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Funding arb · Price arb /

HYPE

all HYPE markets
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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 06:00 UTC+0.0425%/8h= +46.5% APRnext payment +$0.53 per $10,000 · paid last 24h +0.073%
Price spread now: Deribit against Ondo Perps+0.157%7-day average +0.127% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on Ondo PerpsShort on Deribit
What this pair did over the last
the charts below follow
Funding, last 7 days+0.117%+$12 on $10k
Price spread, last 4 days (all we have)−0.024%−$2 · spread now +0.157%, 7d avg +0.127%
Together, before fees+0.093%+ Points / potential airdropOndo Perps: Active · farm board+$9 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Deribit is 0.030% dearer against Ondo Perps than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.127%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.117% in total (about 6.1% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.53 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongOndo Perps HYPE-USD.P93.1600.0022pay 0.0003% / 1h28m 29s$702K$1.2M10x
ShortDeribit HYPE_USDC-PERPETUAL93.3060.0447get 0.0056% / 1h28m 29s$7.5M$4.0M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Deribit against Ondo Perps. Falling: the short leg gains. Rising: it loses.
latest
Price spreadloading…

Funding on every exchange

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latest
How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Funding earned
$89.17
Price spread: +0.157% → +0.127%
$3.02
Slippage, 4 orders
no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders
−$5
Fee Deribit: 3.5 bp × 2 orders
−$7
Net
$80.19
Costs to cover
0.120%
Break-even
0.7 days
Slippage unknown: Ondo Perps: 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
LegHalf-spread$10k$100k$1M$5M
Buy Ondo Perps no order-book sample—————
Sell Deribit live order book, 1 min ago0.11 bp7.4 bp −$714.3 bp −$143doesn't fitdoesn't fit
Ondo Perps: 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.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Hibachi HYPE/USDT-P−0.1512%1h93.260+0.107%$197K$237K7xas long as short
Aftermath Perps HYPEUSD−0.0368%1h93.253+0.099%$22K$21K10xas long as short
Hotstuff HYPE-PERP−0.0080%1h93.227+0.072%$3K$33125xas long as short
Bullet HYPE-USD−0.0066%1h93.099−0.066%$111K$580K20xas long as short
Orderly PERP_HYPE_USDC−0.0023%4h93.211+0.055%$146K$662K20xas long as short
01 Exchange HYPEUSD−0.0008%1h93.174+0.015%$87K$365K20xas long as short
dYdX HYPE-USD0.0000%1h93.218+0.062%$128K$29K5xas long as short
Perpl HYPE0.0000%43m93.155−0.006%$22K$290K10xas long as short
gTrade (Gains Network) HYPE/USDL +0.0002% / S −0.0002%1h93.280+0.129%$62K—150xas long as short
Arcus HYPE-USD+0.0011%1h93.126−0.036%$1.0M$3.9M10xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bitget HYPEUSDT+0.0014%4h93.124−0.039%$225.0M$98.8M75xas long as short
Bybit HYPEUSDT+0.0017%8h93.130−0.032%$316.4M$282.7M75xas long as short
