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Funding arb · Price arb /

HYPE

all HYPE markets
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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 02:00 UTC+0.0322%/8h= +35.3% APRnext payment +$0.40 per $10,000 · paid last 24h +0.041%
Price spread now: Hyperliquid against Backpack+0.083%7-day average −0.242% · you sell dearer than you buy
Net, funding: paid 7d − costs−$27as in the Funding arb table
Net, price: spread back to 7d avg − costs+$3as in the Price arb table
costs, in and out, $10k−$290.292% of the position
Long on BackpackShort on Hyperliquid
What this pair did over the last
the charts below follow
Funding, last 7 days+0.018%+$2 on $10k
Price spread, last 7 days+0.476%+$48 · spread now +0.083%, 7d avg −0.242%
Together, before fees+0.494%+ Points / potential airdropHyperliquid: Season 2 · farm board+$49 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Hyperliquid is 0.325% dearer against Backpack than usual: you sell high and buy low: +$32 more if the spread goes back to its 7-day average of −0.242%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.018% in total (about 0.9% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.40 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBackpack HYPE_USDC_PERP93.113−0.0222get 0.0028% / 1h52m 43s$7.8M$10.6M20x
ShortHyperliquid HYPE93.1900.0100get 0.0013% / 1h52m 43s$2.03B$669.4M10x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Hyperliquid 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

Funding earned
$67.72
Price spread: +0.083% → −0.242%
$32.47
Slippage, 4 orders
−$10.19
Fee Backpack: 5 bp × 2 orders
−$10
Fee Hyperliquid: 4.5 bp × 2 orders
−$9
Net
$71
Costs to cover
0.292%
Break-even
from the start
Slippage from Backpack: live order book, 1 min ago; Hyperliquid: live order book, 11 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 bp8.8 bp −$910.9 bp −$10954.6 bp −$5,462doesn't fit
Sell Hyperliquid live order book, 11 min ago0.21 bp7.0 bp −$7doesn't fitdoesn't fitdoesn't fit

