HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0142%/8h= +15.5% APRnext payment +$0.18 per $10,000 · paid last 24h −0.040%

Price spread now: Coinbase International against Phoenix+0.204%72s7-day average −0.111% · you sell dearer than you buy

Net, funding: paid 7d − costs−$66as 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−$300.296% of the position

Long on Phoenix Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.365%−$37 on $10k

Price spread, last 3 days (all we have)−0.335%−$34 · spread now +0.204%, 7d avg −0.111%

Together, before fees−0.701%−$70 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Coinbase International is 0.316% dearer against Phoenix than usual: you sell high and buy low: +$32 more if the spread goes back to its 7-day average of −0.111%. Mind the row above: over the last 7 days funding on this pair cost −0.365%, so the current rate has only just turned in your favour. The two prices were read 72 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	Phoenix HYPE	93.030	0.0034	pay 0.0004% / 1h	19m 59s	$214K	$1.2M	10x
Short	Coinbase International HYPE-PERP-INTX	93.220	0.0176	get 0.0022% / 1h	19m 59s	$4.9M	$5.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Phoenix. 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 PhoenixbpFee Coinbase InternationalbpOrdersPrice spread, now +0.204%Rate

Funding earned: $29.76
Price spread: +0.204% → −0.111%: $31.55
Slippage, 4 orders: −$12.59
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $31.72
Costs to cover: 0.296%
Break-even: from the start

Slippage from Phoenix: live order book, 3 min ago; Coinbase International: 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 Phoenix live order book, 3 min ago	0.97 bp	5.4 bp −$5	9.8 bp −$98	doesn't fit	doesn't fit
Sell Coinbase International live order book, 4 min ago	3.76 bp	9.3 bp −$9	13.5 bp −$135	33.8 bp −$3,375	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
Aftermath Perps HYPEUSD	−0.0428%	1h	93.121	+0.098%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0336%	1h	93.216	+0.199%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.167	+0.147%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0127%	1h	93.140	+0.118%	$699K	$928K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.236	+0.221%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	93.227	+0.212%	$90K	$361K	20x	as long as short
Popdex HYPEUSDT	−0.0008%	1h	93.209	+0.192%	$58K	$1.2M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.276	+0.264%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.248	+0.234%	$23K	$331K	10x	as long as short
Aster HYPEUSDT	0.0000%	4h	93.221	+0.205%	$8.9M	$35.9M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.231	+0.216%	$20K	—	150x	as long as short
Bybit HYPEUSDT	+0.0021%	8h	93.177	+0.158%	$323.0M	$287.1M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0022%	4h	93.212	+0.196%	$172K	$518K	20x	as long as short
Derive HYPE-PERP	+0.0029%	1h	93.144	+0.123%	$16.3M	$7.1M	10x	as long as short
Phoenix HYPElong	+0.0034%	1h	93.030	long leg	$214K	$1.2M	10x
Bullet HYPE-USD	+0.0052%	1h	93.186	+0.167%	$112K	$580K	20x	as long as short
Gate HYPE_USDT	+0.0054%	4h	93.192	+0.174%	$43.9M	$58.6M	75x	as long as short
MEXC HYPE_USDT	+0.0064%	4h	93.184	+0.166%	$90.3M	$82.2M	100x	as long as short
Binance HYPEUSDT	+0.0067%	4h	93.183	+0.164%	$381.6M	$895.6M	75x	as long as short
edgeX HYPEUSDC	+0.0074%	4h	92.953	−0.083%	$5.0M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.248	+0.234%	$18.6M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.228	+0.213%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.187	+0.169%	$396K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.246	+0.232%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.210	+0.193%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.221	+0.205%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.231	+0.216%	$2.03B	$669.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.261	+0.248%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.189	+0.171%	$113.8M	$314.4M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.232	+0.217%	$204K	$8K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.209	+0.192%	$47.0M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.199	+0.182%	$225.9M	$103.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.189	+0.171%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.203	+0.186%	$7.8M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.153	+0.133%	$29.0M	$50.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.008	−0.023%	$7.5M	$45.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.016	−0.015%	$414K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.100	+0.075%	$673K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.241	+0.226%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.240	+0.226%	$493K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.182	+0.163%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.238	+0.224%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.175	+0.156%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.170	+0.150%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.156	+0.136%	$18.2M	$42.0M	50x	as long as short
Kalshi KXHYPEPERP	+0.0113%	8h	93.301	+0.291%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTXshort	+0.0176%	1h	93.220	+0.204%	$4.9M	$5.7M	50x
Injective HYPE/USDC PERP	+0.0239%	1h	93.320	+0.312%	$30K	$338K	12x	as long as short
HTX HYPE-USDT	+0.0239%	4h	93.374	+0.370%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.194	+0.176%	$77K	$159K	15x	as long as short
BloFin HYPE-USDT	+0.0257%	4h	93.255	+0.242%	$16.9M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.291	+0.281%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0158%	1h	93.226	+0.211%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0340%	1h	93.287	+0.276%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0466%	1h	93.289	+0.278%	$20.9M	$29.0M	50x	as long as short