HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0273%/8h= +29.8% APRnext payment +$0.34 per $10,000 · paid last 24h −0.005%

Price spread now: Bulk against Backpack−0.123%7-day average +0.011% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$260.259% of the position

Long on Backpack Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.022%−$2 on $10k

Price spread, last 4 days (all we have)−0.026%−$3 · spread now −0.123%, 7d avg +0.011%

Together, before fees−0.049%−$5 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bulk is 0.134% cheaper against Backpack than usual: you would sell low and buy high (spread −0.123% now, against its 7-day average of +0.011%). If the spread goes back, that is −$13 on $10k: about 39 hours of funding at the current rate (+$8 a day).

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.022% in total (about -2.4% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.34 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	Backpack HYPE_USDC_PERP	93.365	−0.0173	get 0.0022% / 1h	50m 56s	$7.8M	$10.6M	20x
Short	Bulk HYPE-USD	93.250	0.0100	get 0.0013% / 1h	50m 56s	$203K	$10K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Backpack. 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 BackpackbpFee BulkbpOrdersPrice spread, now −0.123%Rate

Funding earned: $57.23
Price spread: −0.123% → +0.011%: −$13.37
Slippage, 4 orders: −$8.88
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: $17.98
Costs to cover: 0.259%
Break-even: 4.8 days

Slippage from Backpack: live order book, 3 min ago; Bulk: live order book, 18 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 Backpack live order book, 3 min ago	0.05 bp	8.8 bp −$9	10.9 bp −$109	54.6 bp −$5,462	doesn't fit
Sell Bulk live order book, 18 min ago	0.53 bp	4.4 bp −$4	6.8 bp −$68	11.9 bp −$1,193	21.5 bp −$10.7K

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	−0.1072%	1h	93.160	−0.220%	$196K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.162	−0.217%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0206%	1h	93.279	−0.092%	$22K	$21K	10x	as long as short
Backpack HYPE_USDC_PERPlong	−0.0173%	1h	93.365	long leg	$7.8M	$10.6M	20x
Ondo Perps HYPE-USD.P	−0.0136%	1h	93.220	−0.155%	$699K	$973K	10x	as long as short
ApeX Omni HYPEUSDT	−0.0108%	1h	93.152	−0.228%	$337K	$1.1M	50x	as long as short
Gate HYPE_USDT	−0.0082%	4h	93.433	+0.073%	$44.2M	$53.7M	75x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.297	−0.073%	$85K	$360K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.282	−0.089%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0048%	4h	93.300	−0.070%	$158K	$646K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0030%	4h	93.404	+0.042%	$8.9M	$36.2M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.286	−0.085%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.313	−0.056%	$22K	$333K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.341	−0.026%	$26K	—	150x	as long as short
BingX HYPE-USDT	+0.0014%	4h	93.434	+0.074%	—	$54.2M	—	as long as short
Phemex HYPEUSDT	+0.0025%	8h	93.369	+0.004%	$12.7M	$2.7M	50x	as long as short
Bybit HYPEUSDT	+0.0027%	8h	93.430	+0.070%	$319.8M	$282.6M	75x	as long as short
Bluefin HYPE-PERP	+0.0031%	1h	93.305	−0.064%	$79K	$173K	20x	as long as short
MEXC HYPE_USDT	+0.0036%	4h	93.419	+0.058%	$87.7M	$81.7M	100x	as long as short
edgeX HYPEUSDC	+0.0038%	4h	93.103	−0.280%	$5.0M	$29.8M	30x	as long as short
Binance HYPEUSDT	+0.0039%	4h	93.422	+0.062%	$379.9M	$904.1M	75x	as long as short
Derive HYPE-PERP	+0.0053%	1h	93.295	−0.075%	$16.2M	$7.6M	10x	as long as short
Phoenix HYPE	+0.0060%	1h	93.190	−0.187%	$212K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0067%	8h	93.455	+0.096%	$115.3M	$315.7M	50x	as long as short
Bullet HYPE-USD	+0.0068%	1h	93.318	−0.050%	$111K	$578K	20x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.335	−0.033%	$397K	$177K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.403	+0.041%	$16.5M	$62.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.392	+0.029%	$3.1M	$11.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.315	−0.054%	$64K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.313	−0.056%	$339K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.260	−0.112%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.280	−0.091%	$6.5M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.453	+0.094%	$2.04B	$672.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.306	−0.063%	$10.0M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.429	+0.069%	$46.0M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.450	+0.091%	$226.2M	$100.7M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.281	−0.090%	$30.9M	$55.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.172	−0.207%	$7.5M	$46.9M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.159	−0.221%	$665K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.322	−0.047%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.322	−0.046%	$467K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.422	+0.061%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.373	+0.009%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USDshort	+0.0100%	1h	93.250	−0.123%	$203K	$10K	10x
Extended HYPE-USD	+0.0104%	1h	93.384	+0.021%	$18.3M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.390	+0.027%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.170	−0.209%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0158%	4h	93.376	+0.012%	$17.0M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.346	−0.021%	$2.7M	$6.8M	20x	as long as short
Reya HYPERUSDPERP	+0.0253%	1h	93.289	−0.082%	$79K	$142K	15x	as long as short
Kalshi KXHYPEPERP	+0.0254%	8h	93.375	+0.011%	$1.9M	$5.2M	2.3x	as long as short
HTX HYPE-USDT	+0.0274%	4h	93.500	+0.145%	$1.5M	$6.1M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0158%	1h	93.337	−0.030%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0650%	1h	93.473	+0.116%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0682%	1h	93.469	+0.111%	$20.9M	$29.9M	50x	as long as short