HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0030%/8h= −3.3% APRnext payment −$0.04 per $10,000 · paid last 24h +0.015%

Price spread now: Phoenix against Popdex+0.147%7-day average +0.097% · 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−$13as in the Price arb table

costs, in and out, $10k−$180.182% of the position

Long on Popdex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.116%+$12 on $10k

Price spread, last 7 days−0.003%$0 · spread now +0.147%, 7d avg +0.097%

Together, before fees+0.113%+$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.050% dearer against Popdex than usual: you sell high and buy low (spread +0.147% now, against its 7-day average of +0.097%): +$5 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 5.5 days. Mind the row above: over the last 4 days funding on this pair paid +0.116%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex HYPEUSDT	92.785	0.0056	pay 0.0007% / 1h	25m 23s	$70K	$1.1M	50x
Short	Phoenix HYPE	92.921	0.0026	get 0.0003% / 1h	25m 23s	$210K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.147%Rate

Funding earned: −$6.34
Price spread: +0.147% → +0.097%: $4.99
Slippage, 4 orders: −$4.8
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$19.56
Costs to cover: 0.182%
Break-even: never at this rate

Slippage from Popdex: live order book, 4 min ago; Phoenix: live order book, 3 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, 4 min ago	0.27 bp	3.5 bp −$3	4.4 bp −$44	19.0 bp −$1,900	doesn't fit
Sell Phoenix live order book, 3 min ago	1.08 bp	5.6 bp −$6	9.7 bp −$97	136.6 bp −$13.7K	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	−0.1656%	1h	92.636	−0.161%	$193K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0311%	1h	92.830	+0.049%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.765	−0.022%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.807	+0.024%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0061%	4h	92.790	+0.005%	$145K	$681K	20x	as long as short
Bullet HYPE-USD	−0.0002%	1h	92.765	−0.022%	$112K	$577K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.827	+0.045%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.807	+0.024%	$22K	$295K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.803	+0.019%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0016%	1h	92.730	−0.059%	$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
Phoenix HYPEshort	+0.0026%	1h	92.921	+0.147%	$210K	$1.2M	10x
Bybit HYPEUSDT	+0.0032%	8h	92.784	−0.001%	$315.4M	$282.8M	75x	as long as short
01 Exchange HYPEUSD	+0.0032%	1h	92.791	+0.006%	$87K	$364K	20x	as long as short
Phemex HYPEUSDT	+0.0049%	8h	92.841	+0.060%	$12.5M	$2.7M	50x	as long as short
Bitget HYPEUSDT	+0.0050%	4h	92.788	+0.003%	$224.7M	$99.1M	75x	as long as short
Popdex HYPEUSDTlong	+0.0056%	1h	92.785	long leg	$70K	$1.1M	50x
Gate HYPE_USDT	+0.0074%	4h	92.790	+0.005%	$45.1M	$54.3M	75x	as long as short
edgeX HYPEUSDC	+0.0092%	4h	92.837	+0.056%	$4.9M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.822	+0.040%	$16.0M	$62.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.821	+0.039%	$3.1M	$11.6M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.790	+0.005%	$34K	$1.7M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	92.829	+0.048%	$339K	$163K	20x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.802	+0.019%	$7.4M	$46.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.830	+0.048%	$2.02B	$666.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	92.784	−0.001%	$8.7M	$36.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	92.818	+0.036%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.776	−0.010%	$373.1M	$905.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.799	+0.015%	$113.8M	$303.5M	50x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.780	−0.005%	$91.3M	$81.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.786	+0.001%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.789	+0.004%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.841	+0.060%	$7.2M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.768	−0.018%	$28.5M	$57.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.886	+0.109%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.846	+0.066%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.813	+0.030%	$667K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.839	+0.058%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.822	+0.040%	$470K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.791	+0.006%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.784	−0.002%	$16.0M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.872	+0.094%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.799	+0.015%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.950	+0.178%	$1.4M	$6.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.770	−0.016%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.769	−0.018%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.783	−0.002%	$392K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.910	+0.135%	$4.7M	$5.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0154%	8h	92.890	+0.113%	$1.8M	$5.4M	2.3x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.858	+0.079%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.790	+0.005%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0265%	1h	92.777	−0.009%	$79K	$131K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0278%	1h	92.881	+0.103%	$7.5M	$4.5M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.823	+0.041%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.846	+0.066%	$16.8M	$11.6M	75x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.846	+0.065%	$3.1M	$6.4M	20x	as long as short