HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0899%/8h= −98.4% APRnext payment −$1.12 per $10,000 · paid last 24h −0.033%

Price spread now: Arcus against dYdX−0.157%7-day average −0.039% · 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−$31as in the Price arb table

costs, in and out, $10k−$200.197% of the position

Long on dYdX Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.008%−$1 on $10k

Price spread, last 4 days (all we have)+0.179%+$18 · spread now −0.157%, 7d avg −0.039%

Together, before fees+0.171%+$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$27 a day on $10k at the current rate, and Arcus is 0.117% cheaper against dYdX than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.039%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.008% in total (about -0.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.12 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	dYdX HYPE-USD	93.017	0	get 0.0000% / 1h	57m 49s	$128K	$31K	5x
Short	Arcus HYPE-USD	92.871	−0.0899	pay 0.0112% / 1h	57m 49s	$1.2M	$3.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against dYdX. 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 dYdXbpFee ArcusbpOrdersPrice spread, now −0.157%Rate

Funding earned: −$188.7
Price spread: −0.157% → −0.039%: −$11.74
Slippage, 4 orders: −$5.21
Fee dYdX: 5 bp × 2 orders: −$10
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$220.15
Costs to cover: 0.197%
Break-even: never at this rate

Slippage from dYdX: live order book, 6 min ago; Arcus: live order book, 1 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 dYdX live order book, 6 min ago	1.65 bp	6.7 bp −$7	18.2 bp −$182	211.8 bp −$21.2K	1354.7 bp −$677.4K
Sell Arcus live order book, 1 min ago	0.32 bp	3.2 bp −$3	3.9 bp −$39	199.5 bp −$20.0K	doesn't fit

HYPE on 54 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	−0.1136%	1h	93.123	+0.115%	$196K	$226K	7x	as long as short
Arcus HYPE-USDshort	−0.0899%	1h	92.871	−0.157%	$1.2M	$3.8M	10x
Bluefin HYPE-PERP	−0.0415%	1h	92.961	−0.060%	$79K	$170K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0158%	1h	92.970	−0.050%	$698K	$905K	10x	as long as short
01 Exchange HYPEUSD	−0.0096%	1h	93.078	+0.066%	$84K	$346K	20x	as long as short
Bullet HYPE-USD	−0.0095%	1h	93.007	−0.010%	$112K	$578K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.198	+0.195%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0052%	4h	92.992	−0.027%	$155K	$639K	20x	as long as short
Phemex HYPEUSDT	−0.0023%	8h	93.039	+0.024%	$12.6M	$2.7M	50x	as long as short
Aster HYPEUSDT	−0.0005%	4h	92.992	−0.027%	$8.8M	$35.4M	300x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USDlong	0.0000%	1h	93.017	long leg	$128K	$31K	5x
Perpl HYPE	0.0000%	43m	93.092	+0.081%	$22K	$321K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.025	+0.009%	$25K	—	150x	as long as short
Bybit HYPEUSDT	+0.0009%	8h	92.970	−0.050%	$319.0M	$275.7M	75x	as long as short
Gate HYPE_USDT	+0.0012%	4h	92.971	−0.049%	$44.3M	$54.1M	75x	as long as short
BingX HYPE-USDT	+0.0012%	4h	92.972	−0.048%	—	$53.1M	—	as long as short
Aftermath Perps HYPEUSD	+0.0013%	1h	93.325	+0.332%	$22K	$21K	10x	as long as short
Phoenix HYPE	+0.0060%	1h	93.318	+0.324%	$210K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	92.999	−0.019%	$114.1M	$299.9M	50x	as long as short
Binance HYPEUSDT	+0.0077%	4h	92.973	−0.047%	$378.1M	$874.3M	75x	as long as short
MEXC HYPE_USDT	+0.0078%	4h	92.997	−0.021%	$87.5M	$79.7M	100x	as long as short
edgeX HYPEUSDC	+0.0083%	4h	93.256	+0.257%	$5.0M	$30.1M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.023	+0.007%	$16.3M	$61.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.003	−0.015%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.062	+0.049%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.036	+0.021%	$338K	$162K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.090	+0.079%	$12K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.005	−0.012%	$5.7M	$43.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.089	+0.078%	$2.03B	$658.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.011	−0.006%	$10.0M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	+0.342%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.010	−0.007%	$46.0M	$17.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.011	−0.006%	$225.0M	$96.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.967	−0.053%	$7.3M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.219	+0.217%	$31.1M	$54.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.419	+0.432%	$7.5M	$46.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.263	+0.265%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.218	+0.216%	$665K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.122	+0.113%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.054	+0.040%	$473K	$2.4M	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.986	−0.033%	$16.1M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.189	+0.185%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.010	−0.007%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.945	−0.077%	$18.3M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.002	−0.016%	$396K	$170K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.100	+0.090%	$4.9M	$5.4M	50x	as long as short
HTX HYPE-USDT	+0.0207%	4h	93.200	+0.197%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0256%	1h	93.002	−0.016%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0276%	8h	93.073	+0.061%	$1.9M	$4.8M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0298%	1h	93.093	+0.082%	$7.4M	$4.4M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.023	+0.007%	$1.4M	—	100x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.157	+0.151%	$3.2M	$6.7M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.170	+0.165%	$30K	$338K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0687%	1h	93.087	+0.076%	$20.7M	$30.0M	50x	as long as short