HYPE on 55 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−0.1080%1h93.055−0.062%$196K$229K7xas long as short
Arcus HYPE-USD−0.0786%1h93.080−0.035%$1.2M$3.9M10xas long as short
ApeX Omni HYPEUSDT−0.0434%1h93.179+0.071%$337K$1.1M50xas long as short
Backpack HYPE_USDC_PERPlong−0.0222%1h93.113long leg$7.8M$10.6M20x
Aftermath Perps HYPEUSD−0.0198%1h93.258+0.156%$22K$21K10xas long as short
Ondo Perps HYPE-USD.P−0.0128%1h93.110−0.003%$702K$968K10xas long as short
01 Exchange HYPEUSD−0.0096%1h93.129+0.017%$84K$360K20xas long as short
Gate HYPE_USDT−0.0088%4h93.183+0.075%$44.1M$53.5M75xas long as short
Hotstuff HYPE-PERP−0.0080%1h93.065−0.052%$3K$33125xas long as short
Orderly PERP_HYPE_USDC−0.0047%4h93.132+0.020%$158K$646K20xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Aster HYPEUSDT−0.0035%4h93.142+0.031%$8.9M$36.2M300xas long as short
Bluefin HYPE-PERP−0.0002%1h93.157+0.047%$79K$173K20xas long as short
dYdX HYPE-USD0.0000%1h93.184+0.076%$128K$31K5xas long as short
Perpl HYPE0.0000%43m93.112−0.001%$23K$330K10xas long as short
gTrade (Gains Network) HYPE/USDL +0.0002% / S −0.0003%1h93.170+0.061%$25K—150xas long as short
BingX HYPE-USDT+0.0016%4h93.193+0.086%—$54.1M—as long as short
Bybit HYPEUSDT+0.0024%8h93.146+0.035%$318.8M$282.4M75xas long as short
MEXC HYPE_USDT+0.0034%4h93.173+0.064%$86.8M$81.6M100xas long as short
Binance HYPEUSDT+0.0036%4h93.175+0.066%$378.9M$903.0M75xas long as short
Derive HYPE-PERP+0.0039%1h93.125+0.013%$16.2M$7.6M10xas long as short
edgeX HYPEUSDC+0.0059%4h93.202+0.095%$5.0M$29.7M30xas long as short
Phoenix HYPE+0.0060%1h93.190+0.083%$212K$1.2M10xas long as short
OKX HYPE-USDT-SWAP+0.0067%8h93.200+0.093%$115.0M$314.5M50xas long as short
Phemex HYPEUSDT+0.0071%8h93.152+0.042%$12.6M$2.7M50xas long as short
Bullet HYPE-USD+0.0075%1h93.126+0.014%$111K$578K20xas long as short
Aevo HYPE-PERP+0.0088%1h93.140+0.028%$396K$177K20xas long as short
Lighter HYPE+0.0096%1h93.178+0.069%$16.8M$61.5M20xas long as short
Lighter RH HYPE+0.0096%1h93.177+0.069%$3.0M$11.8M20xas long as short
Popdex HYPEUSDT+0.0096%1h93.124+0.012%$64K$1.2M50xas long as short
Paradex HYPE-USD-PERP+0.0097%8h93.216+0.110%$339K$165K20xas long as short
Katana Perps HYPE-USD+0.0100%8h93.100−0.014%$37K$1.6M10xas long as short
Nado HYPE-PERP+0.0100%1h93.079−0.036%$6.5M$44.7M10xas long as short
Hyperliquid HYPEshort+0.0100%1h93.190+0.083%$2.03B$669.4M10x
Pacifica HYPE+0.0100%1h93.199+0.093%$10.0M$14.7M20xas long as short
KuCoin HYPEUSDTM+0.0100%4h93.165+0.056%$45.9M$18.4M75xas long as short
Bitget HYPEUSDT+0.0100%4h93.191+0.084%$225.5M$100.6M75xas long as short
Variational Omni HYPE+0.0100%8h92.991−0.131%$30.4M$54.3M—as long as short
GRVT HYPE_USDT_Perp+0.0100%4h93.073−0.042%$7.5M$46.7M10xas long as short
StandX HYPE-USD+0.0100%1h93.076−0.040%$664K$2.6M20xas long as short
Vest HYPE-PERP+0.0100%1h93.171+0.062%—$243K5xas long as short
Polymarket Perps HYPE-USD+0.0100%1h93.158+0.048%$471K$2.5M20xas long as short
SunX HYPE-USDT+0.0100%4h93.226+0.121%$32K$1.6M20xas long as short
SoDEX HYPE-USD+0.0100%1h93.156+0.046%$2.0M$2.0M10xas long as short
Bulk HYPE-USD+0.0100%1h93.250+0.147%$203K$10K10xas long as short
Extended HYPE-USD+0.0104%1h93.143+0.032%$18.3M$44.4M50xas long as short
Coinbase International HYPE-PERP-INTX+0.0136%1h93.200+0.093%$4.9M$5.5M50xas long as short
Injective HYPE/USDC PERP+0.0137%1h93.060−0.057%$30K$338K12xas long as short
BloFin HYPE-USDT+0.0138%4h93.153+0.043%$17.0M$12.1M75xas long as short
RISEx HYPE/USDC+0.0210%1h93.255+0.152%$2.7M$6.8M20xas long as short
Reya HYPERUSDPERP+0.0253%1h93.163+0.054%$79K$142K15xas long as short
Kalshi KXHYPEPERP+0.0254%8h93.193+0.086%$1.9M$5.2M2.3xas long as short
HTX HYPE-USDT+0.0291%4h93.299+0.200%$1.5M$6.1M75xas long as short
GMX HYPE/USD [WBTC.b-USDC]L +0.0334% / S −0.0158%1h93.162+0.052%$1.4M—100xas long as short
Deribit HYPE_USDC-PERPETUAL+0.0630%1h93.270+0.169%$7.4M$4.5M50xas long as short
Kraken Futures PF_HYPEUSD+0.0684%1h93.229+0.125%$20.8M$29.9M50xas long as short