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Funding arb · Price arb /

HYPE

all HYPE markets
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Alert: funding
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Alert: spread
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Funding you earn now, next payment 23:00 UTC+0.0036%/8h= +3.9% APRpaid last 24h +0.036%
Price spread now: Backpack against Gate+0.030%7-day average +0.247% · you sell dearer than you buy
Net, funding: paid 7d − costs−$17as in the Funding arb table
Net, price: spread back to 7d avg − costs−$53as in the Price arb table
costs, in and out, $10k−$310.310% of the position
Long on GateShort on Backpack
What this pair did over the last
the charts below follow
Funding, last 7 days+0.136%+$14 on $10k
Price spread, last 7 days−0.694%−$69 · spread now +0.030%, 7d avg +0.247%
Together, before fees−0.557%−$56 on $10k · with fees, hour by hour
Funding pays, the price is against you. Backpack is 0.218% cheaper against Gate than usual: you would sell low and buy high (spread +0.030% now, against its 7-day average of +0.247%). If the spread goes back, that is −$22 on $10k: about 20 days of funding at the current rate (+$1 a day).
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongGate HYPE_USDT93.5520.0064pay 0.0032% / 4h1h 02m$44.1M$59.0M75x
ShortBackpack HYPE_USDC_PERP93.5800.0100get 0.0013% / 1h2m 48s$7.9M$10.6M20x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Backpack against Gate. Falling: the short leg gains. Rising: it loses.
latest
Price spreadloading…

Funding on every exchange

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latest
How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Funding earned
$7.56
Price spread: +0.030% → +0.247%
−$21.76
Slippage, 4 orders
−$5.98
Fee Gate: 7.5 bp × 2 orders
−$15
Fee Backpack: 5 bp × 2 orders
−$10
Net
−$45.18
Costs to cover
0.310%
Break-even
48.8 days
Slippage from Gate: live order book, 1 min ago; Backpack: live order book, 1 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Gate live order book, 1 min ago0.05 bp11.7 bp −$1217.1 bp −$17134.3 bp −$3,43359.8 bp −$29.9K
Sell Backpack live order book, 1 min ago0.05 bp5.1 bp −$56.7 bp −$6765.9 bp −$6,592doesn't fit

