HYPE Carry

Thesis

A single-cycle HYPE spot-long/perpetual-short funding-carry strategy that seeks positive funding without a deliberate HYPE price bet.

Strategy

• One entry: Check hourly for seven days; buy 25% in HYPE and short equal quantity when projected 30-day funding covers the 0.45% cost budget twice. • Exits: Close after 30 days, nonpositive 24-hour funding, a one-minute hedge mismatch, or a short liquidation price within 30% of its mark. • Loss pause: A combined unrealized-price-loss breach permanently pauses new risk.

Exposure

• Holds: Spot HYPE, short perp — Spot HYPE hedged by an equal-quantity HYPE perpetual short, sized from the session's allocated USDC, retaining most of it as reserve. • Venue: Hyperliquid — Hyperliquid spot and perpetuals; Terminal must fund and activate it. • Leverage: Hedged legs — Equal quantities are reconciled by reducing the larger leg; fills are not atomic and residual mismatches trigger a paired exit. • Costs: Fees and funding — Budgets 0.23% base trading fees and 0.20% price tolerance for four fills, with a 0.45% total cost floor. • Data: Circuit — It uses Circuit funding history, market prices and volume. • On unwind: USDC — Closing HYPE spot and its matching short returns USDC; pressing Stop leaves holdings and orders in place.