HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0292%/8h= +32.0% APRnext payment +$0.36 per $10,000 · paid last 24h +0.037%

Price spread now: Deribit against Popdex+0.167%7-day average +0.042% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$7as in the Price arb table

costs, in and out, $10k−$200.198% of the position

Long on Popdex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.007%+$1 on $10k

Price spread, last 4 days (all we have)−0.233%−$23 · spread now +0.167%, 7d avg +0.042%

Together, before fees−0.225%−$23 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Deribit is 0.126% dearer against Popdex than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.042%.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.007% in total (about 0.7% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.36 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	Popdex HYPEUSDT	92.644	0.0040	pay 0.0005% / 1h	22m 27s	$70K	$1.1M	50x
Short	Deribit HYPE_USDC-PERPETUAL	92.799	0.0332	get 0.0041% / 1h	22m 27s	$7.5M	$4.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Popdex. 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 PopdexbpFee DeribitbpOrdersPrice spread, now +0.167%Rate

Funding earned: $61.32
Price spread: +0.167% → +0.042%: $12.55
Slippage, 4 orders: −$6.39
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $54.08
Costs to cover: 0.198%
Break-even: 0.8 days

Slippage from Popdex: live order book, 2 min ago; Deribit: live order book, 2 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 Popdex live order book, 2 min ago	0.27 bp	3.5 bp −$3	4.1 bp −$41	28.5 bp −$2,850	doesn't fit
Sell Deribit live order book, 2 min ago	0.05 bp	6.6 bp −$7	11.7 bp −$117	doesn't fit	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
Hibachi HYPE/USDT-P	−0.1696%	1h	92.615	−0.032%	$193K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0303%	1h	92.786	+0.153%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.606	−0.041%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.647	+0.003%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0060%	4h	92.697	+0.057%	$145K	$681K	20x	as long as short
Bullet HYPE-USD	−0.0003%	1h	92.702	+0.063%	$112K	$577K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.661	+0.019%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.712	+0.073%	$22K	$293K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.735	+0.098%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0003%	1h	92.570	−0.080%	$698K	$1.1M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange HYPEUSD	+0.0024%	1h	92.652	+0.009%	$86K	$364K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	92.921	+0.299%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.710	+0.071%	$315.3M	$282.9M	75x	as long as short
Popdex HYPEUSDTlong	+0.0040%	1h	92.644	long leg	$70K	$1.1M	50x
Bitget HYPEUSDT	+0.0046%	4h	92.705	+0.066%	$224.5M	$98.9M	75x	as long as short
Phemex HYPEUSDT	+0.0055%	8h	92.716	+0.078%	$12.5M	$2.7M	50x	as long as short
Gate HYPE_USDT	+0.0060%	4h	92.715	+0.077%	$45.1M	$54.4M	75x	as long as short
edgeX HYPEUSDC	+0.0092%	4h	92.837	+0.208%	$4.9M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.653	+0.010%	$16.0M	$62.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.664	+0.022%	$3.1M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	92.674	+0.032%	$338K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.630	−0.015%	$34K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.626	−0.020%	$7.4M	$46.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.734	+0.097%	$2.02B	$665.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	92.718	+0.080%	$8.7M	$36.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	92.669	+0.027%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.711	+0.072%	$372.8M	$905.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.706	+0.067%	$113.8M	$303.1M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.709	+0.070%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.715	+0.077%	$91.1M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.713	+0.074%	$46.0M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.706	+0.067%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.716	+0.078%	$7.2M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.768	+0.134%	$28.5M	$57.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.808	+0.177%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.846	+0.218%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.765	+0.131%	$667K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.736	+0.099%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.734	+0.097%	$481K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.702	+0.063%	$78K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.703	+0.064%	$16.0M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.740	+0.104%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.706	+0.067%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.900	+0.276%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.608	−0.039%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.691	+0.051%	$392K	$164K	20x	as long as short
Kalshi KXHYPEPERP	+0.0132%	8h	92.786	+0.153%	$1.8M	$5.4M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.730	+0.093%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.773	+0.140%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.640	−0.004%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0266%	1h	92.713	+0.074%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.738	+0.102%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUALshort	+0.0332%	1h	92.799	+0.167%	$7.5M	$4.5M	50x
BloFin HYPE-USDT	+0.0340%	4h	92.682	+0.041%	$16.7M	$11.6M	75x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.698	+0.058%	$3.1M	$6.4M	20x	as long as short