Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0065%/8h= +7.1% APRpaid last 24h +0.016%

Price spread now: Backpack against Bybit+0.063%7-day average +0.263% · you sell dearer than you buy

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$220.223% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.115%+$11 on $10k

Price spread, last 7 days−0.506%−$51 · spread now +0.063%, 7d avg +0.263%

Together, before fees−0.392%−$39 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.199% cheaper against Bybit than usual: you would sell low and buy high (spread +0.063% now, against its 7-day average of +0.263%). If the spread goes back, that is −$20 on $10k: about 10 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HYPEUSDT	93.510	0.0035	pay 0.0035% / 8h	2h 13m	$325.7M	$287.0M	75x
Short	Backpack HYPE_USDC_PERP	93.569	0.0100	get 0.0013% / 1h	13m 50s	$7.9M	$11.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now +0.063%Rate

Funding earned: $13.68
Price spread: +0.063% → +0.263%: −$19.94
Slippage, 4 orders: −$1.3
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$28.56
Costs to cover: 0.223%
Break-even: 21.6 days

Slippage from Bybit: live order book, 5 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 Bybit live order book, 5 min ago	0.54 bp	6.2 bp −$6	9.9 bp −$99	19.0 bp −$1,899	67.8 bp −$33.9K
Sell Backpack live order book, 5 min ago	0.05 bp	5.1 bp −$5	7.5 bp −$75	108.8 bp −$10.9K	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	−0.0936%	1h	93.570	+0.064%	$198K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0264%	1h	93.630	+0.129%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0233%	1h	93.500	−0.011%	$702K	$932K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.537	+0.029%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.549	+0.042%	$90K	$346K	20x	as long as short
Bullet HYPE-USD	−0.0028%	1h	93.543	+0.035%	$111K	$582K	20x	as long as short
Derive HYPE-PERP	−0.0021%	1h	93.489	−0.022%	$16.4M	$7.0M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.645	+0.144%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.542	+0.035%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.564	+0.057%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0020%	4h	93.536	+0.028%	$8.9M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0028%	4h	93.530	+0.021%	$44.0M	$57.5M	75x	as long as short
Bybit HYPEUSDTlong	+0.0035%	8h	93.510	long leg	$325.7M	$287.0M	75x
Popdex HYPEUSDT	+0.0048%	1h	93.533	+0.025%	$58K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0059%	4h	93.542	+0.034%	$177K	$520K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.603	+0.099%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.585	+0.080%	$18.6M	$59.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.569	+0.063%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.564	+0.058%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.570	+0.064%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.531	+0.022%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.643	+0.142%	$2.04B	$670.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.568	+0.062%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.529	+0.020%	$386.1M	$889.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.504	−0.006%	$114.9M	$315.7M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.520	+0.011%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.690	+0.192%	$205K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.532	+0.024%	$93.6M	$82.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.531	+0.022%	$46.4M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.545	+0.037%	$227.2M	$102.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.526	+0.017%	—	$54.3M	—	as long as short
Backpack HYPE_USDC_PERPshort	+0.0100%	1h	93.569	+0.063%	$7.9M	$11.7M	20x
Variational Omni HYPE	+0.0100%	8h	93.561	+0.054%	$29.2M	$50.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.632	+0.131%	$7.5M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.601	+0.097%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.588	+0.083%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.578	+0.073%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.574	+0.068%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.530	+0.021%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.612	+0.109%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.531	+0.022%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.521	+0.012%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.516	+0.007%	$18.3M	$41.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.505	−0.005%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0107%	4h	93.591	+0.087%	$5.1M	$29.7M	30x	as long as short
Kalshi KXHYPEPERP	+0.0117%	8h	93.630	+0.128%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.570	+0.064%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.529	+0.020%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.910	+0.428%	$31K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0296%	4h	93.740	+0.246%	$1.5M	$7.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0327%	1h	93.655	+0.155%	$7.4M	$4.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.532	+0.024%	$17.0M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0346% / S −0.0171%	1h	93.576	+0.070%	$1.5M	—	100x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.605	+0.102%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.635	+0.134%	$19.2M	$26.0M	50x	as long as short