HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0066%/8h= +7.2% APRnext payment +$0.08 per $10,000 · paid last 24h −0.013%

Price spread now: Backpack against Phoenix+0.277%7-day average +0.130% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as in the Funding arb table

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

costs, in and out, $10k−$210.215% of the position

Long on Phoenix Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.214%−$21 on $10k

Price spread, last 7 days−1.058%−$106 · spread now +0.277%, 7d avg +0.130%

Together, before fees−1.273%−$127 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Backpack is 0.147% dearer against Phoenix than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of +0.130%. Mind the row above: over the last 7 days funding on this pair cost −0.214%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix HYPE	93.456	0.0034	pay 0.0004% / 1h	0m 35s	$214K	$1.2M	10x
Short	Backpack HYPE_USDC_PERP	93.715	0.0100	get 0.0013% / 1h	0m 35s	$7.9M	$10.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phoenix. 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 PhoenixbpFee BackpackbpOrdersPrice spread, now +0.277%Rate

Funding earned: $13.8
Price spread: +0.277% → +0.130%: $14.69
Slippage, 4 orders: −$4.48
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: $7
Costs to cover: 0.215%
Break-even: 3.4 days

Slippage from Phoenix: live order book, 3 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

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Phoenix live order book, 3 min ago	1.17 bp	5.7 bp −$6	11.0 bp −$110	doesn't fit	doesn't fit
Sell Backpack live order book, 4 min ago	0.05 bp	5.1 bp −$5	6.7 bp −$67	65.9 bp −$6,592	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
Aftermath Perps HYPEUSD	−0.0489%	1h	93.462	+0.006%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0456%	1h	93.528	+0.077%	$197K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.619	+0.174%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0130%	1h	93.490	+0.036%	$701K	$897K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.683	+0.243%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	93.734	+0.297%	$91K	$356K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.721	+0.284%	$128K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.590	+0.144%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.629	+0.185%	$28K	—	150x	as long as short
Popdex HYPEUSDT	+0.0008%	1h	93.561	+0.112%	$62K	$1.2M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	+0.0015%	4h	93.618	+0.173%	$176K	$524K	20x	as long as short
Aster HYPEUSDT	+0.0015%	4h	93.691	+0.251%	$8.9M	$35.7M	300x	as long as short
Bybit HYPEUSDT	+0.0020%	8h	93.670	+0.229%	$324.1M	$280.8M	75x	as long as short
Phoenix HYPElong	+0.0034%	1h	93.456	long leg	$214K	$1.2M	10x
Gate HYPE_USDT	+0.0062%	4h	93.696	+0.257%	$44.2M	$59.0M	75x	as long as short
Bullet HYPE-USD	+0.0063%	1h	93.569	+0.121%	$111K	$577K	20x	as long as short
Binance HYPEUSDT	+0.0064%	4h	93.672	+0.231%	$384.5M	$883.9M	75x	as long as short
MEXC HYPE_USDT	+0.0064%	4h	93.671	+0.230%	$90.6M	$82.5M	100x	as long as short
Derive HYPE-PERP	+0.0065%	1h	93.578	+0.130%	$16.3M	$6.9M	10x	as long as short
edgeX HYPEUSDC	+0.0071%	4h	93.562	+0.113%	$5.1M	$29.7M	30x	as long as short
Phemex HYPEUSDT	+0.0091%	8h	93.576	+0.128%	$12.8M	$2.6M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.734	+0.298%	$18.6M	$59.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.717	+0.279%	$3.1M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.612	+0.167%	$398K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.686	+0.246%	$340K	$169K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.700	+0.261%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.537	+0.086%	$5.9M	$44.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.746	+0.310%	$2.04B	$664.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.711	+0.273%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.685	+0.245%	$114.5M	$313.0M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.712	+0.274%	$47.1M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.695	+0.256%	$227.2M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.694	+0.255%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERPshort	+0.0100%	1h	93.715	+0.277%	$7.9M	$10.5M	20x
Variational Omni HYPE	+0.0100%	8h	93.352	−0.111%	$30.8M	$51.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.460	+0.004%	$7.5M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.565	+0.117%	$416K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.549	+0.100%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.600	+0.154%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.592	+0.146%	$495K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.627	+0.183%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.619	+0.174%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.628	+0.184%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.680	+0.240%	$205K	$7K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.679	+0.239%	$18.3M	$41.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0118%	8h	93.643	+0.200%	$1.9M	$5.1M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.660	+0.218%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0219%	4h	93.740	+0.304%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.770	+0.336%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	93.558	+0.109%	$77K	$155K	15x	as long as short
BloFin HYPE-USDT	+0.0259%	4h	93.600	+0.154%	$16.9M	$12.3M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0262%	1h	93.723	+0.286%	$7.4M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.761	+0.326%	$2.8M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	93.616	+0.171%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0463%	1h	93.746	+0.311%	$21.0M	$28.9M	50x	as long as short