HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.1900%/8h= +208.0% APRnext payment +$2.38 per $10,000 · paid last 24h +0.249%

Price spread now: Backpack against Hibachi−0.081%7-day average +0.077% · you buy dearer than you sell

Net, funding: paid 7d − costs+$106as in the Funding arb table

Net, price: spread back to 7d avg − costs−$83as in the Price arb table

costs, in and out, $10k−$670.671% of the position

Long on Hibachi Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+1.729%+$173 on $10k

Price spread, last 4 days (all we have)−0.152%−$15 · spread now −0.081%, 7d avg +0.077%

Together, before fees+1.577%+ Points / potential airdropHibachi: Active · farm board+$158 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.159% cheaper against Hibachi than usual: you would sell low and buy high (spread −0.081% now, against its 7-day average of +0.077%). If the spread goes back, that is −$16 on $10k: about 7 hours of funding at the current rate (+$57 a day). At the pace of the last 7 days (+1.729% in total) that is about 15 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi HYPE/USDT-P	93.146	−0.1800	get 0.0225% / 1h	11m 33s	$194K	$231K	7x
Short	Backpack HYPE_USDC_PERP	93.070	0.0100	get 0.0013% / 1h	11m 33s	$7.3M	$11.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Hibachi. 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 HibachibpFee BackpackbpOrdersPrice spread, now −0.081%Rate

Funding earned: $399
Price spread: −0.081% → +0.077%: −$15.88
Slippage, 4 orders: −$48.07
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: $316.06
Costs to cover: 0.671%
Break-even: 1.5 days

Slippage from Hibachi: live order book, 42 min ago; Backpack: live order book, 3 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 Hibachi live order book, 42 min ago	9.25 bp	43.2 bp −$43	60.9 bp −$609	doesn't fit	doesn't fit
Sell Backpack live order book, 3 min ago	0.05 bp	5.1 bp −$5	6.3 bp −$63	48.1 bp −$4,805	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-Plong	−0.1800%	1h	93.146	long leg	$194K	$231K	7x
Aftermath Perps HYPEUSD	−0.0310%	1h	93.023	−0.132%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	93.045	−0.108%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.053	−0.100%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0053%	4h	93.023	−0.132%	$146K	$674K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.075	−0.076%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.065	−0.087%	$22K	$293K	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0001%	1h	92.970	−0.189%	$700K	$1.1M	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.055	−0.098%	$62K	—	150x	as long as short
Bullet HYPE-USD	+0.0012%	1h	93.017	−0.138%	$111K	$578K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange HYPEUSD	+0.0016%	1h	93.108	−0.041%	$87K	$365K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	93.056	−0.097%	$208K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0027%	8h	93.070	−0.081%	$317.5M	$284.4M	75x	as long as short
Phemex HYPEUSDT	+0.0029%	8h	93.021	−0.134%	$12.6M	$2.7M	50x	as long as short
Bitget HYPEUSDT	+0.0036%	4h	93.079	−0.072%	$225.2M	$98.8M	75x	as long as short
Popdex HYPEUSDT	+0.0048%	1h	93.081	−0.070%	$76K	$1.1M	50x	as long as short
Gate HYPE_USDT	+0.0058%	4h	93.081	−0.070%	$45.5M	$54.7M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	93.109	−0.039%	$339K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.063	−0.089%	$16.0M	$62.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.073	−0.078%	$3.1M	$11.6M	20x	as long as short
edgeX HYPEUSDC	+0.0099%	4h	93.100	−0.050%	$4.9M	$29.7M	30x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.070	−0.081%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.037	−0.116%	$6.8M	$46.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.100	−0.049%	$2.03B	$670.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.082	−0.069%	$8.7M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.103	−0.046%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.081	−0.070%	$373.6M	$909.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.078	−0.073%	$114.0M	$305.3M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.125	−0.022%	$203K	$3K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.065	−0.087%	$91.5M	$81.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.062	−0.090%	$46.1M	$18.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.071	−0.080%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERPshort	+0.0100%	1h	93.070	−0.081%	$7.3M	$11.2M	20x
Variational Omni HYPE	+0.0100%	8h	92.999	−0.158%	$28.6M	$56.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.156	+0.011%	$7.5M	$46.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.126	−0.021%	$342K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.097	−0.052%	$665K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.120	−0.028%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.106	−0.043%	$488K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.046	−0.107%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.024	−0.130%	$16.0M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.094	−0.056%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.037	−0.117%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.167	+0.023%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.060	−0.093%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.036	−0.118%	$393K	$164K	20x	as long as short
Kalshi KXHYPEPERP	+0.0126%	8h	93.097	−0.052%	$1.8M	$5.5M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.220	+0.080%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0196%	1h	93.120	−0.027%	$20.7M	$29.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.410	+0.284%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0266%	1h	93.085	−0.066%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	93.053	−0.099%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.113	−0.035%	$16.8M	$11.8M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0491%	1h	93.135	−0.012%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	93.141	−0.005%	$3.2M	$6.3M	20x	as long as short