A perpetual future never expires, so exchanges tether it to spot with a funding payment: a positive rate means longs pay shorts, a negative one means shorts pay longs. Every venue sets its own rate, on its own schedule, from its own order book — so the same contract can pay on one exchange and charge on another at the very same minute.

Hold both legs in equal size and the price risk cancels: whatever HYPE does, one leg gains what the other loses. What is left is the funding difference — an annualized 111.25% here, 101.86% once the round-trip fee of $1.80 per $1,000 is paid. Close before roughly 14 hours and it loses money however wide the spread looks — which is why break-even sits next to every number.

See the same maths applied across every coin on the strategy board and the markets table.

What is the HYPE funding rate right now?

Lighter is paying -0.0027% per 1h, while Hibachi charges 0.0100% per 1h. The table above lists the current rate on all 21 venues that quote HYPE perpetuals.

Which exchange has the best HYPE funding rate?

It depends on your side. A long pays least on Lighter; a short earns most on Hibachi. Running both at once captures the gap between them without taking a directional bet on HYPE.

How is the annualized HYPE funding APR calculated?

Each venue pays funding on its own schedule — hourly, four-hourly or eight-hourly. We normalize every rate to a common period and compound it over a year, so venues on different schedules can be compared on one axis. Fees are then subtracted over the intended hold to give the net APR.

Is HYPE funding arbitrage risk-free?

No. The price risk is hedged, but fees, a rate that flips mid-hold, liquidation on one leg through margin imbalance, withdrawal delays and exchange risk all remain. Net APR and break-even tell you whether the trade survives its own costs — not whether the venues survive.