HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0367%/8h= −40.2% APRnext payment −$0.46 per $10,000 · paid last 24h −0.020%

Price spread now: Backpack against RISEx−0.095%7-day average +0.246% · 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−$53as in the Price arb table

costs, in and out, $10k−$180.185% of the position

Long on RISEx Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.081%−$8 on $10k

Price spread, last 7 days−0.377%−$38 · spread now −0.095%, 7d avg +0.246%

Together, before fees−0.457%−$46 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Backpack is 0.341% cheaper against RISEx than usual: you would sell low and buy high (−$34 if the spread goes back to its 7-day average of +0.246%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.081% in total (about -8.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.46 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx HYPE/USDC	93.512	0.0467	pay 0.0058% / 1h	46m 59s	$2.7M	$6.8M	20x
Short	Backpack HYPE_USDC_PERP	93.423	0.0100	get 0.0013% / 1h	46m 59s	$7.9M	$11.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against RISEx. 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 RISExbpFee BackpackbpOrdersPrice spread, now −0.095%Rate

Funding earned: −$77.06
Price spread: −0.095% → +0.246%: −$34.08
Slippage, 4 orders: −$2.46
Fee RISEx: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$129.6
Costs to cover: 0.185%
Break-even: never at this rate

Slippage from RISEx: live order book, 2 min ago; Backpack: live order book, 2 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 RISEx live order book, 2 min ago	0.80 bp	3.8 bp −$4	5.6 bp −$56	doesn't fit	doesn't fit
Sell Backpack live order book, 2 min ago	0.05 bp	5.1 bp −$5	6.4 bp −$64	346.8 bp −$34.7K	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	−0.1256%	1h	93.344	−0.179%	$197K	$233K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0168%	1h	93.330	−0.195%	$700K	$944K	10x	as long as short
Aftermath Perps HYPEUSD	−0.0165%	1h	93.409	−0.111%	$22K	$22K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.449	−0.067%	$89K	$344K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.472	−0.043%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0001%	1h	93.419	−0.100%	$112K	$583K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.504	−0.009%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.506	−0.006%	$1.9M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.443	−0.073%	$23K	$343K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.465	−0.051%	$19K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0014%	4h	93.426	−0.092%	$8.9M	$36.2M	300x	as long as short
Derive HYPE-PERP	+0.0017%	1h	93.381	−0.140%	$16.4M	$7.1M	10x	as long as short
Gate HYPE_USDT	+0.0028%	4h	93.396	−0.124%	$44.2M	$56.3M	75x	as long as short
Bybit HYPEUSDT	+0.0041%	8h	93.380	−0.141%	$325.6M	$287.7M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.408	−0.111%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0076%	4h	93.457	−0.059%	$180K	$536K	20x	as long as short
ApeX Omni HYPEUSDT	+0.0092%	1h	93.318	−0.207%	$405K	$1.1M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.451	−0.066%	$18.5M	$59.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.415	−0.104%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.430	−0.088%	$56K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.480	−0.034%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.418	−0.100%	$6.0M	$44.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.467	−0.048%	$2.03B	$669.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.462	−0.053%	$10.0M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.396	−0.124%	$385.7M	$889.5M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.394	−0.126%	$114.8M	$315.5M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.421	−0.097%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	−0.189%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.386	−0.135%	$93.1M	$81.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.397	−0.123%	$46.3M	$19.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.399	−0.121%	$226.8M	$102.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.396	−0.124%	—	$54.3M	—	as long as short
Backpack HYPE_USDC_PERPshort	+0.0100%	1h	93.423	−0.095%	$7.9M	$11.7M	20x
Variational Omni HYPE	+0.0100%	8h	93.295	−0.232%	$28.8M	$49.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.407	−0.112%	$7.5M	$46.2M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.504	−0.009%	$676K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.486	−0.028%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.471	−0.044%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.424	−0.094%	$76K	$169K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.469	−0.046%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.409	−0.110%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.397	−0.123%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.473	−0.042%	$339K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.394	−0.126%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.462	−0.054%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0108%	4h	93.395	−0.125%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.570	+0.062%	$4.9M	$5.7M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0242%	1h	93.529	+0.018%	$7.4M	$4.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.426	−0.092%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.360	−0.163%	$30K	$231K	12x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.466	−0.049%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.408	−0.111%	$17.1M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0391%	4h	93.650	+0.148%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDClong	+0.0467%	1h	93.512	long leg	$2.7M	$6.8M	20x
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.501	−0.012%	$19.2M	$25.9M	50x	as long as short