HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0185%/8h= −20.2% APRnext payment −$0.23 per $10,000 · paid last 24h −0.053%

Price spread now: Backpack against Injective−0.363%72s7-day average −0.164% · you buy dearer than you sell

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

Long on Injective Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−2.258%−$226 on $10k

Price spread, last 3 days (all we have)+0.374%+$37 · spread now −0.363%, 7d avg −0.164%

Together, before fees−1.885%−$188 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Backpack is 0.200% cheaper against Injective than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of −0.164%). Swap the legs. The two prices were read 72 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective HYPE/USDC PERP	93.910	0.0285	pay 0.0036% / 1h	13m 51s	$31K	$291K	12x
Short	Backpack HYPE_USDC_PERP	93.569	0.0100	get 0.0013% / 1h	13m 51s	$7.9M	$11.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Injective. 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 InjectivebpFee BackpackbpOrdersPrice spread, now −0.363%Rate

Funding earned: −$38.78
Price spread: −0.363% → −0.164%: −$19.96
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$68.76
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Injective: live order book, 10 min ago; Backpack: live order book, 5 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 Injective live order book, 10 min ago	15.46 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 5 min ago	0.05 bp	5.1 bp −$5	7.5 bp −$75	108.8 bp −$10.9K	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	−0.0936%	1h	93.570	−0.362%	$198K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0264%	1h	93.630	−0.298%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0233%	1h	93.500	−0.437%	$702K	$932K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.537	−0.397%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.549	−0.384%	$90K	$346K	20x	as long as short
Bullet HYPE-USD	−0.0028%	1h	93.543	−0.391%	$111K	$582K	20x	as long as short
Derive HYPE-PERP	−0.0021%	1h	93.489	−0.448%	$16.4M	$7.0M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.645	−0.282%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.542	−0.391%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.564	−0.369%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0020%	4h	93.536	−0.398%	$8.9M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0028%	4h	93.530	−0.405%	$44.0M	$57.5M	75x	as long as short
Bybit HYPEUSDT	+0.0035%	8h	93.510	−0.426%	$325.7M	$287.0M	75x	as long as short
Popdex HYPEUSDT	+0.0048%	1h	93.533	−0.401%	$58K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0059%	4h	93.542	−0.392%	$177K	$520K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.603	−0.327%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.585	−0.346%	$18.6M	$59.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.569	−0.363%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.564	−0.368%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.570	−0.362%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.531	−0.404%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.643	−0.284%	$2.04B	$670.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.568	−0.364%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.529	−0.406%	$386.1M	$889.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.504	−0.432%	$114.9M	$315.7M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.520	−0.415%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.690	−0.235%	$205K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.532	−0.403%	$93.6M	$82.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.531	−0.404%	$46.4M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.545	−0.389%	$227.2M	$102.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.526	−0.409%	—	$54.3M	—	as long as short
Backpack HYPE_USDC_PERPshort	+0.0100%	1h	93.569	−0.363%	$7.9M	$11.7M	20x
Variational Omni HYPE	+0.0100%	8h	93.561	−0.372%	$29.2M	$50.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.632	−0.296%	$7.5M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.601	−0.329%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.588	−0.343%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.578	−0.353%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.574	−0.358%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.530	−0.405%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.612	−0.317%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.531	−0.404%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.521	−0.414%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.516	−0.419%	$18.3M	$41.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.505	−0.431%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0107%	4h	93.591	−0.339%	$5.1M	$29.7M	30x	as long as short
Kalshi KXHYPEPERP	+0.0117%	8h	93.630	−0.298%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.570	−0.362%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.529	−0.406%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERPlong	+0.0285%	1h	93.910	long leg	$31K	$291K	12x
HTX HYPE-USDT	+0.0296%	4h	93.740	−0.181%	$1.5M	$7.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0327%	1h	93.655	−0.272%	$7.4M	$4.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.532	−0.403%	$17.0M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0346% / S −0.0171%	1h	93.576	−0.356%	$1.5M	—	100x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.605	−0.324%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.635	−0.292%	$19.2M	$26.0M	50x	as long as short