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Funding arb · Price arb /

HYPE

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.028%
Price spread now: OKX against Backpack−0.068%7-day average −0.256% · you buy dearer than you sell
Net, funding: paid 7d − costs−$33as in the Funding arb table
Net, price: spread back to 7d avg − costs−$2as in the Price arb table
costs, in and out, $10k−$210.212% of the position
Long on BackpackShort on OKX
What this pair did over the last
the charts below follow
Funding, last 7 days−0.119%−$12 on $10k
Price spread, last 7 days+0.725%+$73 · spread now −0.068%, 7d avg −0.256%
Together, before fees+0.606%+$61 on $10k · with fees, hour by hour
Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: OKX is 0.188% dearer against Backpack than usual: you sell high and buy low, +$19 on $10k if it goes back to its 7-day average of −0.256%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBackpack HYPE_USDC_PERP93.3300.0100pay 0.0013% / 1h40m 45s$7.9M$11.2M20x
ShortOKX HYPE-USDT-SWAP93.2670.0100get 0.0100% / 8h1h 40m$114.0M$313.9M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

OKX 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
$0
Price spread: −0.068% → −0.256%
$18.82
Slippage, 4 orders
−$1.24
Fee Backpack: 5 bp × 2 orders
−$10
Fee OKX: 5 bp × 2 orders
−$10
Net
−$2.42
Costs to cover
0.212%
Break-even
never at this rate
Slippage from Backpack: live order book, 3 min ago; OKX: live order book, 3 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, 3 min ago0.05 bp5.1 bp −$56.7 bp −$6799.9 bp −$9,988doesn't fit
Sell OKX live order book, 3 min ago0.05 bp5.9 bp −$69.4 bp −$9417.5 bp −$1,746doesn'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
Aftermath Perps HYPEUSD−0.0360%1h93.272−0.062%$22K$22K10xas long as short
Arcus HYPE-USD−0.0131%1h93.266−0.069%$1.2M$4.0M10xas long as short
Hibachi HYPE/USDT-P−0.0128%1h93.251−0.085%$197K$230K7xas long as short
Hotstuff HYPE-PERP−0.0080%1h93.396+0.071%$3K$33125xas long as short
Ondo Perps HYPE-USD.P−0.0068%1h93.270−0.064%$700K$924K10xas long as short
dYdX HYPE-USD0.0000%1h93.344+0.015%$127K$32K5xas long as short
01 Exchange HYPEUSD0.0000%1h93.344+0.015%$90K$361K20xas long as short
Popdex HYPEUSDT0.0000%1h93.319−0.012%$58K$1.2M50xas long as short
Perpl HYPE0.0000%43m93.354+0.025%$23K$331K10xas long as short
gTrade (Gains Network) HYPE/USDL +0.0002% / S −0.0001%1h93.342+0.013%$20K—150xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Aster HYPEUSDT+0.0014%4h93.326−0.004%$8.9M$36.0M300xas long as short
Derive HYPE-PERP+0.0016%1h93.265−0.070%$16.3M$7.1M10xas long as short
Bybit HYPEUSDT+0.0029%8h93.290−0.043%$323.9M$286.8M75xas long as short
Phoenix HYPE+0.0034%1h93.374+0.047%$214K$1.2M10xas long as short
Orderly PERP_HYPE_USDC+0.0036%4h93.311−0.020%$171K$519K20xas long as short
