HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0097%/8h= +10.6% APRnext payment +$0.12 per $10,000 · paid last 24h +0.028%

Price spread now: Kraken Futures against Backpack+0.072%51s7-day average +0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$24as 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−$300.303% of the position

Long on Backpack Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.059%+$6 on $10k

Price spread, last 4 days (all we have)−0.070%−$7 · spread now +0.072%, 7d avg +0.026%

Together, before fees−0.011%−$1 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 Kraken Futures is 0.047% dearer against Backpack than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.026%. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack HYPE_USDC_PERP	92.890	0.0100	pay 0.0013% / 1h	32m 16s	$7.3M	$11.3M	20x
Short	Kraken Futures PF_HYPEUSD	92.957	0.0197	get 0.0025% / 1h	32m 16s	$20.6M	$30.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.072%Rate

Funding earned: $20.33
Price spread: +0.072% → +0.026%: $4.67
Slippage, 4 orders: −$10.31
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$5.31
Costs to cover: 0.303%
Break-even: 8.8 days

Slippage from Backpack: live order book, 2 min ago; Kraken Futures: live order book, 2 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, 2 min ago	0.05 bp	5.1 bp −$5	9.2 bp −$92	212.0 bp −$21.2K	doesn't fit
Sell Kraken Futures live order book, 2 min ago	0.65 bp	12.0 bp −$12	15.0 bp −$150	21.1 bp −$2,108	57.4 bp −$28.7K

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	−0.1440%	1h	92.676	−0.230%	$193K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0286%	1h	92.859	−0.034%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.853	−0.040%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.875	−0.016%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0063%	4h	92.878	−0.013%	$147K	$679K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.901	+0.012%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.886	−0.004%	$22K	$298K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.910	+0.022%	$62K	—	150x	as long as short
Phoenix HYPE	+0.0026%	1h	92.857	−0.036%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0033%	8h	92.884	−0.006%	$316.1M	$282.1M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet HYPE-USD	+0.0041%	1h	92.885	−0.005%	$111K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	+0.0046%	1h	92.860	−0.032%	$699K	$1.1M	10x	as long as short
Phemex HYPEUSDT	+0.0047%	8h	92.908	+0.019%	$12.5M	$2.7M	50x	as long as short
01 Exchange HYPEUSD	+0.0048%	1h	92.918	+0.030%	$87K	$361K	20x	as long as short
Bitget HYPEUSDT	+0.0058%	4h	92.899	+0.010%	$225.0M	$99.2M	75x	as long as short
Popdex HYPEUSDT	+0.0072%	1h	92.886	−0.004%	$70K	$1.1M	50x	as long as short
Lighter HYPE	+0.0096%	1h	92.920	+0.032%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.918	+0.030%	$3.1M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	92.908	+0.019%	$339K	$163K	20x	as long as short
edgeX HYPEUSDC	+0.0099%	4h	92.802	−0.095%	$4.9M	$29.6M	30x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.880	−0.011%	$37K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.879	−0.012%	$7.6M	$45.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.931	+0.044%	$2.02B	$666.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	92.895	+0.005%	$8.7M	$36.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	92.911	+0.023%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.899	+0.010%	$373.6M	$905.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.898	+0.009%	$113.9M	$304.5M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	92.877	−0.014%	$45.0M	$54.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.895	+0.005%	$87.1M	$80.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.884	−0.006%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.895	+0.005%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERPlong	+0.0100%	1h	92.890	long leg	$7.3M	$11.3M	20x
Variational Omni HYPE	+0.0100%	8h	92.829	−0.066%	$28.5M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.842	−0.052%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.921	+0.033%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.833	−0.061%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.928	+0.041%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.928	+0.041%	$468K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.880	−0.011%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.878	−0.013%	$16.0M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.954	+0.069%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.895	+0.005%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.770	−0.129%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.870	−0.022%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.886	−0.005%	$393K	$164K	20x	as long as short
HTX HYPE-USDT	+0.0113%	4h	93.051	+0.173%	$1.4M	$6.3M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.970	+0.086%	$4.7M	$5.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0150%	8h	92.971	+0.087%	$1.8M	$5.4M	2.3x	as long as short
Kraken Futures PF_HYPEUSDshort	+0.0197%	1h	92.957	+0.072%	$20.6M	$30.5M	50x
Injective HYPE/USDC PERP	+0.0242%	1h	93.150	+0.280%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0265%	1h	92.883	−0.008%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.909	+0.020%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.864	−0.028%	$16.8M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0428%	1h	92.983	+0.100%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.954	+0.069%	$3.2M	$6.4M	20x	as long as short