HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0201%/8h= +22.0% APRnext payment +$0.25 per $10,000 · paid last 24h +0.036%

Price spread now: Backpack against Ondo Perps+0.075%7-day average +0.268% · you sell dearer than you buy

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

Long on Ondo Perps Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.186%+$19 on $10k

Price spread, last 7 days−0.792%−$79 · spread now +0.075%, 7d avg +0.268%

Together, before fees−0.607%+ Points / potential airdropOndo Perps: Active · farm board−$61 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.193% cheaper against Ondo Perps than usual: you would sell low and buy high (spread +0.075% now, against its 7-day average of +0.268%). If the spread goes back, that is −$19 on $10k: about 3.2 days of funding at the current rate (+$6 a day). At the pace of the last 7 days (+0.186% in total) that is about 7.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps HYPE-USD.P	94.110	−0.0101	get 0.0013% / 1h	3m 57s	$710K	$1.2M	10x
Short	Backpack HYPE_USDC_PERP	94.181	0.0100	get 0.0013% / 1h	3m 57s	$7.6M	$10.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Ondo Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Ondo PerpsbpFee BackpackbpOrdersPrice spread, now +0.075%Rate

Funding earned: $42.17
Price spread: +0.075% → +0.268%: −$19.27
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Backpack: 5 bp × 2 orders: −$10
Net: $7.9
Costs to cover: 0.150%
Break-even: 5.7 days

Slippage unknown: Ondo Perps: no order-book sample; 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Backpack live order book, 5 min ago	0.05 bp	5.1 bp −$5	6.5 bp −$65	433.0 bp −$43.3K	doesn't fit

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1096%	1h	94.278	+0.178%	$201K	$236K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0158%	1h	94.284	+0.185%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.Plong	−0.0101%	1h	94.110	long leg	$710K	$1.2M	10x
Hotstuff HYPE-PERP	−0.0080%	1h	94.373	+0.279%	$3K	$331	25x	as long as short
Bluefin HYPE-PERP	−0.0069%	1h	94.132	+0.023%	$80K	$155K	20x	as long as short
Bullet HYPE-USD	−0.0068%	1h	94.154	+0.047%	$110K	$578K	20x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	94.133	+0.024%	$87K	$366K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0009%	4h	94.127	+0.018%	$146K	$685K	20x	as long as short
Bybit HYPEUSDT	−0.0007%	8h	94.190	+0.085%	$317.3M	$289.5M	75x	as long as short
BingX HYPE-USDT	−0.0004%	4h	94.195	+0.090%	—	$53.5M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	94.178	+0.073%	$129K	$26K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.226	+0.123%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.172	+0.066%	$19K	$287K	10x	as long as short
Derive HYPE-PERP	+0.0001%	1h	94.110	0.000%	$16.4M	$7.5M	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.180	+0.074%	$117K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	94.223	+0.120%	$206K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0050%	4h	94.182	+0.077%	$226.5M	$100.0M	75x	as long as short
Phemex HYPEUSDT	+0.0059%	8h	94.150	+0.043%	$12.8M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0064%	8h	94.155	+0.048%	$336K	$156K	20x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.114	+0.004%	$1.0M	$3.5M	10x	as long as short
edgeX HYPEUSDC	+0.0085%	4h	94.169	+0.063%	$5.0M	$30.7M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0093%	8h	94.205	+0.101%	$116.9M	$321.4M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.171	+0.065%	$16.3M	$64.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.178	+0.072%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.119	+0.010%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.160	+0.053%	$15K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.116	+0.007%	$7.3M	$50.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.299	+0.201%	$2.07B	$688.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.200	+0.096%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.178	+0.072%	$10.1M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.211	+0.107%	$377.0M	$931.8M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.183	+0.077%	$217K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.190	+0.085%	$49.4M	$57.2M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.195	+0.090%	$89.8M	$85.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.192	+0.087%	$46.9M	$18.6M	75x	as long as short
Backpack HYPE_USDC_PERPshort	+0.0100%	1h	94.181	+0.075%	$7.6M	$10.6M	20x
Variational Omni HYPE	+0.0100%	8h	94.239	+0.137%	$29.1M	$55.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.264	+0.164%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.207	+0.103%	$362K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.216	+0.113%	$681K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.197	+0.093%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.170	+0.064%	$495K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.161	+0.054%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.162	+0.055%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.300	+0.202%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.169	+0.062%	$18.3M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.155	+0.048%	$398K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.190	+0.085%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	94.198	+0.094%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.550	+0.468%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0249%	1h	94.253	+0.152%	$7.4M	$4.3M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.123	+0.013%	$82K	$134K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.149	+0.041%	$17.0M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0413%	1h	94.222	+0.119%	$20.2M	$30.3M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	94.165	+0.058%	$3.2M	$6.4M	20x	as long as short