HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0083%/8h= −9.1% APRnext payment −$0.10 per $10,000 · paid last 24h −0.068%

Price spread now: Derive against Hyperliquid−0.127%7-day average −0.080% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days−0.092%−$9 on $10k

Price spread, last 3 days (all we have)+0.064%+$6 · spread now −0.127%, 7d avg −0.080%

Together, before fees−0.028%+ Points / potential airdropHyperliquid: Season 2 · farm board−$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Derive is 0.046% cheaper against Hyperliquid than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.080%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid HYPE	94.161	0.0100	pay 0.0013% / 1h	13m 57s	$2.05B	$676.4M	10x
Short	Derive HYPE-PERP	94.042	0.0017	get 0.0002% / 1h	13m 57s	$16.4M	$7.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Hyperliquid. 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 HyperliquidbpFee DerivebpOrdersPrice spread, now −0.127%Rate

Funding earned: −$17.46
Price spread: −0.127% → −0.080%: −$4.64
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Derive: 3 bp × 2 orders: −$6
Net: −$37.1
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 10 min ago; Derive: no order-book sample. 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 Hyperliquid live order book, 10 min ago	0.05 bp	4.6 bp −$5	5.9 bp −$59	doesn't fit	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

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	−0.1240%	1h	93.973	−0.200%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.958	−0.216%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0203%	1h	93.924	−0.251%	$22K	$21K	10x	as long as short
Phemex HYPEUSDT	−0.0144%	8h	94.067	−0.100%	$12.8M	$2.6M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0116%	1h	94.010	−0.160%	$708K	$960K	10x	as long as short
dYdX HYPE-USD	−0.0099%	1h	94.086	−0.080%	$129K	$31K	5x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	94.079	−0.087%	$85K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.066	−0.101%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0071%	1h	94.050	−0.118%	$113K	$581K	20x	as long as short
Gate HYPE_USDT	−0.0034%	4h	94.032	−0.137%	$44.5M	$60.2M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0027%	4h	94.066	−0.101%	$160K	$646K	20x	as long as short
Bybit HYPEUSDT	−0.0011%	8h	94.014	−0.156%	$323.6M	$280.7M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.082	−0.083%	$23K	$326K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.099	−0.066%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0008%	4h	94.142	−0.020%	$8.9M	$36.1M	300x	as long as short
Derive HYPE-PERPshort	+0.0017%	1h	94.042	−0.127%	$16.4M	$7.3M	10x
Phoenix HYPE	+0.0034%	1h	93.678	−0.513%	$218K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0044%	4h	94.065	−0.102%	$88.7M	$83.2M	100x	as long as short
Binance HYPEUSDT	+0.0051%	4h	94.078	−0.088%	$383.7M	$895.7M	75x	as long as short
edgeX HYPEUSDC	+0.0062%	4h	93.602	−0.593%	$5.1M	$30.1M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0075%	8h	94.029	−0.140%	$116.2M	$316.6M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.132	−0.031%	$19.1M	$60.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.115	−0.049%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.072	−0.095%	$65K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.095	−0.070%	$400K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.112	−0.052%	$342K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.080	−0.086%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.068	−0.098%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPElong	+0.0100%	1h	94.161	long leg	$2.05B	$676.4M	10x
Pacifica HYPE	+0.0100%	1h	94.103	−0.062%	$10.2M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.528	−0.672%	$204K	$12K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.101	−0.064%	$46.7M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.034	−0.135%	$227.8M	$101.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.027	−0.142%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.123	−0.040%	$7.7M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.810	−0.372%	$31.4M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.614	−0.581%	$7.5M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.656	−0.536%	$339K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.843	−0.338%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.085	−0.081%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.100	−0.065%	$475K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.104	−0.061%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.141	−0.021%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.108	−0.056%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.994	−0.178%	$18.4M	$45.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.140	−0.022%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0181%	4h	94.072	−0.095%	$17.1M	$12.2M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.349%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.110	−0.054%	$2.7M	$6.8M	20x	as long as short
Kalshi KXHYPEPERP	+0.0232%	8h	94.152	−0.010%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	94.059	−0.108%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0156%	1h	94.094	−0.071%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0381%	4h	94.250	+0.095%	$1.5M	$6.0M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0547%	1h	94.197	+0.038%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0670%	1h	94.196	+0.037%	$21.0M	$29.8M	50x	as long as short