HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0473%/8h= −51.8% APRnext payment −$0.59 per $10,000 · paid last 24h +0.014%

Price spread now: Backpack against Kraken Futures−0.198%51s7-day average −0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$250.247% of the position

Long on Kraken Futures Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.001%$0 on $10k

Price spread, last 3 days (all we have)+0.223%+$22 · spread now −0.198%, 7d avg −0.016%

Together, before fees+0.225%+$22 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Backpack is 0.181% cheaper against Kraken Futures than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of −0.016%). Swap the legs. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.001% in total (about 0.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.59 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	Kraken Futures PF_HYPEUSD	93.603	0.0573	pay 0.0072% / 1h	48m 08s	$19.2M	$25.9M	50x
Short	Backpack HYPE_USDC_PERP	93.418	0.0100	get 0.0013% / 1h	48m 08s	$7.9M	$11.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kraken Futures. 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 Kraken FuturesbpFee BackpackbpOrdersPrice spread, now −0.198%Rate

Funding earned: −$99.29
Price spread: −0.198% → −0.016%: −$18.15
Slippage, 4 orders: −$4.68
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$142.12
Costs to cover: 0.247%
Break-even: never at this rate

Slippage from Kraken Futures: 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

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Kraken Futures live order book, 1 min ago	0.64 bp	8.2 bp −$8	17.0 bp −$170	25.7 bp −$2,567	310.8 bp −$155.4K
Sell Backpack live order book, 1 min ago	0.05 bp	5.1 bp −$5	6.4 bp −$64	346.8 bp −$34.7K	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	−0.1256%	1h	93.344	−0.277%	$197K	$233K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0157%	1h	93.330	−0.292%	$700K	$944K	10x	as long as short
Aftermath Perps HYPEUSD	−0.0156%	1h	93.389	−0.229%	$22K	$22K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.503	−0.107%	$89K	$344K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.412	−0.204%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0008%	1h	93.470	−0.142%	$113K	$583K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.504	−0.107%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.559	−0.047%	$1.9M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.443	−0.172%	$23K	$343K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.513	−0.097%	$19K	—	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	+0.0012%	4h	93.487	−0.124%	$8.9M	$36.2M	300x	as long as short
Derive HYPE-PERP	+0.0017%	1h	93.431	−0.184%	$16.4M	$7.1M	10x	as long as short
Gate HYPE_USDT	+0.0036%	4h	93.475	−0.137%	$44.2M	$56.2M	75x	as long as short
Bybit HYPEUSDT	+0.0041%	8h	93.470	−0.142%	$325.9M	$287.9M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.408	−0.209%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0076%	4h	93.500	−0.110%	$180K	$536K	20x	as long as short
ApeX Omni HYPEUSDT	+0.0092%	1h	93.318	−0.305%	$405K	$1.1M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.544	−0.063%	$18.5M	$59.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.520	−0.089%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.480	−0.132%	$56K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.480	−0.132%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.478	−0.133%	$6.0M	$44.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.535	−0.073%	$2.04B	$668.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.491	−0.120%	$10.0M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.494	−0.117%	$386.1M	$890.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.467	−0.146%	$114.9M	$316.3M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.449	−0.165%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	−0.286%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.484	−0.127%	$92.9M	$81.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.508	−0.102%	$46.4M	$19.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.498	−0.112%	$227.1M	$102.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.470	−0.142%	—	$54.3M	—	as long as short
Backpack HYPE_USDC_PERPshort	+0.0100%	1h	93.418	−0.198%	$7.9M	$11.7M	20x
Variational Omni HYPE	+0.0100%	8h	93.295	−0.329%	$28.8M	$49.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.336	−0.285%	$7.5M	$46.2M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.443	−0.171%	$676K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.495	−0.115%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.501	−0.109%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.493	−0.118%	$76K	$169K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.529	−0.079%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.495	−0.116%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.488	−0.123%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.490	−0.121%	$339K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.471	−0.141%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.515	−0.094%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0113%	4h	93.276	−0.350%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.550	−0.057%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.486	−0.125%	$77K	$157K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0252%	1h	93.599	−0.005%	$7.4M	$4.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.290	−0.335%	$30K	$231K	12x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.512	−0.097%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.376	−0.243%	$17.1M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0398%	4h	93.650	+0.050%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.546	−0.062%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0573%	1h	93.603	long leg	$19.2M	$25.9M	50x