HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0322%/8h= −35.3% APRnext payment −$0.40 per $10,000 · paid last 24h −0.041%

Price spread now: Backpack against Hyperliquid−0.083%7-day average +0.242% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$290.292% of the position

Long on Hyperliquid Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.018%−$2 on $10k

Price spread, last 7 days−0.476%−$48 · spread now −0.083%, 7d avg +0.242%

Together, before fees−0.494%+ Points / potential airdropHyperliquid: Season 2 · farm board−$49 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Backpack is 0.325% cheaper against Hyperliquid than usual: you would sell low and buy high (−$32 if the spread goes back to its 7-day average of +0.242%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.018% in total (about -0.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.40 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid HYPE	93.190	0.0100	pay 0.0013% / 1h	52m 40s	$2.03B	$669.4M	10x
Short	Backpack HYPE_USDC_PERP	93.113	−0.0222	pay 0.0028% / 1h	52m 40s	$7.8M	$10.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Hyperliquid. 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 HyperliquidbpFee BackpackbpOrdersPrice spread, now −0.083%Rate

Funding earned: −$67.72
Price spread: −0.083% → +0.242%: −$32.46
Slippage, 4 orders: −$10.19
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$129.38
Costs to cover: 0.292%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 11 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

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Hyperliquid live order book, 11 min ago	0.21 bp	4.7 bp −$5	5.1 bp −$51	doesn't fit	doesn't fit
Sell Backpack live order book, 1 min ago	0.05 bp	8.7 bp −$9	10.8 bp −$108	doesn't fit	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-P	−0.1080%	1h	93.055	−0.145%	$196K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.080	−0.118%	$1.2M	$3.9M	10x	as long as short
ApeX Omni HYPEUSDT	−0.0434%	1h	93.179	−0.012%	$337K	$1.1M	50x	as long as short
Backpack HYPE_USDC_PERPshort	−0.0222%	1h	93.113	−0.083%	$7.8M	$10.6M	20x
Aftermath Perps HYPEUSD	−0.0198%	1h	93.258	+0.073%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0128%	1h	93.110	−0.086%	$702K	$968K	10x	as long as short
01 Exchange HYPEUSD	−0.0096%	1h	93.129	−0.065%	$84K	$360K	20x	as long as short
Gate HYPE_USDT	−0.0088%	4h	93.183	−0.008%	$44.1M	$53.5M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.065	−0.134%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0047%	4h	93.132	−0.062%	$158K	$646K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0035%	4h	93.142	−0.052%	$8.9M	$36.2M	300x	as long as short
Bluefin HYPE-PERP	−0.0002%	1h	93.157	−0.035%	$79K	$173K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.184	−0.007%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.112	−0.083%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.170	−0.021%	$25K	—	150x	as long as short
BingX HYPE-USDT	+0.0016%	4h	93.193	+0.003%	—	$54.1M	—	as long as short
Bybit HYPEUSDT	+0.0024%	8h	93.146	−0.047%	$318.8M	$282.4M	75x	as long as short
MEXC HYPE_USDT	+0.0034%	4h	93.173	−0.018%	$86.8M	$81.6M	100x	as long as short
Binance HYPEUSDT	+0.0036%	4h	93.175	−0.016%	$378.9M	$903.0M	75x	as long as short
Derive HYPE-PERP	+0.0039%	1h	93.125	−0.070%	$16.2M	$7.6M	10x	as long as short
edgeX HYPEUSDC	+0.0059%	4h	93.202	+0.012%	$5.0M	$29.7M	30x	as long as short
Phoenix HYPE	+0.0060%	1h	93.190	0.000%	$212K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0067%	8h	93.200	+0.011%	$115.0M	$314.5M	50x	as long as short
Phemex HYPEUSDT	+0.0071%	8h	93.152	−0.041%	$12.6M	$2.7M	50x	as long as short
Bullet HYPE-USD	+0.0075%	1h	93.126	−0.069%	$111K	$578K	20x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.140	−0.054%	$396K	$177K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.178	−0.013%	$16.8M	$61.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.177	−0.014%	$3.0M	$11.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.124	−0.071%	$64K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.216	+0.028%	$339K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.100	−0.097%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.079	−0.119%	$6.5M	$44.7M	10x	as long as short
Hyperliquid HYPElong	+0.0100%	1h	93.190	long leg	$2.03B	$669.4M	10x
Pacifica HYPE	+0.0100%	1h	93.199	+0.010%	$10.0M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.165	−0.027%	$45.9M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.191	+0.001%	$225.5M	$100.6M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.991	−0.214%	$30.4M	$54.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.073	−0.125%	$7.5M	$46.7M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.076	−0.122%	$664K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.171	−0.021%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.158	−0.034%	$471K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.226	+0.039%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.156	−0.036%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.250	+0.064%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.143	−0.050%	$18.3M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.200	+0.011%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.060	−0.139%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0138%	4h	93.153	−0.040%	$17.0M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.255	+0.070%	$2.7M	$6.8M	20x	as long as short
Reya HYPERUSDPERP	+0.0253%	1h	93.163	−0.029%	$79K	$142K	15x	as long as short
Kalshi KXHYPEPERP	+0.0254%	8h	93.193	+0.003%	$1.9M	$5.2M	2.3x	as long as short
HTX HYPE-USDT	+0.0291%	4h	93.299	+0.117%	$1.5M	$6.1M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0158%	1h	93.162	−0.030%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0630%	1h	93.270	+0.086%	$7.4M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0684%	1h	93.229	+0.042%	$20.8M	$29.9M	50x	as long as short