HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0039%/8h= +4.3% APRnext payment +$0.05 per $10,000 · paid last 24h +0.019%

Price spread now: Backpack against Derive+0.046%7-day average +0.047% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Derive Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.072%+$7 on $10k

Price spread, last 3 days (all we have)−0.001%$0 · spread now +0.046%, 7d avg +0.047%

Together, before fees+0.072%+$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.047%, 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	Derive HYPE-PERP	93.507	0.0061	pay 0.0008% / 1h	1m 47s	$16.3M	$7.0M	10x
Short	Backpack HYPE_USDC_PERP	93.550	0.0100	get 0.0013% / 1h	1m 47s	$7.9M	$10.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Derive. 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 DerivebpFee BackpackbpOrdersPrice spread, now +0.046%Rate

Funding earned: $8.2
Price spread: +0.046% → +0.047%: −$0.06
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$7.86
Costs to cover: 0.160%
Break-even: 13.7 days

Slippage unknown: Derive: no order-book sample; Backpack: live order book, 2 min ago. Net counts fees only.

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 Derive no order-book sample	—	—	—	—	—
Sell Backpack live order book, 2 min ago	0.05 bp	5.1 bp −$5	6.7 bp −$67	65.9 bp −$6,592	doesn't fit

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0487%	1h	93.438	−0.073%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0448%	1h	93.546	+0.041%	$198K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.465	−0.045%	$1.2M	$3.9M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0128%	1h	93.560	+0.057%	$699K	$899K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.565	+0.062%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.568	+0.065%	$91K	$357K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.615	+0.115%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.567	+0.064%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.568	+0.066%	$28K	—	150x	as long as short
Popdex HYPEUSDT	+0.0008%	1h	93.542	+0.037%	$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
Aster HYPEUSDT	+0.0014%	4h	93.569	+0.066%	$8.9M	$35.7M	300x	as long as short
Orderly PERP_HYPE_USDC	+0.0015%	4h	93.561	+0.058%	$176K	$524K	20x	as long as short
Bybit HYPEUSDT	+0.0020%	8h	93.560	+0.057%	$323.7M	$280.5M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.456	−0.055%	$214K	$1.2M	10x	as long as short
Derive HYPE-PERPlong	+0.0061%	1h	93.507	long leg	$16.3M	$7.0M	10x
Bullet HYPE-USD	+0.0063%	1h	93.546	+0.041%	$111K	$577K	20x	as long as short
Gate HYPE_USDT	+0.0064%	4h	93.538	+0.033%	$44.1M	$59.0M	75x	as long as short
MEXC HYPE_USDT	+0.0064%	4h	93.567	+0.064%	$90.5M	$82.5M	100x	as long as short
Binance HYPEUSDT	+0.0065%	4h	93.572	+0.070%	$384.1M	$883.4M	75x	as long as short
edgeX HYPEUSDC	+0.0065%	4h	93.415	−0.099%	$5.1M	$29.6M	30x	as long as short
Phemex HYPEUSDT	+0.0093%	8h	93.513	+0.006%	$12.7M	$2.6M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.632	+0.134%	$18.6M	$59.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.609	+0.109%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.554	+0.050%	$398K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.580	+0.078%	$340K	$169K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.570	+0.067%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.558	+0.055%	$5.9M	$44.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.608	+0.108%	$2.04B	$664.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.601	+0.101%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.546	+0.042%	$114.3M	$312.4M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.594	+0.093%	$47.1M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.585	+0.083%	$227.0M	$102.3M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.532	+0.027%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERPshort	+0.0100%	1h	93.550	+0.046%	$7.9M	$10.5M	20x
Variational Omni HYPE	+0.0100%	8h	93.352	−0.165%	$30.8M	$51.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.460	−0.050%	$7.5M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.209	−0.319%	$415K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.581	+0.079%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.585	+0.083%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.566	+0.063%	$495K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.533	+0.028%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.596	+0.095%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.543	+0.039%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.280	−0.243%	$204K	$8K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.521	+0.015%	$18.3M	$41.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0120%	8h	93.614	+0.114%	$1.9M	$5.1M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.590	+0.089%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0219%	4h	93.706	+0.213%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.490	−0.018%	$30K	$338K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0242%	1h	93.632	+0.134%	$7.4M	$4.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	93.541	+0.037%	$77K	$155K	15x	as long as short
BloFin HYPE-USDT	+0.0261%	4h	93.563	+0.060%	$16.9M	$12.4M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.590	+0.089%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	93.566	+0.063%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0464%	1h	93.658	+0.161%	$20.9M	$28.9M	50x	as long as short