HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0108%/8h= −11.8% APRnext payment −$0.13 per $10,000 · paid last 24h +0.029%

Price spread now: Backpack against Coinbase International−0.088%7-day average +0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs−$13as in the Funding arb table

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

costs, in and out, $10k−$290.286% of the position

Long on Coinbase International Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.152%+$15 on $10k

Price spread, last 3 days (all we have)+0.136%+$14 · spread now −0.088%, 7d avg +0.049%

Together, before fees+0.288%+$29 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Backpack is 0.137% cheaper against Coinbase International than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.049%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.152%, 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	Coinbase International HYPE-PERP-INTX	93.680	0.0208	pay 0.0026% / 1h	17m 28s	$4.9M	$5.7M	50x
Short	Backpack HYPE_USDC_PERP	93.598	0.0100	get 0.0013% / 1h	17m 28s	$7.9M	$11.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Coinbase International. 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 Coinbase InternationalbpFee BackpackbpOrdersPrice spread, now −0.088%Rate

Funding earned: −$22.68
Price spread: −0.088% → +0.049%: −$13.67
Slippage, 4 orders: −$8.57
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$64.91
Costs to cover: 0.286%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 2 min ago; Backpack: live order book, 2 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 Coinbase International live order book, 2 min ago	3.74 bp	8.7 bp −$9	13.4 bp −$134	36.9 bp −$3,686	doesn't fit
Sell Backpack live order book, 2 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	−0.0984%	1h	93.593	−0.093%	$198K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0283%	1h	93.650	−0.033%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0234%	1h	93.590	−0.096%	$703K	$934K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.603	−0.082%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.621	−0.063%	$90K	$347K	20x	as long as short
Bullet HYPE-USD	−0.0024%	1h	93.600	−0.085%	$112K	$582K	20x	as long as short
Derive HYPE-PERP	−0.0021%	1h	93.515	−0.176%	$16.4M	$7.0M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.645	−0.038%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.597	−0.089%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.649	−0.033%	$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	+0.0021%	4h	93.606	−0.079%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0032%	4h	93.602	−0.083%	$44.1M	$57.2M	75x	as long as short
Bybit HYPEUSDT	+0.0035%	8h	93.610	−0.075%	$326.0M	$287.0M	75x	as long as short
Popdex HYPEUSDT	+0.0056%	1h	93.601	−0.084%	$59K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0060%	4h	93.625	−0.059%	$176K	$538K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.603	−0.082%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.659	−0.022%	$18.6M	$59.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.644	−0.038%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.626	−0.058%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.620	−0.064%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.615	−0.069%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.711	+0.033%	$2.04B	$670.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.638	−0.045%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.609	−0.076%	$386.2M	$889.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.589	−0.097%	$115.0M	$316.0M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.581	−0.106%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.690	+0.010%	$205K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.599	−0.086%	$93.8M	$82.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.615	−0.069%	$46.5M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.623	−0.061%	$227.4M	$102.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.609	−0.076%	—	$54.3M	—	as long as short
Backpack HYPE_USDC_PERPshort	+0.0100%	1h	93.598	−0.088%	$7.9M	$11.7M	20x
Variational Omni HYPE	+0.0100%	8h	93.660	−0.022%	$29.2M	$50.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.579	−0.108%	$7.5M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.678	−0.002%	$407K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.594	−0.092%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.638	−0.045%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.646	−0.036%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.578	−0.109%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.628	−0.056%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.564	−0.124%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.601	−0.084%	$12.8M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.604	−0.081%	$18.3M	$41.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.545	−0.144%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0107%	4h	93.571	−0.117%	$5.1M	$29.7M	30x	as long as short
Kalshi KXHYPEPERP	+0.0122%	8h	93.639	−0.044%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTXlong	+0.0208%	1h	93.680	long leg	$4.9M	$5.7M	50x
Reya HYPERUSDPERP	+0.0246%	1h	93.614	−0.070%	$78K	$158K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0273%	1h	93.682	+0.002%	$7.4M	$4.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.520	−0.171%	$30K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0299%	4h	93.730	+0.053%	$1.5M	$7.6M	75x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.565	−0.123%	$17.0M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0346% / S −0.0171%	1h	93.654	−0.027%	$1.5M	—	100x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.674	−0.007%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0572%	1h	93.682	+0.003%	$19.2M	$26.0M	50x	as long as short