Gate HYPE_USDT+0.0058%4h93.320−0.011%$43.7M$57.8M75xas long as short
Bullet HYPE-USD+0.0069%1h93.299−0.033%$112K$578K20xas long as short
Binance HYPEUSDT+0.0096%4h93.298−0.034%$383.5M$892.4M75xas long as short
Lighter HYPE+0.0096%1h93.347+0.018%$18.5M$58.7M20xas long as short
Lighter RH HYPE+0.0096%1h93.323−0.008%$3.1M$12.1M20xas long as short
MEXC HYPE_USDT+0.0096%4h93.292−0.041%$90.4M$81.6M100xas long as short
Paradex HYPE-USD-PERP+0.0099%8h93.305−0.027%$339K$170K20xas long as short
Katana Perps HYPE-USD+0.0100%8h93.390+0.064%$40K$1.6M10xas long as short
Nado HYPE-PERP+0.0100%1h93.315−0.016%$5.9M$44.0M10xas long as short
Hyperliquid HYPE+0.0100%1h93.332+0.002%$2.03B$672.4M10xas long as short
Pacifica HYPE+0.0100%1h93.329−0.001%$10.0M$14.3M20xas long as short
OKX HYPE-USDT-SWAPshort+0.0100%8h93.267−0.068%$114.0M$313.9M50x
Bulk HYPE-USD+0.0100%1h93.390+0.064%$204K$10K10xas long as short
KuCoin HYPEUSDTM+0.0100%4h93.311−0.020%$47.2M$18.9M75xas long as short
Bitget HYPEUSDT+0.0100%4h93.306−0.026%$226.2M$102.8M75xas long as short
BingX HYPE-USDT+0.0100%4h93.293−0.040%—$54.0M—as long as short
Backpack HYPE_USDC_PERPlong+0.0100%1h93.330long leg$7.9M$11.2M20x
Variational Omni HYPE+0.0100%8h93.236−0.101%$28.9M$50.6M—as long as short
GRVT HYPE_USDT_Perp+0.0100%4h93.228−0.109%$7.5M$45.6M10xas long as short
ApeX Omni HYPEUSDT+0.0100%1h93.375+0.048%$413K$1.0M50xas long as short
StandX HYPE-USD+0.0100%1h93.385+0.059%$675K$2.5M20xas long as short
Polymarket Perps HYPE-USD+0.0100%1h93.379+0.053%$494K$2.6M20xas long as short
Bluefin HYPE-PERP+0.0100%1h93.289−0.044%$76K$168K20xas long as short
SunX HYPE-USDT+0.0100%4h93.429+0.106%$32K$1.6M20xas long as short
SoDEX HYPE-USD+0.0100%1h93.321−0.010%$2.0M$2.0M10xas long as short
Phemex HYPEUSDT+0.0100%8h93.315−0.016%$12.7M$2.6M50xas long as short
Vest HYPE-PERP+0.0100%1h93.368+0.040%—$454K5xas long as short
Extended HYPE-USD+0.0104%1h93.278−0.056%$18.2M$42.1M50xas long as short
Aevo HYPE-PERP+0.0104%1h93.277−0.057%$397K$318K20xas long as short
edgeX HYPEUSDC+0.0104%4h93.291−0.042%$5.1M$29.5M30xas long as short
Kalshi KXHYPEPERP+0.0107%8h93.452+0.131%$1.9M$5.3M2.3xas long as short
Coinbase International HYPE-PERP-INTX+0.0176%1h93.350+0.021%$4.9M$5.7M50xas long as short
Injective HYPE/USDC PERP+0.0239%1h93.340+0.011%$30K$338K12xas long as short
Reya HYPERUSDPERP+0.0246%1h93.298−0.034%$78K$158K15xas long as short
HTX HYPE-USDT+0.0269%4h93.471+0.151%$1.5M$7.7M75xas long as short
RISEx HYPE/USDC+0.0280%1h93.363+0.035%$2.8M$6.8M20xas long as short
Deribit HYPE_USDC-PERPETUAL+0.0296%1h93.401+0.076%$7.4M$4.6M50xas long as short
BloFin HYPE-USDT+0.0337%4h93.319−0.012%$16.9M$12.4M75xas long as short
GMX HYPE/USD [WBTC.b-USDC]L +0.0340% / S −0.0159%1h93.329−0.001%$1.5M—100xas long as short
Kraken Futures PF_HYPEUSD+0.0465%1h93.434+0.112%$20.8M$28.8M50xas long as short