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Funding arb · Price arb /

HYPE

all HYPE markets
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Alert: funding
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Alert: spread
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Funding you earn now, next payment 02:00 UTC+0.0170%/8h= +18.7% APRpaid last 24h −0.025%
Price spread now: GRVT against Backpack−0.279%85s7-day average −0.258% · you buy dearer than you sell
Net, funding: paid 7d − costs−$27as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$200.201% of the position
Long on BackpackShort on GRVT
What this pair did over the last
the charts below follow
Funding, last 7 days−0.071%−$7 on $10k
Price spread, last 7 days+0.489%+$49 · spread now −0.279%, 7d avg −0.258%
Together, before fees+0.419%+ Points / potential airdropGRVT: Active · farm board+$42 on $10k · with fees, hour by hour
Funding pays, the price is against you. GRVT is 0.021% cheaper against Backpack than usual: you would sell low and buy high (spread −0.279% now, against its 7-day average of −0.258%). If the spread goes back, that is −$2 on $10k: about 10 hours of funding at the current rate (+$5 a day). Mind the row above: over the last 7 days funding on this pair cost −0.071%, so the current rate has only just turned in your favour. The two prices were read 85 seconds apart, so part of this spread may be the market moving, not a spread.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBackpack HYPE_USDC_PERP93.514−0.0070get 0.0009% / 1h33m 38s$7.8M$10.4M20x
ShortGRVT HYPE_USDT_Perp93.2530.0100get 0.0050% / 4h2h 33m$7.5M$48.3M10x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

GRVT 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

Funding earned
$35.78
Price spread: −0.279% → −0.258%
−$2.11
Slippage, 4 orders
−$1.12
Fee Backpack: 5 bp × 2 orders
−$10
Fee GRVT: 4.5 bp × 2 orders
−$9
Net
$13.54
Costs to cover
0.201%
Break-even
4.4 days
Slippage from Backpack: live order book, 1 min ago; GRVT: live order book, 6 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Backpack live order book, 1 min ago0.05 bp5.1 bp −$56.3 bp −$6334.7 bp −$3,472doesn't fit
Sell GRVT live order book, 6 min ago0.05 bp4.6 bp −$55.1 bp −$51doesn't fitdoesn't fit