Ondo Perps HYPE-USD.Plong+0.0022%1h93.160long leg$702K$1.2M10x
Phoenix HYPE+0.0026%1h93.282+0.131%$207K$1.2M10xas long as short
Phemex HYPEUSDT+0.0049%8h93.222+0.067%$12.7M$2.8M50xas long as short
edgeX HYPEUSDC+0.0088%4h93.175+0.017%$5.0M$30.0M30xas long as short
Paradex HYPE-USD-PERP+0.0094%8h93.200+0.043%$339K$157K20xas long as short
Lighter HYPE+0.0096%1h93.166+0.007%$16.1M$63.2M20xas long as short
Lighter RH HYPE+0.0096%1h93.165+0.005%$3.1M$11.5M20xas long as short
Popdex HYPEUSDT+0.0096%1h93.143−0.018%$75K$1.2M50xas long as short
Katana Perps HYPE-USD+0.0100%8h93.170+0.011%$28K$1.7M10xas long as short
Nado HYPE-PERP+0.0100%1h93.147−0.014%$7.9M$48.4M10xas long as short
Hyperliquid HYPE+0.0100%1h93.196+0.038%$2.03B$669.1M10xas long as short
Aster HYPEUSDT+0.0100%4h93.167+0.008%$8.7M$36.4M300xas long as short
Pacifica HYPE+0.0100%1h93.171+0.012%$10.0M$15.3M20xas long as short
Binance HYPEUSDT+0.0100%4h93.139−0.022%$373.2M$912.4M75xas long as short
OKX HYPE-USDT-SWAP+0.0100%8h93.133−0.029%$114.2M$308.7M50xas long as short
Bulk HYPE-USD+0.0100%1h93.230+0.075%$215K$15K10xas long as short
Gate HYPE_USDT+0.0100%4h93.150−0.011%$46.7M$54.3M75xas long as short
MEXC HYPE_USDT+0.0100%4h93.135−0.027%$90.8M$81.2M100xas long as short
KuCoin HYPEUSDTM+0.0100%4h93.146−0.015%$46.0M$18.9M75xas long as short
BingX HYPE-USDT+0.0100%4h93.150−0.011%—$53.9M—as long as short
Backpack HYPE_USDC_PERP+0.0100%1h93.221+0.065%$7.3M$10.6M20xas long as short
Variational Omni HYPE+0.0100%8h93.131−0.032%$28.5M$56.3M—as long as short
GRVT HYPE_USDT_Perp+0.0100%4h93.193+0.036%$7.5M$47.0M10xas long as short
ApeX Omni HYPEUSDT+0.0100%1h93.165+0.005%$342K$1.0M50xas long as short
StandX HYPE-USD+0.0100%1h93.238+0.084%$667K$2.8M20xas long as short
Vest HYPE-PERP+0.0100%1h93.227+0.072%—$243K5xas long as short
Polymarket Perps HYPE-USD+0.0100%1h93.151−0.010%$483K$2.7M20xas long as short
Bluefin HYPE-PERP+0.0100%1h93.232+0.077%$79K$166K20xas long as short
Derive HYPE-PERP+0.0100%1h93.211+0.055%$16.1M$7.4M10xas long as short
SunX HYPE-USDT+0.0100%4h93.260+0.107%$32K$1.6M20xas long as short
SoDEX HYPE-USD+0.0100%1h93.191+0.033%$2.0M$1.9M10xas long as short
HTX HYPE-USDT+0.0100%4h93.425+0.284%$1.4M$6.5M75xas long as short
Extended HYPE-USD+0.0104%1h93.118−0.045%$18.1M$43.2M50xas long as short
Aevo HYPE-PERP+0.0104%1h93.223+0.068%$394K$158K20xas long as short
Kalshi KXHYPEPERP+0.0106%8h93.272+0.120%$1.8M$5.6M2.3xas long as short
Injective HYPE/USDC PERP+0.0122%1h93.190+0.032%$30K$339K12xas long as short
Coinbase International HYPE-PERP-INTX+0.0144%1h93.310+0.161%$4.6M$5.8M50xas long as short
Reya HYPERUSDPERP+0.0269%1h93.118−0.045%$80K$127K15xas long as short
GMX HYPE/USD [WBTC.b-USDC]L +0.0332% / S −0.0154%1h93.274+0.122%$1.4M—100xas long as short
BloFin HYPE-USDT+0.0340%4h93.309+0.160%$16.8M$11.9M75xas long as short
Kraken Futures PF_HYPEUSD+0.0342%1h93.251+0.098%$20.8M$29.6M50xas long as short
Deribit HYPE_USDC-PERPETUALshort+0.0447%1h93.306+0.157%$7.5M$4.0M50x
RISEx HYPE/USDC+0.0527%1h93.213+0.057%$3.2M$6.3M20xas long as short