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Funding arb · Price arb /

HYPE

all HYPE markets
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Alert: funding
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Alert: spread
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Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.026%
Price spread now: Backpack against OKX+0.079%46s7-day average +0.257% · you sell dearer than you buy
Net, funding: paid 7d − costs−$9as 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−$210.212% of the position
Long on OKXShort on Backpack
What this pair did over the last
the charts below follow
Funding, last 7 days+0.119%+$12 on $10k
Price spread, last 7 days−0.529%−$53 · spread now +0.079%, 7d avg +0.257%
Together, before fees−0.410%−$41 on $10k · with fees, hour by hour
Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.178% cheaper against OKX than usual: you would sell low and buy high, −$18 on $10k if it goes back to its 7-day average of +0.257%. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongOKX HYPE-USDT-SWAP93.5320.0100pay 0.0100% / 8h2h 15m$114.9M$315.8M50x
ShortBackpack HYPE_USDC_PERP93.6060.0100get 0.0013% / 1h15m 17s$7.9M$11.7M20x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Backpack against OKX. 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

Funding earned
$0
Price spread: +0.079% → +0.257%
−$17.79
Slippage, 4 orders
−$1.21
Fee OKX: 5 bp × 2 orders
−$10
Fee Backpack: 5 bp × 2 orders
−$10
Net
−$39.01
Costs to cover
0.212%
Break-even
never at this rate
Slippage from OKX: live order book, 4 min ago; Backpack: live order book, 4 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy OKX live order book, 4 min ago0.05 bp6.0 bp −$68.4 bp −$8417.0 bp −$1,696doesn't fit
Sell Backpack live order book, 4 min ago0.05 bp5.1 bp −$57.5 bp −$75108.8 bp −$10.9Kdoesn't fit