HYPE on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Aftermath Perps HYPEUSD−0.0488%1h93.406−0.156%$22K$22K10xas long as short
Hibachi HYPE/USDT-P−0.0440%1h93.547−0.006%$198K$229K7xas long as short
Arcus HYPE-USD−0.0131%1h93.529−0.025%$1.2M$3.9M10xas long as short
Ondo Perps HYPE-USD.P−0.0126%1h93.560+0.009%$699K$899K10xas long as short
Hotstuff HYPE-PERP−0.0080%1h93.591+0.042%$3K$33125xas long as short
01 Exchange HYPEUSD−0.0024%1h93.578+0.028%$91K$358K20xas long as short
dYdX HYPE-USD0.0000%1h93.615+0.067%$127K$32K5xas long as short
Perpl HYPE0.0000%43m93.604+0.056%$23K$330K10xas long as short
gTrade (Gains Network) HYPE/USDL +0.0002% / S −0.0002%1h93.593+0.044%$27K—150xas long as short
Popdex HYPEUSDT+0.0008%1h93.563+0.012%$62K$1.2M50xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Aster HYPEUSDT+0.0011%4h93.594+0.045%$8.9M$35.7M300xas long as short
Orderly PERP_HYPE_USDC+0.0016%4h93.572+0.021%$176K$524K20xas long as short
Bybit HYPEUSDT+0.0020%8h93.550−0.002%$323.7M$280.8M75xas long as short
Phoenix HYPE+0.0034%1h93.456−0.103%$214K$1.2M10xas long as short
Derive HYPE-PERP+0.0061%1h93.532−0.021%$16.3M$7.0M10xas long as short
MEXC HYPE_USDT+0.0062%4h93.551−0.001%$90.5M$82.5M100xas long as short
Bullet HYPE-USD+0.0064%1h93.564+0.012%$111K$577K20xas long as short
Gate HYPE_USDTlong+0.0064%4h93.552long leg$44.1M$59.0M75x
edgeX HYPEUSDC+0.0065%4h93.415−0.147%$5.1M$29.6M30xas long as short
Binance HYPEUSDT+0.0065%4h93.559+0.007%$384.0M$884.8M75xas long as short
Phemex HYPEUSDT+0.0091%8h93.559+0.007%$12.7M$2.6M50xas long as short
Lighter HYPE+0.0096%1h93.615+0.067%$18.6M$59.1M20xas long as short
Lighter RH HYPE+0.0096%1h93.592+0.043%$3.1M$12.2M20xas long as short
Aevo HYPE-PERP+0.0096%1h93.578+0.028%$398K$318K20xas long as short
Paradex HYPE-USD-PERP+0.0099%8h93.614+0.067%$340K$170K20xas long as short
Katana Perps HYPE-USD+0.0100%8h93.600+0.051%$29K$1.6M10xas long as short
Nado HYPE-PERP+0.0100%1h93.599+0.051%$5.9M$44.0M10xas long as short
Hyperliquid HYPE+0.0100%1h93.620+0.073%$2.04B$664.6M10xas long as short
Pacifica HYPE+0.0100%1h93.641+0.095%$10.1M$14.5M20xas long as short
OKX HYPE-USDT-SWAP+0.0100%8h93.554+0.002%$114.4M$312.5M50xas long as short
KuCoin HYPEUSDTM+0.0100%4h93.584+0.034%$47.1M$18.5M75xas long as short
Bitget HYPEUSDT+0.0100%4h93.554+0.002%$226.9M$102.5M75xas long as short
BingX HYPE-USDT+0.0100%4h93.549−0.003%—$53.9M—as long as short
Backpack HYPE_USDC_PERPshort+0.0100%1h93.580+0.030%$7.9M$10.6M20x
Variational Omni HYPE+0.0100%8h93.352−0.213%$30.8M$51.9M—as long as short
GRVT HYPE_USDT_Perp+0.0100%4h93.460−0.098%$7.5M$45.6M10xas long as short
ApeX Omni HYPEUSDT+0.0100%1h93.209−0.367%$415K$1.0M50xas long as short
StandX HYPE-USD+0.0100%1h93.564+0.013%$677K$2.5M20xas long as short
Vest HYPE-PERP+0.0100%1h93.601+0.052%—$454K5xas long as short
Polymarket Perps HYPE-USD+0.0100%1h93.590+0.041%$495K$2.5M20xas long as short
Bluefin HYPE-PERP+0.0100%1h93.565+0.014%$76K$166K20xas long as short
SunX HYPE-USDT+0.0100%4h93.659+0.114%$32K$1.6M20xas long as short
SoDEX HYPE-USD+0.0100%1h93.564+0.013%$2.0M$2.0M10xas long as short
Bulk HYPE-USD+0.0100%1h93.280−0.291%$204K$8K10xas long as short
Extended HYPE-USD+0.0104%1h93.541−0.011%$18.3M$41.6M50xas long as short
Kalshi KXHYPEPERP+0.0120%8h93.658+0.113%$1.9M$5.1M2.3xas long as short
Coinbase International HYPE-PERP-INTX+0.0176%1h93.600+0.051%$4.9M$5.7M50xas long as short
HTX HYPE-USDT+0.0220%4h93.731+0.191%$1.5M$7.7M75xas long as short
Injective HYPE/USDC PERP+0.0239%1h93.490−0.066%$30K$338K12xas long as short
Deribit HYPE_USDC-PERPETUAL+0.0241%1h93.656+0.111%$7.4M$4.5M50xas long as short
Reya HYPERUSDPERP+0.0248%1h93.556+0.004%$77K$155K15xas long as short
BloFin HYPE-USDT+0.0261%4h93.563+0.012%$16.9M$12.4M75xas long as short
RISEx HYPE/USDC+0.0280%1h93.644+0.098%$2.8M$6.8M20xas long as short
GMX HYPE/USD [WBTC.b-USDC]L +0.0340% / S −0.0165%1h93.580+0.030%$1.4M—100xas long as short
Kraken Futures PF_HYPEUSD+0.0464%1h93.691+0.149%$21.0M$28.9M50xas long as short