orders
- −$6
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- $33.02
- Costs to cover
- 0.130%
- Break-even
- 1.5 days
Slippage unknown: Derive: no order-book sample; Deribit: live order book, 1 min ago. Net counts fees only.
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 Derive no order-book sample | — | — | — | — | — |
| Sell Deribit live order book, 1 min ago | 2.23 bp | 9.0 bp −$9 | 13.0 bp −$130 | doesn't fit | doesn't fit |
Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
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 | −0.0616% | 1h | 94.235 | +0.189% | $199K | $230K | 7x | as long as short |
| Aftermath Perps HYPEUSD | −0.0425% | 1h | 94.145 | +0.093% | $22K | $22K | 10x | as long as short |
| Arcus HYPE-USD | −0.0233% | 1h | 94.163 | +0.112% | $1.2M | $3.8M | 10x | as long as short |
| Hotstuff HYPE-PERP | −0.0080% | 1h | 94.249 | +0.204% | $3K | $331 | 25x | as long as short |
| dYdX HYPE-USD | 0.0000% | 1h | 94.244 | +0.198% | $128K | $30K | 5x | as long as short |
| Perpl HYPE | 0.0000% | 43m | 94.248 | +0.203% | $23K | $329K | 10x | as long as short |
| gTrade (Gains Network) HYPE/USD | L +0.0002% / S −0.0003% | 1h | 94.134 | +0.082% | $27K | — | 150x | as long as short |
| Phoenix HYPE | +0.0009% | 1h | 94.301 | +0.259% | $216K | $1.2M | 10x | as long as short |
| Orderly PERP_HYPE_USDC | +0.0010% | 4h | 94.132 | +0.079% | $163K | $572K | 20x | as long as short |
| Ondo Perps HYPE-USD.P | +0.0010% | 1h | 94.150 | +0.099% | $705K | $909K | 10x | as long as short |
Hibachi HYPE/USDT-P
Aftermath Perps HYPEUSD
Arcus HYPE-USD
Hotstuff HYPE-PERP
dYdX HYPE-USD
Perpl HYPE
gTrade (Gains Network) HYPE/USD
Phoenix HYPE
Orderly PERP_HYPE_USDC
Ondo Perps HYPE-USD.PShow all 55 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bybit HYPEUSDT | +0.0020% | 8h | 94.040 | −0.018% | $323.9M | $282.5M | 75x | as long as short |
| 01 Exchange HYPEUSD | +0.0040% | 1h | 94.258 | +0.213% | $87K | $364K | 20x | as long as short |
| Aster HYPEUSDT | +0.0042% | 4h | 94.106 | +0.052% | $8.9M | $35.9M | 300x | as long as short |
| Phemex HYPEUSDT | +0.0053% | 8h | 94.114 | +0.060% | $12.8M | $2.6M | 50x | as long as short |
| Gate HYPE_USDT | +0.0072% | 4h | 94.053 | −0.005% | $44.2M | $58.4M | 75x | as long as short |
| Binance HYPEUSDT | +0.0077% | 4h | 94.051 | −0.007% | $385.0M | $891.3M | 75x | as long as short |
| MEXC HYPE_USDT | +0.0078% | 4h | 94.065 | +0.008% | $88.9M | $81.2M | 100x | as long as short |
| edgeX HYPEUSDC | +0.0087% | 4h | 94.189 | +0.140% | $5.1M | $29.9M | 30x | as long as short |
| Derive HYPE-PERPlong | +0.0093% | 1h | 94.057 | long leg | $16.5M | $7.1M | 10x | |
| Lighter HYPE | +0.0096% | 1h | 94.113 | +0.059% | $19.0M | $59.6M | 20x | as long as short |
| Lighter RH HYPE | +0.0096% | 1h | 94.108 | +0.054% | $3.1M | $12.3M | 20x | as long as short |
| Popdex HYPEUSDT | +0.0096% | 1h | 94.250 | +0.205% | $64K | $1.2M | 50x | as long as short |
| Paradex HYPE-USD-PERP | +0.0099% | 8h | 94.248 | +0.203% | $342K | $171K | 20x | as long as short |
| Katana Perps HYPE-USD | +0.0100% | 8h | 94.250 | +0.205% | $29K | $1.6M | 10x | as long as short |
| Nado HYPE-PERP | +0.0100% | 1h | 94.243 | +0.197% | $5.8M | $44.3M | 10x | as long as short |
| Pacifica HYPE | +0.0100% | 1h | 94.262 | +0.218% | $10.2M | $14.5M | 20x | as long as short |
| OKX HYPE-USDT-SWAP | +0.0100% | 8h | 94.038 | −0.020% | $116.0M | $319.8M | 50x | as long as short |
| Bulk HYPE-USD | +0.0100% | 1h | 94.095 | +0.041% | $205K | $7K | 10x | as long as short |
