HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0055%/8h= −6.0% APRnext payment −$0.07 per $10,000 · paid last 24h +0.007%

Price spread now: Phoenix against SoDEX+0.048%70s7-day average +0.084% · 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—prices read too far apart to compare

costs, in and out, $10k−$280.277% of the position

Long on SoDEX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.095%+$10 on $10k

Price spread, last 4 days (all we have)+0.008%+$1 · spread now +0.048%, 7d avg +0.084%

Together, before fees+0.103%+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phoenix is 0.036% cheaper against SoDEX than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.084%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.095%, so the current rate has only just turned against you. The two prices were read 70 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	SoDEX HYPE-USD	94.472	0.0055	pay 0.0007% / 1h	13m 47s	$2.1M	$1.9M	10x
Short	Phoenix HYPE	94.517	0	get 0.0000% / 1h	13m 47s	$209K	$1.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against SoDEX. 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 SoDEXbpFee PhoenixbpOrdersPrice spread, now +0.048%Rate

Funding earned: −$11.59
Price spread: +0.048% → +0.084%: −$3.61
Slippage, 4 orders: −$12.71
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$42.9
Costs to cover: 0.277%
Break-even: never at this rate

Slippage from SoDEX: live order book, 5 min ago; Phoenix: 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 SoDEX live order book, 5 min ago	0.74 bp	7.7 bp −$8	12.5 bp −$125	102.1 bp −$10.2K	doesn't fit
Sell Phoenix live order book, 4 min ago	1.48 bp	6.2 bp −$6	10.0 bp −$100	135.2 bp −$13.5K	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	−0.1688%	1h	94.413	−0.062%	$204K	$266K	7x	as long as short
Bluefin HYPE-PERP	−0.0393%	1h	94.455	−0.018%	$80K	$152K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0214%	1h	94.390	−0.087%	$712K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0182%	1h	94.463	−0.010%	$111K	$575K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0156%	1h	94.381	−0.096%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.463	−0.010%	$88K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.424	−0.051%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0048%	1h	94.403	−0.073%	$16.4M	$7.4M	10x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.433	−0.041%	$1.0M	$3.6M	10x	as long as short
Lighter HYPE	−0.0032%	1h	94.442	−0.032%	$16.4M	$64.6M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0019%	8h	94.432	−0.042%	$317.4M	$288.9M	75x	as long as short
BingX HYPE-USDT	−0.0018%	4h	94.452	−0.021%	—	$52.8M	—	as long as short
Orderly PERP_HYPE_USDC	−0.0009%	4h	94.447	−0.026%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.464	−0.009%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.538	+0.070%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPEshort	0.0000%	1h	94.517	+0.048%	$209K	$1.1M	10x
Perpl HYPE	0.0000%	43m	94.463	−0.009%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.492	+0.021%	$124K	—	150x	as long as short
Polymarket Perps HYPE-USD	+0.0012%	1h	94.480	+0.008%	$498K	$2.8M	20x	as long as short
Bitget HYPEUSDT	+0.0024%	4h	94.450	−0.023%	$226.9M	$100.1M	75x	as long as short
Phemex HYPEUSDT	+0.0036%	8h	94.448	−0.025%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0037%	8h	94.490	+0.019%	$338K	$154K	20x	as long as short
Vest HYPE-PERP	+0.0043%	1h	94.511	+0.041%	—	$190K	5x	as long as short
SoDEX HYPE-USDlong	+0.0055%	1h	94.472	long leg	$2.1M	$1.9M	10x
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.470	−0.002%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0066%	8h	94.432	−0.042%	$117.8M	$325.6M	50x	as long as short
edgeX HYPEUSDC	+0.0083%	4h	94.437	−0.037%	$5.0M	$30.8M	30x	as long as short
Gate HYPE_USDT	+0.0094%	4h	94.456	−0.017%	$50.3M	$56.8M	75x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.448	−0.025%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.442	−0.032%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.440	−0.034%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.439	−0.034%	$7.2M	$52.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.531	+0.062%	$2.08B	$688.2M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.451	−0.022%	$8.8M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.470	−0.002%	$10.2M	$15.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.447	−0.026%	$378.7M	$933.5M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.307	−0.175%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.456	−0.017%	$89.8M	$84.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.455	−0.018%	$46.9M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.438	−0.036%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.390	−0.086%	$29.6M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.361	−0.117%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.316	−0.165%	$370K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.412	−0.064%	$682K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.540	+0.072%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.574	+0.108%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.430	−0.045%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.472	0.000%	$399K	$153K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.452	−0.021%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0184%	1h	94.553	+0.086%	$7.4M	$4.3M	50x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.284%	$31K	$340K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.510	+0.040%	$20.2M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.473	+0.002%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.388	−0.088%	$85K	$120K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.400	−0.076%	$17.1M	$12.4M	75x	as long as short