HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0183%/8h= −20.1% APRnext payment −$0.23 per $10,000 · paid last 24h −0.010%

Price spread now: Backpack against Bluefin−0.045%7-day average +0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$460.460% of the position

Long on Bluefin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.161%+$16 on $10k

Price spread, last 3 days (all we have)+0.087%+$9 · spread now −0.045%, 7d avg +0.021%

Together, before fees+0.248%+$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Backpack is 0.066% cheaper against Bluefin than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.021%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.161%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin HYPE-PERP	93.141	−0.0031	get 0.0004% / 1h	54m 01s	$79K	$173K	20x
Short	Backpack HYPE_USDC_PERP	93.099	−0.0214	pay 0.0027% / 1h	54m 01s	$7.8M	$10.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bluefin. 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 BluefinbpFee BackpackbpOrdersPrice spread, now −0.045%Rate

Funding earned: −$38.51
Price spread: −0.045% → +0.021%: −$6.64
Slippage, 4 orders: −$28.99
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$91.14
Costs to cover: 0.460%
Break-even: never at this rate

Slippage from Bluefin: live order book, 15 min ago; Backpack: live order book, 5 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 Bluefin live order book, 15 min ago	5.49 bp	17.2 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 5 min ago	0.64 bp	6.1 bp −$6	8.7 bp −$87	doesn't fit	doesn't fit

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	−0.1080%	1h	93.025	−0.125%	$196K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	92.955	−0.200%	$1.2M	$3.9M	10x	as long as short
ApeX Omni HYPEUSDT	−0.0434%	1h	93.179	+0.041%	$337K	$1.1M	50x	as long as short
Backpack HYPE_USDC_PERPshort	−0.0214%	1h	93.099	−0.045%	$7.8M	$10.6M	20x
Aftermath Perps HYPEUSD	−0.0195%	1h	93.309	+0.180%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0096%	1h	93.022	−0.128%	$84K	$360K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0086%	1h	93.040	−0.108%	$702K	$963K	10x	as long as short
Gate HYPE_USDT	−0.0082%	4h	93.143	+0.002%	$44.1M	$53.5M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.065	−0.082%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0046%	4h	93.089	−0.056%	$158K	$648K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0036%	4h	93.145	+0.004%	$8.9M	$36.2M	300x	as long as short
Bluefin HYPE-PERPlong	−0.0031%	1h	93.141	long leg	$79K	$173K	20x
dYdX HYPE-USD	0.0000%	1h	93.099	−0.045%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.098	−0.046%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.141	0.000%	$25K	—	150x	as long as short
BingX HYPE-USDT	+0.0016%	4h	93.158	+0.018%	—	$54.2M	—	as long as short
Bybit HYPEUSDT	+0.0028%	8h	93.110	−0.033%	$319.2M	$281.7M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.318	+0.190%	$212K	$1.2M	10x	as long as short
Binance HYPEUSDT	+0.0035%	4h	93.133	−0.009%	$378.7M	$902.1M	75x	as long as short
MEXC HYPE_USDT	+0.0036%	4h	93.139	−0.002%	$85.8M	$81.5M	100x	as long as short
Derive HYPE-PERP	+0.0039%	1h	93.100	−0.044%	$16.2M	$7.6M	10x	as long as short
edgeX HYPEUSDC	+0.0059%	4h	93.202	+0.065%	$5.0M	$29.7M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0066%	8h	93.125	−0.017%	$115.0M	$314.0M	50x	as long as short
Bullet HYPE-USD	+0.0067%	1h	93.118	−0.025%	$112K	$578K	20x	as long as short
Phemex HYPEUSDT	+0.0072%	8h	93.170	+0.031%	$12.6M	$2.7M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.144	+0.003%	$396K	$177K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.158	+0.018%	$17.8M	$59.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.157	+0.017%	$3.0M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.022	−0.128%	$64K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	93.150	+0.010%	$338K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.020	−0.130%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.048	−0.099%	$6.5M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.205	+0.069%	$2.03B	$669.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.141	0.000%	$10.0M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.135	−0.006%	$45.9M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.134	−0.008%	$225.4M	$100.7M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.991	−0.161%	$30.4M	$54.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.196	+0.059%	$7.5M	$46.3M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.076	−0.070%	$664K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.113	−0.030%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.090	−0.055%	$473K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.129	−0.013%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.149	+0.009%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.250	+0.117%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.126	−0.016%	$18.3M	$44.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.090	−0.055%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	92.930	−0.227%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0145%	4h	93.121	−0.021%	$17.0M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.079	−0.066%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0252%	8h	93.172	+0.033%	$1.9M	$5.2M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0253%	1h	93.067	−0.079%	$79K	$142K	15x	as long as short
HTX HYPE-USDT	+0.0303%	4h	93.298	+0.169%	$1.5M	$6.1M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0158%	1h	93.134	−0.007%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0651%	1h	93.264	+0.132%	$7.4M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0684%	1h	93.240	+0.106%	$20.8M	$29.9M	50x	as long as short