HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0038%/8h= +4.2% APRnext payment +$0.05 per $10,000 · paid last 24h +0.014%

Price spread now: Backpack against Bullet−0.019%7-day average −0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$240.236% of the position

Long on Bullet Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.035%+$3 on $10k

Price spread, last 4 days (all we have)−0.591%−$59 · spread now −0.019%, 7d avg −0.008%

Together, before fees−0.556%−$56 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.008%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet HYPE-USD	93.573	0.0062	pay 0.0008% / 1h	44m 50s	$111K	$577K	20x
Short	Backpack HYPE_USDC_PERP	93.555	0.0100	get 0.0013% / 1h	44m 50s	$7.4M	$10.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bullet. 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 BulletbpFee BackpackbpOrdersPrice spread, now −0.019%Rate

Funding earned: $8
Price spread: −0.019% → −0.008%: −$1.16
Slippage, 4 orders: −$5.58
Fee Bullet: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$16.74
Costs to cover: 0.236%
Break-even: 21.6 days

Slippage from Bullet: live order book, 19 min ago; Backpack: live order book, 4 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 Bullet live order book, 19 min ago	0.48 bp	6.0 bp −$6	12.1 bp −$121	doesn't fit	doesn't fit
Sell Backpack live order book, 4 min ago	0.05 bp	5.1 bp −$5	8.7 bp −$87	178.1 bp −$17.8K	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	−0.1208%	1h	93.237	−0.360%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.461	−0.120%	$1.2M	$3.8M	10x	as long as short
Bluefin HYPE-PERP	−0.0165%	1h	93.531	−0.045%	$79K	$170K	20x	as long as short
Phemex HYPEUSDT	−0.0103%	8h	93.518	−0.059%	$12.6M	$2.7M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.540	−0.035%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0047%	4h	93.549	−0.026%	$156K	$629K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0034%	1h	93.339	−0.250%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	93.580	+0.007%	$85K	$346K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0005%	1h	93.490	−0.089%	$698K	$977K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.524	−0.053%	$128K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.551	−0.024%	$23K	$322K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.576	+0.003%	$62K	—	150x	as long as short
BingX HYPE-USDT	+0.0008%	4h	93.507	−0.071%	—	$53.1M	—	as long as short
Aster HYPEUSDT	+0.0018%	4h	93.595	+0.024%	$8.8M	$35.6M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.418	−0.166%	$213K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0031%	8h	93.482	−0.097%	$322.8M	$276.7M	75x	as long as short
Gate HYPE_USDT	+0.0056%	4h	93.513	−0.064%	$44.6M	$54.6M	75x	as long as short
Bullet HYPE-USDlong	+0.0062%	1h	93.573	long leg	$111K	$577K	20x
OKX HYPE-USDT-SWAP	+0.0078%	8h	93.491	−0.088%	$114.5M	$302.5M	50x	as long as short
MEXC HYPE_USDT	+0.0090%	4h	93.523	−0.053%	$87.8M	$80.2M	100x	as long as short
edgeX HYPEUSDC	+0.0092%	4h	93.250	−0.345%	$5.0M	$30.0M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.537	−0.038%	$16.3M	$61.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.525	−0.051%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.579	+0.006%	$68K	$1.2M	50x	as long as short
Binance HYPEUSDT	+0.0096%	4h	93.515	−0.062%	$379.7M	$877.2M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.608	+0.037%	$340K	$162K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.580	+0.007%	$19K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.572	−0.001%	$5.8M	$43.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.582	+0.010%	$2.04B	$655.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.565	−0.008%	$10.1M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.580	+0.007%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.584	+0.012%	$46.0M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.501	−0.077%	$226.1M	$96.8M	75x	as long as short
Backpack HYPE_USDC_PERPshort	+0.0100%	1h	93.555	−0.019%	$7.4M	$10.4M	20x
Variational Omni HYPE	+0.0100%	8h	93.339	−0.250%	$31.1M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.288	−0.305%	$7.5M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.280	−0.313%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.354	−0.234%	$666K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.579	+0.007%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.606	+0.035%	$473K	$2.5M	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.537	−0.038%	$16.2M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.654	+0.087%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.575	+0.002%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.549	−0.026%	$18.4M	$43.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.549	−0.026%	$398K	$170K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.640	+0.072%	$4.9M	$5.4M	50x	as long as short
HTX HYPE-USDT	+0.0204%	4h	93.714	+0.151%	$1.4M	$6.0M	75x	as long as short
Reya HYPERUSDPERP	+0.0257%	1h	93.549	−0.026%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0280%	8h	93.580	+0.007%	$1.9M	$5.0M	2.3x	as long as short
BloFin HYPE-USDT	+0.0330%	4h	93.572	−0.001%	$17.0M	$11.7M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0156%	1h	93.581	+0.009%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0338%	1h	93.645	+0.077%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.668	+0.101%	$3.2M	$6.5M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.430	−0.153%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0683%	1h	93.653	+0.085%	$20.8M	$30.1M	50x	as long as short