| KuCoin HYPEUSDTM | +0.0100% | 4h | 94.094 | +0.039% | $47.2M | $18.4M | 75x | as long as short |
| Bitget HYPEUSDT | +0.0100% | 4h | 94.049 | −0.009% | $227.8M | $102.8M | 75x | as long as short |
| BingX HYPE-USDT | +0.0100% | 4h | 94.058 | +0.001% | — | $54.0M | — | as long as short |
| Backpack HYPE_USDC_PERP | +0.0100% | 1h | 94.103 | +0.049% | $7.9M | $10.5M | 20x | as long as short |
| Variational Omni HYPE | +0.0100% | 8h | 94.203 | +0.155% | $31.9M | $53.2M | — | as long as short |
| GRVT HYPE_USDT_Perp | +0.0100% | 4h | 94.223 | +0.176% | $7.6M | $45.0M | 10x | as long as short |
| ApeX Omni HYPEUSDT | +0.0100% | 1h | 94.200 | +0.152% | $336K | $1.1M | 50x | as long as short |
| StandX HYPE-USD | +0.0100% | 1h | 94.203 | +0.155% | $681K | $2.5M | 20x | as long as short |
| Vest HYPE-PERP | +0.0100% | 1h | 94.272 | +0.229% | — | $454K | 5x | as long as short |
| Polymarket Perps HYPE-USD | +0.0100% | 1h | 94.271 | +0.227% | $498K | $2.5M | 20x | as long as short |
| Bullet HYPE-USD | +0.0100% | 1h | 94.074 | +0.018% | $112K | $579K | 20x | as long as short |
| Bluefin HYPE-PERP | +0.0100% | 1h | 94.103 | +0.049% | $76K | $167K | 20x | as long as short |
| SunX HYPE-USDT | +0.0100% | 4h | 94.085 | +0.030% | $32K | $1.6M | 20x | as long as short |
| SoDEX HYPE-USD | +0.0100% | 1h | 94.070 | +0.014% | $2.0M | $2.0M | 10x | as long as short |
| Injective HYPE/USDC PERP | +0.0104% | 1h | 94.160 | +0.109% | $31K | $338K | 12x | as long as short |
| Extended HYPE-USD | +0.0104% | 1h | 94.037 | −0.022% | $18.4M | $42.6M | 50x | as long as short |
| Aevo HYPE-PERP | +0.0104% | 1h | 94.106 | +0.052% | $400K | $318K | 20x | as long as short |
| Kalshi KXHYPEPERP | +0.0132% | 8h | 94.172 | +0.122% | $1.9M | $5.0M | 2.3x | as long as short |
| Coinbase International HYPE-PERP-INTX | +0.0152% | 1h | 94.110 | +0.056% | $4.9M | $5.7M | 50x | as long as short |
| HTX HYPE-USDT | +0.0228% | 4h | 94.250 | +0.205% | $1.5M | $7.8M | 75x | as long as short |
| Reya HYPERUSDPERP | +0.0248% | 1h | 94.154 | +0.103% | $77K | $142K | 15x | as long as short |
| RISEx HYPE/USDC | +0.0284% | 1h | 94.301 | +0.260% | $2.8M | $6.9M | 20x | as long as short |
| Deribit HYPE_USDC-PERPETUALshort | +0.0292% | 1h | 94.165 | +0.115% | $7.4M | $4.6M | 50x | |
| BloFin HYPE-USDT | +0.0309% | 4h | 94.057 | 0.000% | $17.0M | $12.6M | 75x | as long as short |
| GMX HYPE/USD [WBTC.b-USDC] | L +0.0341% / S −0.0165% | 1h | 94.158 | +0.108% | $1.4M | — | 100x | as long as short |
| Hyperliquid HYPE | +0.0518% | 1h | 94.129 | +0.076% | $2.05B | $668.7M | 10x | as long as short |
| Kraken Futures PF_HYPEUSD | +0.0576% | 1h | 94.170 | +0.120% | $21.0M | $29.2M | 50x | as long as short |
Bybit HYPEUSDT
01 Exchange HYPEUSD
Aster HYPEUSDT
Phemex HYPEUSDT
Gate HYPE_USDT
Binance HYPEUSDT
MEXC HYPE_USDT
edgeX HYPEUSDC
Lighter HYPE
Lighter RH HYPE
Popdex HYPEUSDT
Paradex HYPE-USD-PERP
Katana Perps HYPE-USD
Nado HYPE-PERP
Pacifica HYPE
OKX HYPE-USDT-SWAP
Bulk HYPE-USD
KuCoin HYPEUSDTM
Bitget HYPEUSDT
BingX HYPE-USDT
Backpack HYPE_USDC_PERP
Variational Omni HYPE
GRVT HYPE_USDT_Perp
ApeX Omni HYPEUSDT
StandX HYPE-USD
Vest HYPE-PERP
Polymarket Perps HYPE-USD
Bullet HYPE-USD
Bluefin HYPE-PERP
SunX HYPE-USDT
SoDEX HYPE-USD
Injective HYPE/USDC PERP
Extended HYPE-USD
Aevo HYPE-PERP
Kalshi KXHYPEPERP
Coinbase International HYPE-PERP-INTX
HTX HYPE-USDT
Reya HYPERUSDPERP
RISEx HYPE/USDC
BloFin HYPE-USDT
GMX HYPE/USD [WBTC.b-USDC]
Hyperliquid HYPE
Kraken Futures PF_HYPEUSD