HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0108%/8h= +11.8% APRnext payment +$0.13 per $10,000 · paid last 24h −0.029%

Price spread now: Coinbase International against Backpack+0.036%7-day average −0.049% · you sell dearer than you buy

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$290.286% of the position

Long on Backpack Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.152%−$15 on $10k

Price spread, last 3 days (all we have)−0.085%−$8 · spread now +0.036%, 7d avg −0.049%

Together, before fees−0.236%−$24 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Coinbase International is 0.085% dearer against Backpack than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.049%. Mind the row above: over the last 7 days funding on this pair cost −0.152%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack HYPE_USDC_PERP	93.646	0.0100	pay 0.0013% / 1h	16m 27s	$7.9M	$11.7M	20x
Short	Coinbase International HYPE-PERP-INTX	93.680	0.0208	get 0.0026% / 1h	16m 27s	$4.9M	$5.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.036%Rate

Funding earned: $22.68
Price spread: +0.036% → −0.049%: $8.54
Slippage, 4 orders: −$8.57
Fee Backpack: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $2.66
Costs to cover: 0.286%
Break-even: 6.2 days

Slippage from Backpack: live order book, 3 min ago; Coinbase International: 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 Backpack live order book, 3 min ago	0.05 bp	5.1 bp −$5	6.6 bp −$66	69.1 bp −$6,908	doesn't fit
Sell Coinbase International live order book, 3 min ago	3.74 bp	9.7 bp −$10	13.5 bp −$135	34.2 bp −$3,419	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	−0.0960%	1h	93.583	−0.067%	$198K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0283%	1h	93.650	+0.004%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0235%	1h	93.590	−0.060%	$702K	$934K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.588	−0.062%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.592	−0.058%	$90K	$347K	20x	as long as short
Bullet HYPE-USD	−0.0024%	1h	93.600	−0.049%	$112K	$582K	20x	as long as short
Derive HYPE-PERP	−0.0021%	1h	93.562	−0.090%	$16.4M	$7.0M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.645	−0.001%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.628	−0.020%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.649	+0.003%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0021%	4h	93.587	−0.063%	$8.9M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0032%	4h	93.587	−0.063%	$44.1M	$57.2M	75x	as long as short
Bybit HYPEUSDT	+0.0035%	8h	93.570	−0.081%	$325.9M	$287.0M	75x	as long as short
Popdex HYPEUSDT	+0.0048%	1h	93.574	−0.077%	$59K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0060%	4h	93.625	−0.022%	$176K	$538K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.603	−0.046%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.645	−0.001%	$18.6M	$59.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.630	−0.017%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.613	−0.035%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.590	−0.060%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.567	−0.084%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.682	+0.038%	$2.04B	$670.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.620	−0.028%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.576	−0.075%	$386.1M	$888.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.567	−0.084%	$115.0M	$315.9M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.569	−0.082%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.690	+0.047%	$205K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.586	−0.064%	$93.7M	$82.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.597	−0.052%	$46.4M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.586	−0.064%	$227.3M	$102.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.588	−0.062%	—	$54.3M	—	as long as short
Backpack HYPE_USDC_PERPlong	+0.0100%	1h	93.646	long leg	$7.9M	$11.7M	20x
Variational Omni HYPE	+0.0100%	8h	93.660	+0.015%	$29.2M	$50.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.579	−0.072%	$7.5M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.678	+0.034%	$407K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.594	−0.056%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.615	−0.033%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.616	−0.032%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.608	−0.041%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.690	+0.047%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.603	−0.046%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.657	+0.012%	$12.8M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.565	−0.086%	$18.3M	$41.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.614	−0.034%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0107%	4h	93.571	−0.080%	$5.1M	$29.7M	30x	as long as short
Kalshi KXHYPEPERP	+0.0122%	8h	93.675	+0.031%	$1.9M	$5.3M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0177%	1h	93.717	+0.076%	$7.4M	$4.6M	50x	as long as short
Coinbase International HYPE-PERP-INTXshort	+0.0208%	1h	93.680	+0.036%	$4.9M	$5.7M	50x
Reya HYPERUSDPERP	+0.0246%	1h	93.567	−0.084%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.910	+0.282%	$31K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0300%	4h	93.800	+0.164%	$1.5M	$7.6M	75x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.599	−0.050%	$17.0M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0346% / S −0.0171%	1h	93.654	+0.009%	$1.5M	—	100x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.648	+0.002%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0572%	1h	93.724	+0.084%	$19.2M	$26.0M	50x	as long as short