HYPE on 54 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Hibachi HYPE/USDT-P−0.0912%1h93.427−0.092%$196K$231K7xas long as short
Arcus HYPE-USD−0.0786%1h93.285−0.245%$1.2M$3.9M10xas long as short
Aftermath Perps HYPEUSD−0.0168%1h93.355−0.170%$22K$21K10xas long as short
Ondo Perps HYPE-USD.P−0.0117%1h93.350−0.175%$698K$986K10xas long as short
Phemex HYPEUSDT−0.0094%8h93.517+0.003%$12.7M$2.7M50xas long as short
Hotstuff HYPE-PERP−0.0080%1h93.559+0.048%$3K$33125xas long as short
Backpack HYPE_USDC_PERPlong−0.0070%1h93.514long leg$7.8M$10.4M20x
Gate HYPE_USDT−0.0070%4h93.424−0.096%$44.3M$54.5M75xas long as short
01 Exchange HYPEUSD−0.0064%1h93.429−0.091%$85K$353K20xas long as short
Orderly PERP_HYPE_USDC−0.0056%4h93.529+0.016%$156K$652K20xas long as short
Show all 54 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Aster HYPEUSDT−0.0019%4h93.529+0.016%$8.9M$36.2M300xas long as short
dYdX HYPE-USD0.0000%1h93.439−0.080%$128K$31K5xas long as short
Perpl HYPE0.0000%43m93.532+0.019%$22K$331K10xas long as short
BingX HYPE-USDT+0.0002%4h93.388−0.135%—$53.8M—as long as short
gTrade (Gains Network) HYPE/USDL +0.0002% / S −0.0003%1h93.557+0.046%$26K—150xas long as short
Bybit HYPEUSDT+0.0006%8h93.400−0.122%$320.9M$285.6M75xas long as short
MEXC HYPE_USDT+0.0050%4h93.431−0.089%$88.0M$82.7M100xas long as short
Binance HYPEUSDT+0.0054%4h93.404−0.118%$380.0M$905.2M75xas long as short
edgeX HYPEUSDC+0.0059%4h93.458−0.060%$5.1M$30.0M30xas long as short
Phoenix HYPE+0.0060%1h93.170−0.368%$210K$1.2M10xas long as short
Bullet HYPE-USD+0.0060%1h93.566+0.056%$112K$579K20xas long as short
OKX HYPE-USDT-SWAP+0.0065%8h93.381−0.142%$114.9M$314.8M50xas long as short
Derive HYPE-PERP+0.0066%1h93.508−0.006%$16.2M$7.7M10xas long as short
Paradex HYPE-USD-PERP+0.0094%8h93.458−0.060%$339K$165K20xas long as short
Lighter HYPE+0.0096%1h93.445−0.073%$16.4M$62.4M20xas long as short
Lighter RH HYPE+0.0096%1h93.449−0.070%$3.1M$11.9M20xas long as short
Popdex HYPEUSDT+0.0096%1h93.385−0.138%$66K$1.2M50xas long as short
Aevo HYPE-PERP+0.0096%1h93.554+0.043%$398K$177K20xas long as short
Katana Perps HYPE-USD+0.0100%8h93.350−0.175%$21K$1.6M10xas long as short
Nado HYPE-PERP+0.0100%1h93.525+0.011%$5.7M$45.2M10xas long as short
Hyperliquid HYPE+0.0100%1h93.543+0.031%$2.04B$670.0M10xas long as short
Pacifica HYPE+0.0100%1h93.451−0.067%$10.0M$14.8M20xas long as short
KuCoin HYPEUSDTM+0.0100%4h93.427−0.093%$46.0M$18.3M75xas long as short
Bitget HYPEUSDT+0.0100%4h93.405−0.117%$226.0M$100.4M75xas long as short
Variational Omni HYPE+0.0100%8h93.411−0.111%$31.0M$54.9M—as long as short
GRVT HYPE_USDT_Perpshort+0.0100%4h93.253−0.279%$7.5M$48.3M10x
ApeX Omni HYPEUSDT+0.0100%1h93.295−0.234%$337K$1.1M50xas long as short
StandX HYPE-USD+0.0100%1h93.511−0.003%$667K$2.6M20xas long as short
Vest HYPE-PERP+0.0100%1h93.584+0.075%—$243K5xas long as short
Polymarket Perps HYPE-USD+0.0100%1h93.581+0.072%$468K$2.5M20xas long as short
Bluefin HYPE-PERP+0.0100%1h93.522+0.009%$79K$173K20xas long as short
SunX HYPE-USDT+0.0100%4h93.616+0.109%$32K$1.6M20xas long as short
SoDEX HYPE-USD+0.0100%1h93.548+0.036%$2.0M$2.0M10xas long as short
Bulk HYPE-USD+0.0100%1h93.348−0.178%$203K$10K10xas long as short
Extended HYPE-USD+0.0104%1h93.350−0.175%$18.4M$44.6M50xas long as short
Coinbase International HYPE-PERP-INTX+0.0136%1h93.640+0.135%$4.9M$5.6M50xas long as short
Injective HYPE/USDC PERP+0.0137%1h93.390−0.133%$30K$338K12xas long as short
RISEx HYPE/USDC+0.0210%1h93.442−0.077%$2.7M$6.7M20xas long as short
HTX HYPE-USDT+0.0223%4h93.699+0.198%$1.4M$6.2M75xas long as short
Reya HYPERUSDPERP+0.0254%1h93.536+0.024%$80K$142K15xas long as short
Kalshi KXHYPEPERP+0.0266%8h93.594+0.086%$1.9M$5.1M2.3xas long as short
GMX HYPE/USD [WBTC.b-USDC]L +0.0335% / S −0.0158%1h93.570+0.060%$1.4M—100xas long as short
Deribit HYPE_USDC-PERPETUAL+0.0455%1h93.637+0.132%$7.5M$4.5M50xas long as short
Kraken Futures PF_HYPEUSD+0.0681%1h93.638+0.132%$20.9M$30.1M50xas long as short