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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 23:00 UTC+0.0457%/8h= +50.1% APRnext payment +$0.57 per $10,000 · paid last 24h −0.005%
Price spread now: Deribit against Phoenix+0.006%7-day average −0.037% · you sell dearer than you buy
Net, funding: paid 7d − costs−$52as in the Funding arb table
Net, price: spread back to 7d avg − costs−$17as in the Price arb table
costs, in and out, $10k−$210.211% of the position
Long on PhoenixShort on Deribit
What this pair did over the last
the charts below follow
Funding, last 7 days−0.308%−$31 on $10k
Price spread, last 3 days (all we have)−0.017%−$2 · spread now +0.006%, 7d avg −0.037%
Together, before fees−0.325%−$32 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Deribit is 0.044% dearer against Phoenix than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.037%. Mind the row above: over the last 7 days funding on this pair cost −0.308%, so the current rate has only just turned in your favour.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.308% in total (about -16.0% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.57 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
LongPhoenix HYPE93.6870.0009pay 0.0001% / 1h26m 31s$214K$1.2M10x
ShortDeribit HYPE_USDC-PERPETUAL93.6930.0466get 0.0058% / 1h26m 31s$7.4M$4.6M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Deribit 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

Funding earned
$96.07
Price spread: +0.006% → −0.037%
$4.36
Slippage, 4 orders
−$7.06
Fee Phoenix: 3.5 bp × 2 orders
−$7
Fee Deribit: 3.5 bp × 2 orders
−$7
Net
$79.38
Costs to cover
0.211%
Break-even
1.2 days
Slippage from Phoenix: live order book, 2 min ago; Deribit: live order book, 3 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Phoenix live order book, 2 min ago1.07 bp5.6 bp −$610.4 bp −$104doesn't fitdoesn't fit
Sell Deribit live order book, 3 min ago0.64 bp4.1 bp −$411.8 bp −$118doesn't fitdoesn't fit

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−0.0904%1h93.545−0.152%$198K$229K7xas long as short
Aftermath Perps HYPEUSD−0.0376%1h93.683−0.005%$22K$22K10xas long as short
Arcus HYPE-USD−0.0233%1h93.480−0.221%$1.2M$3.8M10xas long as short
Hotstuff HYPE-PERP−0.0080%1h93.592−0.101%$3K$33125xas long as short
Ondo Perps HYPE-USD.P−0.0070%1h93.550−0.146%$703K$910K10xas long as short
01 Exchange HYPEUSD−0.0048%1h93.525−0.173%$86K$366K20xas long as short
Derive HYPE-PERP−0.0017%1h93.529−0.169%$16.3M$7.1M10xas long as short
dYdX HYPE-USD0.0000%1h93.663−0.026%$127K$30K5xas long as short
Perpl HYPE0.0000%43m93.577−0.117%$23K$329K10xas long as short
Orderly PERP_HYPE_USDC+0.0002%4h93.617−0.075%$166K$583K20xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
gTrade (Gains Network) HYPE/USDL +0.0002% / S −0.0003%1h93.554−0.142%$26K—150xas long as short
Phoenix HYPElong+0.0009%1h93.687long leg$214K$1.2M10x
Aster HYPEUSDT+0.0013%4h93.593−0.101%$8.9M$36.0M300xas long as short
