HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0151%/8h= −16.5% APRnext payment −$0.19 per $10,000 · paid last 24h −0.005%

Price spread now: Backpack against Deribit−0.058%7-day average −0.025% · 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−$26as in the Price arb table

costs, in and out, $10k−$220.225% of the position

Long on Deribit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.098%+$10 on $10k

Price spread, last 3 days (all we have)+0.054%+$5 · spread now −0.058%, 7d avg −0.025%

Together, before fees+0.152%+$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Backpack is 0.033% cheaper against Deribit than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.025%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.098%, 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	Deribit HYPE_USDC-PERPETUAL	93.859	0.0251	pay 0.0031% / 1h	0m 12s	$7.4M	$4.5M	50x
Short	Backpack HYPE_USDC_PERP	93.805	0.0100	get 0.0013% / 1h	0m 12s	$7.9M	$10.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Deribit. 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 DeribitbpFee BackpackbpOrdersPrice spread, now −0.058%Rate

Funding earned: −$31.71
Price spread: −0.058% → −0.025%: −$3.28
Slippage, 4 orders: −$5.49
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$57.48
Costs to cover: 0.225%
Break-even: never at this rate

Slippage from Deribit: live order book, 4 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 Deribit live order book, 4 min ago	0.59 bp	4.1 bp −$4	7.4 bp −$74	doesn't fit	doesn't fit
Sell Backpack live order book, 4 min ago	0.05 bp	5.1 bp −$5	6.7 bp −$67	65.9 bp −$6,592	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
Aftermath Perps HYPEUSD	−0.0489%	1h	93.506	−0.376%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0464%	1h	93.565	−0.313%	$198K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.619	−0.256%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0130%	1h	93.490	−0.393%	$701K	$897K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.683	−0.188%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	93.734	−0.133%	$91K	$356K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.721	−0.147%	$128K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.747	−0.119%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.764	−0.101%	$28K	—	150x	as long as short
Popdex HYPEUSDT	+0.0008%	1h	93.703	−0.166%	$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	−0.072%	$177K	$524K	20x	as long as short
Aster HYPEUSDT	+0.0015%	4h	93.771	−0.094%	$8.9M	$35.7M	300x	as long as short
Bybit HYPEUSDT	+0.0019%	8h	93.770	−0.095%	$324.4M	$280.8M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.456	−0.429%	$214K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0061%	1h	93.713	−0.155%	$16.3M	$6.9M	10x	as long as short
Gate HYPE_USDT	+0.0062%	4h	93.771	−0.094%	$44.2M	$59.1M	75x	as long as short
Binance HYPEUSDT	+0.0064%	4h	93.795	−0.069%	$385.0M	$885.0M	75x	as long as short
MEXC HYPE_USDT	+0.0064%	4h	93.771	−0.094%	$90.8M	$82.5M	100x	as long as short
Bullet HYPE-USD	+0.0067%	1h	93.738	−0.128%	$112K	$577K	20x	as long as short
edgeX HYPEUSDC	+0.0071%	4h	93.562	−0.316%	$5.1M	$29.7M	30x	as long as short
Phemex HYPEUSDT	+0.0083%	8h	93.708	−0.161%	$12.8M	$2.6M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.820	−0.042%	$18.7M	$59.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.801	−0.062%	$3.1M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.750	−0.116%	$399K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.686	−0.185%	$340K	$169K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.700	−0.169%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.653	−0.219%	$5.9M	$44.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.814	−0.048%	$2.04B	$666.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.711	−0.158%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.773	−0.092%	$114.6M	$313.5M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.796	−0.067%	$47.2M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.780	−0.084%	$227.4M	$102.3M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.774	−0.091%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERPshort	+0.0100%	1h	93.805	−0.058%	$7.9M	$10.5M	20x
Variational Omni HYPE	+0.0100%	8h	93.552	−0.327%	$30.9M	$51.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.460	−0.425%	$7.5M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.565	−0.313%	$416K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.557	−0.322%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.714	−0.155%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.744	−0.123%	$496K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.778	−0.086%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.794	−0.069%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.765	−0.100%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.680	−0.191%	$205K	$7K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.741	−0.126%	$18.3M	$41.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0118%	8h	93.809	−0.053%	$1.9M	$5.1M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.830	−0.031%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0219%	4h	93.947	+0.094%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.770	−0.095%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	93.716	−0.153%	$77K	$155K	15x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0251%	1h	93.859	long leg	$7.4M	$4.5M	50x
BloFin HYPE-USDT	+0.0259%	4h	93.600	−0.276%	$16.9M	$12.3M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.761	−0.105%	$2.8M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	93.753	−0.113%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0463%	1h	93.889	+0.031%	$21.0M	$28.9M	50x	as long as short