HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0230%/8h= −25.2% APRnext payment −$0.29 per $10,000 · paid last 24h −0.026%

Price spread now: Ondo Perps against Backpack−0.336%7-day average −0.253% · you buy dearer than you sell

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

Long on Backpack Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.172%−$17 on $10k

Price spread, last 7 days+0.851%+$85 · spread now −0.336%, 7d avg −0.253%

Together, before fees+0.679%+ Points / potential airdropOndo Perps: Active · farm board+$68 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Ondo Perps is 0.083% cheaper against Backpack than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.253%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack HYPE_USDC_PERP	93.805	0.0100	pay 0.0013% / 1h	59m 53s	$7.9M	$10.5M	20x
Short	Ondo Perps HYPE-USD.P	93.490	−0.0130	pay 0.0016% / 1h	59m 53s	$701K	$897K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now −0.336%Rate

Funding earned: −$48.38
Price spread: −0.336% → −0.253%: −$8.25
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$71.63
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 4 min ago; Ondo Perps: 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, 4 min ago	0.05 bp	5.1 bp −$5	6.7 bp −$67	102.7 bp −$10.3K	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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	−0.0489%	1h	93.506	−0.318%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0464%	1h	93.565	−0.256%	$198K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.619	−0.198%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.Pshort	−0.0130%	1h	93.490	−0.336%	$701K	$897K	10x
Hotstuff HYPE-PERP	−0.0080%	1h	93.683	−0.130%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	93.734	−0.076%	$91K	$356K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.721	−0.089%	$128K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.747	−0.062%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.764	−0.044%	$28K	—	150x	as long as short
Popdex HYPEUSDT	+0.0008%	1h	93.703	−0.109%	$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
Orderly PERP_HYPE_USDC	+0.0015%	4h	93.791	−0.015%	$177K	$524K	20x	as long as short
Aster HYPEUSDT	+0.0015%	4h	93.788	−0.018%	$8.9M	$35.7M	300x	as long as short
Bybit HYPEUSDT	+0.0019%	8h	93.768	−0.039%	$324.4M	$280.8M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.456	−0.372%	$214K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0061%	1h	93.713	−0.098%	$16.3M	$6.9M	10x	as long as short
Gate HYPE_USDT	+0.0062%	4h	93.771	−0.036%	$44.2M	$59.1M	75x	as long as short
Binance HYPEUSDT	+0.0064%	4h	93.779	−0.028%	$385.0M	$885.1M	75x	as long as short
MEXC HYPE_USDT	+0.0064%	4h	93.780	−0.027%	$90.8M	$82.5M	100x	as long as short
Bullet HYPE-USD	+0.0067%	1h	93.738	−0.071%	$112K	$577K	20x	as long as short
edgeX HYPEUSDC	+0.0071%	4h	93.562	−0.259%	$5.1M	$29.7M	30x	as long as short
Phemex HYPEUSDT	+0.0083%	8h	93.708	−0.103%	$12.8M	$2.6M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.820	+0.016%	$18.7M	$59.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.801	−0.004%	$3.1M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.750	−0.059%	$399K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.686	−0.127%	$340K	$169K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.700	−0.112%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.653	−0.162%	$5.9M	$44.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.814	+0.010%	$2.04B	$666.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.711	−0.100%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.769	−0.038%	$114.6M	$313.5M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.792	−0.014%	$47.2M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.776	−0.031%	$227.4M	$102.3M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.774	−0.033%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERPlong	+0.0100%	1h	93.805	long leg	$7.9M	$10.5M	20x
Variational Omni HYPE	+0.0100%	8h	93.552	−0.269%	$30.9M	$51.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.460	−0.368%	$7.5M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.565	−0.256%	$416K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.557	−0.264%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.714	−0.097%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.744	−0.065%	$496K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.778	−0.029%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.794	−0.012%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.765	−0.043%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.680	−0.133%	$205K	$7K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.757	−0.051%	$18.3M	$41.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0118%	8h	93.809	+0.004%	$1.9M	$5.1M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.830	+0.027%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0219%	4h	93.947	+0.151%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.770	−0.037%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	93.716	−0.095%	$77K	$155K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0251%	1h	93.859	+0.058%	$7.4M	$4.5M	50x	as long as short
BloFin HYPE-USDT	+0.0259%	4h	93.600	−0.219%	$16.9M	$12.3M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.761	−0.047%	$2.8M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	93.753	−0.056%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0463%	1h	93.889	+0.089%	$21.0M	$28.9M	50x	as long as short