HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.1306%/8h= +143.0% APRnext payment +$1.63 per $10,000 · paid last 24h +0.273%

Price spread now: Phoenix against Hibachi+0.189%61s7-day average +0.160% · you sell dearer than you buy

Net, funding: paid 7d − costs+$126as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$700.699% of the position

Long on Hibachi Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+1.960%+$196 on $10k

Price spread, last 4 days (all we have)−0.014%−$1 · spread now +0.189%, 7d avg +0.160%

Together, before fees+1.946%+ Points / potential airdropHibachi: Active · farm board+$195 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$39 a day on $10k at the current rate, and Phoenix is 0.029% dearer against Hibachi than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.160%. The two prices were read 61 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi HYPE/USDT-P	94.260	−0.1280	get 0.0160% / 1h	1m 43s	$202K	$241K	7x
Short	Phoenix HYPE	94.438	0.0026	get 0.0003% / 1h	1m 43s	$211K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Hibachi. 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 HibachibpFee PhoenixbpOrdersPrice spread, now +0.189%Rate

Funding earned: $274.19
Price spread: +0.189% → +0.160%: $2.91
Slippage, 4 orders: −$53.94
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $207.15
Costs to cover: 0.699%
Break-even: 1.7 days

Slippage from Hibachi: live order book, 47 min ago; Phoenix: 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 Hibachi live order book, 47 min ago	24.38 bp	29.9 bp −$30	49.1 bp −$491	doesn't fit	doesn't fit
Sell Phoenix live order book, 1 min ago	1.06 bp	5.6 bp −$6	9.2 bp −$92	108.0 bp −$10.8K	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-Plong	−0.1280%	1h	94.260	long leg	$202K	$241K	7x
Aftermath Perps HYPEUSD	−0.0298%	1h	94.289	+0.031%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.328	+0.072%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0015%	4h	94.168	−0.098%	$150K	$681K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.272	+0.012%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	94.236	−0.026%	$87K	$372K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.214	−0.049%	$22K	$290K	10x	as long as short
Bullet HYPE-USD	+0.0001%	1h	94.207	−0.056%	$112K	$580K	20x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.223	−0.040%	$63K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	94.198	−0.066%	$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
Bybit HYPEUSDT	+0.0019%	8h	94.170	−0.096%	$318.2M	$287.0M	75x	as long as short
Phoenix HYPEshort	+0.0026%	1h	94.438	+0.189%	$211K	$1.2M	10x
BingX HYPE-USDT	+0.0031%	4h	94.194	−0.070%	—	$53.7M	—	as long as short
Bitget HYPEUSDT	+0.0038%	4h	94.191	−0.073%	$227.2M	$99.4M	75x	as long as short
Phemex HYPEUSDT	+0.0038%	8h	94.206	−0.057%	$12.8M	$2.8M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0059%	1h	94.220	−0.043%	$711K	$1.2M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	94.211	−0.052%	$342K	$158K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.191	−0.073%	$16.4M	$63.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.203	−0.061%	$3.2M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.218	−0.045%	$78K	$1.2M	50x	as long as short
edgeX HYPEUSDC	+0.0098%	4h	94.343	+0.088%	$5.0M	$30.4M	30x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.230	−0.032%	$30K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.191	−0.073%	$6.7M	$49.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.311	+0.054%	$2.07B	$680.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.191	−0.073%	$8.9M	$37.0M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.215	−0.048%	$10.2M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.182	−0.083%	$378.5M	$925.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.161	−0.105%	$116.4M	$317.5M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.213	−0.049%	$217K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.192	−0.072%	$48.2M	$55.9M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.183	−0.082%	$91.0M	$82.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.192	−0.072%	$46.5M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.247	−0.014%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.388	+0.136%	$28.9M	$56.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.427	+0.177%	$7.7M	$48.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.313	+0.056%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.316	+0.059%	$675K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.291	+0.033%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.228	−0.034%	$478K	$2.8M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.188	−0.077%	$80K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	94.190	−0.075%	$16.3M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.302	+0.044%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.206	−0.057%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.416	+0.165%	$1.4M	$6.6M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.166	−0.100%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.212	−0.052%	$398K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0119%	8h	94.327	+0.071%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	94.610	+0.371%	$31K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.230	−0.032%	$4.7M	$6.1M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0270%	1h	94.291	+0.033%	$7.5M	$4.1M	50x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.198	−0.066%	$77K	$130K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	94.228	−0.034%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0338%	1h	94.299	+0.041%	$21.0M	$29.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.285	+0.026%	$16.8M	$12.3M	75x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	94.269	+0.010%	$3.2M	$6.3M	20x	as long as short