HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.00 per $10,000 · paid last 24h +0.009%

Price spread now: Backpack against Popdex−0.073%7-day average +0.251% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$190.188% of the position

Long on Popdex Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.030%+$3 on $10k

Price spread, last 7 days−0.082%−$8 · spread now −0.073%, 7d avg +0.251%

Together, before fees−0.051%−$5 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 0.324% cheaper against Popdex than usual: you would sell low and buy high, −$32 on $10k if it goes back to its 7-day average of +0.251%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex HYPEUSDT	93.487	0.0096	pay 0.0012% / 1h	43m 18s	$68K	$1.2M	50x
Short	Backpack HYPE_USDC_PERP	93.419	0.0100	get 0.0013% / 1h	43m 18s	$7.4M	$10.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Popdex. 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 PopdexbpFee BackpackbpOrdersPrice spread, now −0.073%Rate

Funding earned: $0.84
Price spread: −0.073% → +0.251%: −$32.38
Slippage, 4 orders: −$2.36
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$50.3
Costs to cover: 0.188%
Break-even: 426.2 days

Slippage from Popdex: 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 Popdex live order book, 1 min ago	1.02 bp	4.3 bp −$4	6.6 bp −$66	48.1 bp −$4,807	doesn't fit
Sell Backpack live order book, 1 min ago	0.05 bp	5.1 bp −$5	6.8 bp −$68	108.7 bp −$10.9K	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	−0.1240%	1h	93.378	−0.117%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.355	−0.141%	$1.2M	$3.8M	10x	as long as short
Bluefin HYPE-PERP	−0.0178%	1h	93.529	+0.045%	$79K	$170K	20x	as long as short
Phemex HYPEUSDT	−0.0091%	8h	93.453	−0.036%	$12.6M	$2.7M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.485	−0.002%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0046%	4h	93.514	+0.029%	$156K	$629K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0041%	1h	93.400	−0.093%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.500	+0.014%	$85K	$346K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0009%	1h	93.360	−0.136%	$698K	$978K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.446	−0.044%	$128K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.474	−0.014%	$23K	$322K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.557	+0.074%	$62K	—	150x	as long as short
BingX HYPE-USDT	+0.0008%	4h	93.527	+0.043%	—	$53.0M	—	as long as short
Aster HYPEUSDT	+0.0021%	4h	93.502	+0.016%	$8.8M	$35.6M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.549	+0.066%	$213K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	93.550	+0.067%	$323.0M	$276.8M	75x	as long as short
Bullet HYPE-USD	+0.0050%	1h	93.513	+0.028%	$111K	$578K	20x	as long as short
Gate HYPE_USDT	+0.0052%	4h	93.524	+0.040%	$44.6M	$54.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0078%	8h	93.551	+0.068%	$114.4M	$302.7M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.490	+0.003%	$16.3M	$61.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.462	−0.027%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDTlong	+0.0096%	1h	93.487	long leg	$68K	$1.2M	50x
MEXC HYPE_USDT	+0.0096%	4h	93.526	+0.042%	$87.8M	$80.2M	100x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.514	+0.029%	$340K	$162K	20x	as long as short
Binance HYPEUSDT	+0.0097%	4h	93.529	+0.045%	$379.8M	$877.1M	75x	as long as short
edgeX HYPEUSDC	+0.0099%	4h	93.527	+0.043%	$5.1M	$30.0M	30x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.470	−0.018%	$19K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.475	−0.013%	$5.8M	$43.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.584	+0.104%	$2.04B	$655.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.473	−0.015%	$10.1M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.580	+0.099%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.532	+0.048%	$46.0M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.563	+0.081%	$226.3M	$96.7M	75x	as long as short
Backpack HYPE_USDC_PERPshort	+0.0100%	1h	93.419	−0.073%	$7.4M	$10.4M	20x
Variational Omni HYPE	+0.0100%	8h	93.339	−0.159%	$31.1M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.288	−0.213%	$7.5M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.588	+0.108%	$340K	$999K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.524	+0.040%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.547	+0.064%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.533	+0.049%	$472K	$2.5M	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.532	+0.048%	$16.2M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.628	+0.151%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.580	+0.099%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.541	+0.057%	$18.4M	$43.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.571	+0.090%	$398K	$163K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.600	+0.121%	$4.9M	$5.4M	50x	as long as short
HTX HYPE-USDT	+0.0203%	4h	93.600	+0.121%	$1.4M	$6.0M	75x	as long as short
Reya HYPERUSDPERP	+0.0257%	1h	93.505	+0.019%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0280%	8h	93.554	+0.072%	$1.9M	$5.1M	2.3x	as long as short
BloFin HYPE-USDT	+0.0330%	4h	93.572	+0.091%	$17.0M	$11.7M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0156%	1h	93.557	+0.075%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0359%	1h	93.656	+0.181%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.580	+0.099%	$3.2M	$6.5M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.350	−0.147%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0683%	1h	93.644	+0.168%	$20.8M	$30.1M	50x	as long as short