HYPE on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Hibachi HYPE/USDT-P−0.0960%1h93.583+0.055%$198K$233K7xas long as short
Aftermath Perps HYPEUSD−0.0269%1h93.640+0.116%$22K$22K10xas long as short
Ondo Perps HYPE-USD.P−0.0234%1h93.500−0.034%$702K$932K10xas long as short
Hotstuff HYPE-PERP−0.0080%1h93.567+0.037%$3K$33125xas long as short
01 Exchange HYPEUSD−0.0064%1h93.548+0.017%$90K$346K20xas long as short
Bullet HYPE-USD−0.0028%1h93.533+0.001%$112K$582K20xas long as short
Derive HYPE-PERP−0.0021%1h93.494−0.041%$16.4M$7.0M10xas long as short
dYdX HYPE-USD0.0000%1h93.645+0.121%$127K$32K5xas long as short
Perpl HYPE0.0000%43m93.541+0.010%$23K$337K10xas long as short
gTrade (Gains Network) HYPE/USDL +0.0002% / S −0.0001%1h93.570+0.041%$20K—150xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Aster HYPEUSDT+0.0023%4h93.536+0.004%$8.9M$35.8M300xas long as short
Gate HYPE_USDT+0.0030%4h93.547+0.016%$43.9M$57.4M75xas long as short
Bybit HYPEUSDT+0.0035%8h93.534+0.002%$325.8M$287.0M75xas long as short
Popdex HYPEUSDT+0.0048%1h93.533+0.001%$59K$1.2M50xas long as short
Orderly PERP_HYPE_USDC+0.0059%4h93.542+0.011%$177K$520K20xas long as short
Phoenix HYPE+0.0068%1h93.603+0.076%$216K$1.2M10xas long as short
Lighter HYPE+0.0096%1h93.587+0.059%$18.5M$59.7M20xas long as short
Lighter RH HYPE+0.0096%1h93.576+0.047%$3.1M$12.4M20xas long as short
Paradex HYPE-USD-PERP+0.0100%8h93.561+0.030%$340K$170K20xas long as short
Katana Perps HYPE-USD+0.0100%8h93.580+0.051%$37K$1.6M10xas long as short
Nado HYPE-PERP+0.0100%1h93.530−0.002%$5.9M$44.1M10xas long as short
Hyperliquid HYPE+0.0100%1h93.649+0.125%$2.04B$670.7M10xas long as short
Pacifica HYPE+0.0100%1h93.567+0.037%$10.0M$14.4M20xas long as short
Binance HYPEUSDT+0.0100%4h93.5320.000%$385.9M$889.0M75xas long as short
OKX HYPE-USDT-SWAPlong+0.0100%8h93.532long leg$114.9M$315.8M50x
Arcus HYPE-USD+0.0100%1h93.518−0.015%$1.2M$4.0M10xas long as short
Bulk HYPE-USD+0.0100%1h93.690+0.169%$205K$12K10xas long as short
MEXC HYPE_USDT+0.0100%4h93.544+0.013%$93.6M$82.4M100xas long as short
KuCoin HYPEUSDTM+0.0100%4h93.536+0.004%$46.4M$18.8M75xas long as short
Bitget HYPEUSDT+0.0100%4h93.558+0.028%$227.3M$102.4M75xas long as short
BingX HYPE-USDT+0.0100%4h93.533+0.001%—$54.3M—as long as short
Backpack HYPE_USDC_PERPshort+0.0100%1h93.606+0.079%$7.9M$11.7M20x
Variational Omni HYPE+0.0100%8h93.561+0.031%$29.2M$50.1M—as long as short
GRVT HYPE_USDT_Perp+0.0100%4h93.632+0.107%$7.5M$45.3M10xas long as short
ApeX Omni HYPEUSDT+0.0100%1h93.601+0.074%$406K$1.0M50xas long as short
StandX HYPE-USD+0.0100%1h93.628+0.103%$677K$2.5M20xas long as short
Polymarket Perps HYPE-USD+0.0100%1h93.568+0.038%$494K$2.6M20xas long as short
Bluefin HYPE-PERP+0.0100%1h93.543+0.012%$76K$168K20xas long as short
SunX HYPE-USDT+0.0100%4h93.615+0.089%$32K$1.6M20xas long as short
SoDEX HYPE-USD+0.0100%1h93.535+0.003%$2.0M$2.0M10xas long as short
Phemex HYPEUSDT+0.0100%8h93.524−0.009%$12.7M$2.6M50xas long as short
Vest HYPE-PERP+0.0100%1h93.586+0.058%—$454K5xas long as short
Extended HYPE-USD+0.0104%1h93.522−0.010%$18.3M$41.2M50xas long as short
Aevo HYPE-PERP+0.0104%1h93.521−0.012%$398K$318K20xas long as short
edgeX HYPEUSDC+0.0107%4h93.591+0.063%$5.1M$29.7M30xas long as short
Kalshi KXHYPEPERP+0.0117%8h93.616+0.090%$1.9M$5.3M2.3xas long as short
Coinbase International HYPE-PERP-INTX+0.0208%1h93.640+0.115%$4.9M$5.7M50xas long as short
Reya HYPERUSDPERP+0.0246%1h93.530−0.003%$78K$158K15xas long as short
Deribit HYPE_USDC-PERPETUAL+0.0273%1h93.658+0.135%$7.4M$4.6M50xas long as short
Injective HYPE/USDC PERP+0.0285%1h93.910+0.404%$31K$291K12xas long as short
HTX HYPE-USDT+0.0296%4h93.739+0.221%$1.5M$7.6M75xas long as short
BloFin HYPE-USDT+0.0340%4h93.5320.000%$17.0M$12.4M75xas long as short
GMX HYPE/USD [WBTC.b-USDC]L +0.0346% / S −0.0171%1h93.581+0.052%$1.5M—100xas long as short
RISEx HYPE/USDC+0.0467%1h93.601+0.074%$2.8M$6.8M20xas long as short
Kraken Futures PF_HYPEUSD+0.0573%1h93.638+0.113%$19.2M$26.0M50xas long as short