HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0233%/8h= −25.5% APRnext payment −$0.29 per $10,000 · paid last 24h −0.058%

Price spread now: Backpack against GMX−0.024%7-day average +0.001% · you buy dearer than you sell

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

Long on GMX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.159%−$16 on $10k

Price spread, last 3 days (all we have)−0.024%−$2 · spread now −0.024%, 7d avg +0.001%

Together, before fees−0.182%−$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Backpack is 0.026% cheaper against GMX than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.001%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX HYPE/USD [WBTC.b-USDC]	93.855	L +0.0333% / S −0.0155%	pay 0.0042% / 1h	20m 11s	$1.4M	—	100x
Short	Backpack HYPE_USDC_PERP	93.832	0.0100	get 0.0013% / 1h	20m 11s	$7.7M	$10.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against GMX. 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 GMXbpFee BackpackbpOrdersPrice spread, now −0.024%Rate

Funding earned: −$48.87
Price spread: −0.024% → +0.001%: −$2.57
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$73.44
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Backpack: live order book, 4 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 GMX no order-book sample	—	—	—	—	—
Sell Backpack live order book, 4 min ago	0.05 bp	5.1 bp −$5	7.6 bp −$76	511.3 bp −$51.1K	doesn't fit

GMX: 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
Hibachi HYPE/USDT-P	−0.1336%	1h	93.984	+0.138%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.698	−0.167%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0196%	1h	94.079	+0.238%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0155%	1h	93.910	+0.059%	$710K	$959K	10x	as long as short
dYdX HYPE-USD	−0.0114%	1h	93.863	+0.009%	$129K	$31K	5x	as long as short
Bullet HYPE-USD	−0.0099%	1h	93.819	−0.038%	$112K	$581K	20x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	93.806	−0.052%	$86K	$360K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.802	−0.056%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0068%	4h	93.813	−0.045%	$44.4M	$60.0M	75x	as long as short
Bybit HYPEUSDT	−0.0025%	8h	93.830	−0.026%	$322.4M	$280.0M	75x	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	−0.0024%	4h	93.797	−0.062%	$159K	$645K	20x	as long as short
Phemex HYPEUSDT	−0.0008%	8h	93.884	+0.031%	$12.8M	$2.6M	50x	as long as short
Perpl HYPE	0.0000%	43m	93.820	−0.037%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.855	0.000%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0013%	4h	93.812	−0.046%	$8.9M	$36.1M	300x	as long as short
Derive HYPE-PERP	+0.0017%	1h	93.782	−0.077%	$16.4M	$7.3M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	94.149	+0.313%	$219K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0048%	4h	93.836	−0.020%	$89.0M	$82.8M	100x	as long as short
Binance HYPEUSDT	+0.0048%	4h	93.841	−0.015%	$382.8M	$893.6M	75x	as long as short
edgeX HYPEUSDC	+0.0070%	4h	94.065	+0.224%	$5.1M	$30.0M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0075%	8h	93.815	−0.042%	$115.8M	$317.1M	50x	as long as short
Bluefin HYPE-PERP	+0.0089%	1h	93.812	−0.046%	$76K	$171K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.868	+0.013%	$19.1M	$60.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.861	+0.007%	$3.0M	$12.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.818	−0.039%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.798	−0.060%	$399K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.789	−0.070%	$341K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.850	−0.005%	$20K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.766	−0.094%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.924	+0.074%	$2.05B	$673.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.810	−0.048%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.853	−0.002%	$46.7M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.841	−0.015%	$227.5M	$100.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.834	−0.022%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERPshort	+0.0100%	1h	93.832	−0.024%	$7.7M	$10.4M	20x
Variational Omni HYPE	+0.0100%	8h	93.939	+0.090%	$31.4M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.199	+0.366%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.047	+0.205%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.952	+0.104%	$679K	$2.6M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.832	−0.024%	$480K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.880	+0.027%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.839	−0.017%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.151	+0.315%	$205K	$2K	10x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.864	+0.009%	—	$243K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.817	−0.040%	$18.8M	$44.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.870	+0.016%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0192%	4h	93.962	+0.114%	$17.0M	$12.2M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.677%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.859	+0.005%	$2.7M	$6.8M	20x	as long as short
Kalshi KXHYPEPERP	+0.0227%	8h	93.905	+0.053%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	93.803	−0.056%	$79K	$142K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]long	L +0.0333% / S −0.0155%	1h	93.855	long leg	$1.4M	—	100x
HTX HYPE-USDT	+0.0385%	4h	93.958	+0.110%	$1.5M	$6.1M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0453%	1h	93.937	+0.088%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0672%	1h	93.935	+0.085%	$21.0M	$29.7M	50x	as long as short