HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0039%/8h= −4.3% APRnext payment −$0.05 per $10,000 · paid last 24h −0.019%

Price spread now: Derive against Backpack−0.046%7-day average −0.047% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days−0.072%−$7 on $10k

Price spread, last 3 days (all we have)+0.001%$0 · spread now −0.046%, 7d avg −0.047%

Together, before fees−0.072%−$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.047%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack HYPE_USDC_PERP	93.550	0.0100	pay 0.0013% / 1h	1m 37s	$7.9M	$10.5M	20x
Short	Derive HYPE-PERP	93.507	0.0061	get 0.0008% / 1h	1m 37s	$16.3M	$7.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 DerivebpOrdersPrice spread, now −0.046%Rate

Funding earned: −$8.2
Price spread: −0.046% → −0.047%: $0.06
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Derive: 3 bp × 2 orders: −$6
Net: −$24.14
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 3 min ago; Derive: no order-book sample. Net counts fees only.

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	6.7 bp −$67	102.7 bp −$10.3K	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Aftermath Perps HYPEUSD	−0.0487%	1h	93.438	−0.119%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0448%	1h	93.546	−0.005%	$198K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.492	−0.062%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0128%	1h	93.470	−0.086%	$701K	$898K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.571	+0.022%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	93.580	+0.032%	$91K	$357K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.615	+0.069%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.567	+0.018%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.568	+0.020%	$28K	—	150x	as long as short
Popdex HYPEUSDT	+0.0008%	1h	93.561	+0.012%	$62K	$1.2M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0014%	4h	93.578	+0.030%	$8.9M	$35.7M	300x	as long as short
Orderly PERP_HYPE_USDC	+0.0015%	4h	93.561	+0.012%	$176K	$524K	20x	as long as short
Bybit HYPEUSDT	+0.0020%	8h	93.560	+0.011%	$323.7M	$280.5M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.456	−0.100%	$214K	$1.2M	10x	as long as short
Derive HYPE-PERPshort	+0.0061%	1h	93.507	−0.046%	$16.3M	$7.0M	10x
Bullet HYPE-USD	+0.0063%	1h	93.546	−0.005%	$111K	$577K	20x	as long as short
Gate HYPE_USDT	+0.0064%	4h	93.569	+0.020%	$44.1M	$59.0M	75x	as long as short
MEXC HYPE_USDT	+0.0064%	4h	93.567	+0.018%	$90.5M	$82.5M	100x	as long as short
Binance HYPEUSDT	+0.0065%	4h	93.561	+0.012%	$384.0M	$883.4M	75x	as long as short
edgeX HYPEUSDC	+0.0071%	4h	93.562	+0.013%	$5.1M	$29.7M	30x	as long as short
Phemex HYPEUSDT	+0.0093%	8h	93.513	−0.040%	$12.7M	$2.6M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.632	+0.088%	$18.6M	$59.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.609	+0.063%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.554	+0.004%	$398K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.580	+0.032%	$340K	$169K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.580	+0.032%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.537	−0.014%	$5.9M	$44.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.608	+0.062%	$2.04B	$664.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.601	+0.055%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.557	+0.007%	$114.3M	$312.4M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.594	+0.047%	$47.1M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.579	+0.031%	$226.9M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.562	+0.013%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERPlong	+0.0100%	1h	93.550	long leg	$7.9M	$10.5M	20x
Variational Omni HYPE	+0.0100%	8h	93.352	−0.211%	$30.8M	$51.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.460	−0.096%	$7.5M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.565	+0.016%	$416K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.549	−0.001%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.600	+0.053%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.566	+0.017%	$495K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.533	−0.018%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.596	+0.049%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.543	−0.007%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.280	−0.289%	$204K	$8K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.544	−0.006%	$18.3M	$41.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0120%	8h	93.614	+0.068%	$1.9M	$5.1M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.590	+0.043%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0219%	4h	93.706	+0.167%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.490	−0.064%	$30K	$338K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0242%	1h	93.632	+0.088%	$7.4M	$4.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	93.541	−0.009%	$77K	$155K	15x	as long as short
BloFin HYPE-USDT	+0.0261%	4h	93.563	+0.014%	$16.9M	$12.4M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.623	+0.078%	$2.8M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	93.566	+0.017%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0464%	1h	93.658	+0.115%	$20.9M	$28.9M	50x	as long as short