HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 16:00 UTC+0.0188%/8h= +20.5% APRnext payment +$1.88 per $10,000 · paid last 24h −0.018%

Price spread now: Bybit against Phemex+0.059%53s7-day average −0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs−$75as 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−$690.694% of the position

Long on Phemex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.057%−$6 on $10k

Price spread, last 4 days (all we have)+0.073%+$7 · spread now +0.059%, 7d avg −0.032%

Together, before fees+0.016%+$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Bybit is 0.091% dearer against Phemex than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.032%. Mind the row above: over the last 7 days funding on this pair cost −0.057%, so the current rate has only just turned in your favour. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.057% in total (about -3.0% a year). A funding rate is set anew for every payment; at this rate the next one is about +$1.88 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	Phemex HYPEUSDT	95.004	−0.0193	get 0.0193% / 8h	7h 00m	$13.0M	$2.8M	50x
Short	Bybit HYPEUSDT	95.060	−0.0005	pay 0.0005% / 8h	7h 00m	$319.7M	$283.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Phemex. 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 PhemexbpFee BybitbpOrdersPrice spread, now +0.059%Rate

Funding earned: $39.39
Price spread: +0.059% → −0.032%: $9.05
Slippage, 4 orders: −$46.37
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$20.92
Costs to cover: 0.694%
Break-even: 10.7 days

Slippage from Phemex: live order book, 4 min ago; Bybit: live order book, 4 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 Phemex live order book, 4 min ago	7.73 bp	29.0 bp −$29	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.52 bp	7.1 bp −$7	8.4 bp −$84	16.6 bp −$1,664	51.1 bp −$25.6K

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	−0.1048%	1h	94.957	−0.050%	$211K	$265K	7x	as long as short
Bluefin HYPE-PERP	−0.0546%	1h	94.998	−0.006%	$79K	$149K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0212%	1h	95.177	+0.183%	$22K	$19K	10x	as long as short
Bullet HYPE-USD	−0.0208%	1h	95.077	+0.076%	$112K	$580K	20x	as long as short
Phemex HYPEUSDTlong	−0.0193%	8h	95.004	long leg	$13.0M	$2.8M	50x
Ondo Perps HYPE-USD.P	−0.0157%	1h	95.020	+0.017%	$695K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	95.081	+0.081%	$91K	$354K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	95.044	+0.042%	$1.0M	$3.1M	10x	as long as short
dYdX HYPE-USD	−0.0098%	1h	95.080	+0.080%	$130K	$93K	5x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.043	+0.041%	$3K	$331	25x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0072%	4h	95.047	+0.045%	$53.1M	$57.1M	75x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	95.041	+0.039%	$18.8M	$35.7M	50x	as long as short
Vest HYPE-PERP	−0.0034%	1h	95.124	+0.126%	—	$88K	5x	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	95.040	+0.038%	$148K	$669K	20x	as long as short
Bybit HYPEUSDTshort	−0.0005%	8h	95.060	+0.059%	$319.7M	$283.2M	75x
Kalshi KXHYPEPERP	0.0000%	8h	95.123	+0.125%	$1.8M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	95.025	+0.022%	$19K	$272K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.100	+0.101%	$86K	—	150x	as long as short
BingX HYPE-USDT	+0.0004%	4h	95.067	+0.066%	—	$50.5M	—	as long as short
Phoenix HYPE	+0.0008%	1h	95.157	+0.161%	$203K	$1.2M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	95.060	+0.059%	$4.7M	$5.7M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0028%	8h	95.047	+0.045%	$118.7M	$321.5M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0042%	8h	95.054	+0.053%	$340K	$38K	20x	as long as short
Bitget HYPEUSDT	+0.0050%	4h	95.074	+0.074%	$228.5M	$93.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0053%	1h	94.981	−0.024%	$7.4M	$10.2M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0066%	1h	95.115	+0.117%	$7.5M	$4.4M	50x	as long as short
SoDEX HYPE-USD	+0.0071%	1h	95.024	+0.021%	$2.1M	$1.6M	10x	as long as short
Aster HYPEUSDT	+0.0073%	4h	95.060	+0.059%	$9.0M	$36.4M	300x	as long as short
edgeX HYPEUSDC	+0.0096%	4h	95.176	+0.181%	$5.1M	$31.1M	30x	as long as short
Lighter HYPE	+0.0096%	1h	95.017	+0.013%	$16.2M	$64.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.029	+0.026%	$3.2M	$10.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	95.082	+0.082%	$266K	$1.3M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	95.050	+0.048%	$40K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.003	−0.001%	$7.3M	$55.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.210	+0.217%	$2.10B	$674.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.077	+0.077%	$10.2M	$14.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	95.065	+0.064%	$382.6M	$909.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.176	+0.181%	$222K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	95.068	+0.067%	$87.0M	$90.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.053	+0.052%	$47.5M	$18.3M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.987	−0.017%	$30.1M	$55.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.148	+0.152%	$7.7M	$43.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.146	+0.149%	$349K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.051	+0.049%	$691K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.102	+0.103%	$500K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.899	−0.111%	$32K	$1.5M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.209	+0.216%	$1.4M	$6.7M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.039	+0.037%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.091	+0.092%	$402K	$136K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.114	+0.115%	$3.2M	$6.2M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.480	+0.501%	$31K	$340K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	95.018	+0.015%	$85K	$93K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.106	+0.107%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	95.018	+0.015%	$17.2M	$12.2M	75x	as long as short