HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0043%/8h= −4.7% APRnext payment −$0.05 per $10,000 · paid last 24h +0.002%

Price spread now: Backpack against Polymarket Perps−0.101%7-day average +0.298% · you buy dearer than you sell

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$290.294% of the position

Long on Polymarket Perps Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.087%+$9 on $10k

Price spread, last 7 days−1.225%−$123 · spread now −0.101%, 7d avg +0.298%

Together, before fees−1.138%−$114 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Backpack is 0.398% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$40 if the spread goes back to its 7-day average of +0.298%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.087%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps HYPE-USD	95.196	0.0100	pay 0.0013% / 1h	5m 02s	$501K	$2.6M	20x
Short	Backpack HYPE_USDC_PERP	95.100	0.0057	get 0.0007% / 1h	5m 02s	$7.5M	$10.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Polymarket Perps. 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 Polymarket PerpsbpFee BackpackbpOrdersPrice spread, now −0.101%Rate

Funding earned: −$9.04
Price spread: −0.101% → +0.298%: −$39.85
Slippage, 4 orders: −$11.4
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$78.29
Costs to cover: 0.294%
Break-even: never at this rate

Slippage from Polymarket Perps: 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

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Polymarket Perps live order book, 4 min ago	0.05 bp	9.7 bp −$10	10.9 bp −$109	doesn't fit	doesn't fit
Sell Backpack live order book, 4 min ago	0.05 bp	5.1 bp −$5	5.9 bp −$59	349.1 bp −$34.9K	doesn't fit

HYPE on 54 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	−0.0968%	1h	95.175	−0.022%	$212K	$265K	7x	as long as short
Bluefin HYPE-PERP	−0.0540%	1h	95.111	−0.089%	$79K	$148K	20x	as long as short
Phemex HYPEUSDT	−0.0264%	8h	95.203	+0.007%	$13.0M	$2.8M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0229%	1h	95.216	+0.021%	$22K	$19K	10x	as long as short
Bullet HYPE-USD	−0.0198%	1h	95.148	−0.050%	$113K	$579K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0142%	1h	95.230	+0.036%	$696K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	95.178	−0.019%	$91K	$357K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	95.192	−0.004%	$1.0M	$3.1M	10x	as long as short
dYdX HYPE-USD	−0.0107%	1h	95.256	+0.063%	$131K	$93K	5x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.265	+0.072%	$3K	$331	25x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_HYPEUSD	−0.0047%	1h	95.169	−0.028%	$18.9M	$35.7M	50x	as long as short
Gate HYPE_USDT	−0.0034%	4h	95.138	−0.061%	$53.1M	$57.0M	75x	as long as short
Vest HYPE-PERP	−0.0011%	1h	95.246	+0.053%	—	$126K	5x	as long as short
Orderly PERP_HYPE_USDC	−0.0005%	4h	95.137	−0.062%	$148K	$669K	20x	as long as short
BingX HYPE-USDT	−0.0004%	4h	95.121	−0.079%	—	$50.7M	—	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	95.230	+0.036%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	95.170	−0.027%	$19K	$272K	10x	as long as short
Bybit HYPEUSDT	+0.0001%	8h	95.133	−0.066%	$319.8M	$283.1M	75x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.298	+0.107%	$87K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	95.295	+0.104%	$212K	$1.2M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	95.170	−0.027%	$4.7M	$5.7M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0032%	8h	95.113	−0.087%	$118.7M	$322.1M	50x	as long as short
Bitget HYPEUSDT	+0.0046%	4h	95.144	−0.055%	$228.5M	$93.9M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0051%	8h	95.267	+0.074%	$341K	$38K	20x	as long as short
Backpack HYPE_USDC_PERPshort	+0.0057%	1h	95.100	−0.101%	$7.5M	$10.1M	20x
Aster HYPEUSDT	+0.0087%	4h	95.146	−0.053%	$9.0M	$36.4M	300x	as long as short
SoDEX HYPE-USD	+0.0093%	1h	95.164	−0.034%	$2.1M	$1.7M	10x	as long as short
Lighter HYPE	+0.0096%	1h	95.164	−0.034%	$16.3M	$64.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.166	−0.032%	$3.2M	$10.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	95.173	−0.024%	$273K	$1.3M	50x	as long as short
edgeX HYPEUSDC	+0.0097%	4h	95.221	+0.026%	$5.1M	$31.0M	30x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	95.170	−0.027%	$40K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.160	−0.037%	$7.2M	$55.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.288	+0.097%	$2.10B	$672.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.271	+0.079%	$10.3M	$14.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	95.120	−0.080%	$382.8M	$910.8M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.176	−0.021%	$222K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	95.145	−0.054%	$87.4M	$89.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.205	+0.009%	$47.5M	$18.4M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.229	+0.035%	$29.9M	$55.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.275	+0.083%	$7.7M	$43.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.259	+0.066%	$349K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.261	+0.068%	$693K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USDlong	+0.0100%	1h	95.196	long leg	$501K	$2.6M	20x
SunX HYPE-USDT	+0.0100%	4h	95.096	−0.105%	$32K	$1.5M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.272	+0.080%	$1.4M	$6.7M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.131	−0.068%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.166	−0.031%	$402K	$136K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.195	−0.001%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.480	+0.298%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0191%	1h	95.251	+0.058%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	95.116	−0.084%	$84K	$90K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.317	+0.127%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	95.168	−0.029%	$17.2M	$12.3M	75x	as long as short