Bybit HYPEUSDT+0.0018%8h93.541−0.156%$321.4M$283.3M75xas long as short
Binance HYPEUSDT+0.0056%4h93.566−0.129%$382.4M$895.5M75xas long as short
MEXC HYPE_USDT+0.0056%4h93.542−0.155%$87.7M$81.8M100xas long as short
edgeX HYPEUSDC+0.0064%4h93.635−0.055%$5.1M$29.7M30xas long as short
Phemex HYPEUSDT+0.0072%8h93.625−0.066%$12.8M$2.6M50xas long as short
Gate HYPE_USDT+0.0084%4h93.566−0.129%$44.4M$59.1M75xas long as short
Bullet HYPE-USD+0.0090%1h93.531−0.167%$113K$577K20xas long as short
Lighter HYPE+0.0096%1h93.638−0.052%$18.8M$60.1M20xas long as short
Lighter RH HYPE+0.0096%1h93.635−0.056%$3.0M$12.3M20xas long as short
Popdex HYPEUSDT+0.0096%1h93.545−0.152%$64K$1.2M50xas long as short
Aevo HYPE-PERP+0.0096%1h93.592−0.101%$398K$318K20xas long as short
Paradex HYPE-USD-PERP+0.0099%8h93.597−0.096%$340K$171K20xas long as short
Katana Perps HYPE-USD+0.0099%8h93.540−0.157%$43K$1.6M10xas long as short
Nado HYPE-PERP+0.0100%1h93.605−0.088%$5.7M$44.4M10xas long as short
Pacifica HYPE+0.0100%1h93.610−0.082%$10.1M$14.5M20xas long as short
OKX HYPE-USDT-SWAP+0.0100%8h93.534−0.163%$115.2M$320.0M50xas long as short
Bulk HYPE-USD+0.0100%1h93.625−0.066%$204K$7K10xas long as short
KuCoin HYPEUSDTM+0.0100%4h93.558−0.138%$46.4M$18.6M75xas long as short
Bitget HYPEUSDT+0.0100%4h93.545−0.152%$226.6M$102.5M75xas long as short
BingX HYPE-USDT+0.0100%4h93.552−0.144%—$54.1M—as long as short
Backpack HYPE_USDC_PERP+0.0100%1h93.639−0.051%$7.8M$10.5M20xas long as short
Variational Omni HYPE+0.0100%8h93.564−0.131%$31.2M$53.9M—as long as short
GRVT HYPE_USDT_Perp+0.0100%4h93.632−0.059%$7.6M$45.1M10xas long as short
ApeX Omni HYPEUSDT+0.0100%1h93.646−0.044%$346K$1.1M50xas long as short
StandX HYPE-USD+0.0100%1h93.611−0.081%$677K$2.5M20xas long as short
Vest HYPE-PERP+0.0100%1h93.603−0.089%—$454K5xas long as short
Polymarket Perps HYPE-USD+0.0100%1h93.560−0.136%$490K$2.4M20xas long as short
Bluefin HYPE-PERP+0.0100%1h93.590−0.104%$76K$171K20xas long as short
SunX HYPE-USDT+0.0100%4h93.615−0.077%$32K$1.6M20xas long as short
SoDEX HYPE-USD+0.0100%1h93.587−0.107%$2.0M$2.0M10xas long as short
Injective HYPE/USDC PERP+0.0104%1h94.410+0.772%$31K$338K12xas long as short
Extended HYPE-USD+0.0104%1h93.538−0.159%$18.3M$42.8M50xas long as short
Kalshi KXHYPEPERP+0.0132%8h93.661−0.028%$1.9M$5.0M2.3xas long as short
Coinbase International HYPE-PERP-INTX+0.0152%1h93.670−0.018%$4.9M$5.7M50xas long as short
HTX HYPE-USDT+0.0213%4h93.771+0.090%$1.5M$7.8M75xas long as short
Hyperliquid HYPE+0.0213%1h93.599−0.094%$2.03B$676.5M10xas long as short
BloFin HYPE-USDT+0.0229%4h93.600−0.093%$17.1M$12.6M75xas long as short
Reya HYPERUSDPERP+0.0249%1h93.529−0.169%$77K$142K15xas long as short
RISEx HYPE/USDC+0.0284%1h93.601−0.091%$2.8M$6.9M20xas long as short
GMX HYPE/USD [WBTC.b-USDC]L +0.0337% / S −0.0163%1h93.615−0.077%$1.4M—100xas long as short
Deribit HYPE_USDC-PERPETUALshort+0.0466%1h93.693+0.006%$7.4M$4.6M50x
Kraken Futures PF_HYPEUSD+0.0579%1h93.674−0.014%$20.9M$29.5M50xas long as short