HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0140%/8h= +15.3% APRnext payment +$0.18 per $10,000 · paid last 24h +0.035%

Price spread now: Backpack against 01 Exchange−0.001%7-day average −0.013% · 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−$21as in the Price arb table

costs, in and out, $10k−$220.220% of the position

Long on 01 Exchange Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.060%+$6 on $10k

Price spread, last 4 days (all we have)−0.044%−$4 · spread now −0.001%, 7d avg −0.013%

Together, before fees+0.017%+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.013%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	01 Exchange HYPEUSD	93.387	−0.0040	get 0.0005% / 1h	45m 51s	$85K	$346K	20x
Short	Backpack HYPE_USDC_PERP	93.386	0.0100	get 0.0013% / 1h	45m 51s	$7.4M	$10.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against 01 Exchange. 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 01 ExchangebpFee BackpackbpOrdersPrice spread, now −0.001%Rate

Funding earned: $29.4
Price spread: −0.001% → −0.013%: $1.19
Slippage, 4 orders: −$4.97
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: $8.62
Costs to cover: 0.220%
Break-even: 4.9 days

Slippage from 01 Exchange: live order book, 18 min ago; Backpack: live order book, 3 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 01 Exchange live order book, 18 min ago	0.80 bp	5.8 bp −$6	10.0 bp −$100	doesn't fit	doesn't fit
Sell Backpack live order book, 3 min ago	0.05 bp	5.1 bp −$5	8.7 bp −$87	178.1 bp −$17.8K	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	−0.1208%	1h	93.237	−0.161%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.226	−0.172%	$1.2M	$3.8M	10x	as long as short
Bluefin HYPE-PERP	−0.0177%	1h	93.373	−0.015%	$79K	$170K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.299	−0.094%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0072%	8h	93.372	−0.016%	$12.6M	$2.7M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0047%	4h	93.374	−0.014%	$156K	$630K	20x	as long as short
01 Exchange HYPEUSDlong	−0.0040%	1h	93.387	long leg	$85K	$346K	20x
Aftermath Perps HYPEUSD	−0.0030%	1h	93.294	−0.099%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0001%	1h	93.280	−0.115%	$698K	$970K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.346	−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	93.345	−0.045%	$23K	$322K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.393	+0.007%	$62K	—	150x	as long as short
BingX HYPE-USDT	+0.0008%	4h	93.578	+0.205%	—	$53.0M	—	as long as short
Aster HYPEUSDT	+0.0008%	4h	93.452	+0.069%	$8.8M	$35.6M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.418	+0.033%	$213K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0028%	8h	93.530	+0.153%	$322.9M	$276.4M	75x	as long as short
Bullet HYPE-USD	+0.0053%	1h	93.377	−0.011%	$111K	$577K	20x	as long as short
Gate HYPE_USDT	+0.0056%	4h	93.574	+0.200%	$44.6M	$54.5M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0078%	8h	93.535	+0.158%	$114.6M	$302.5M	50x	as long as short
MEXC HYPE_USDT	+0.0088%	4h	93.581	+0.208%	$87.9M	$80.2M	100x	as long as short
Binance HYPEUSDT	+0.0090%	4h	93.557	+0.182%	$379.9M	$876.9M	75x	as long as short
Lighter HYPE	+0.0096%	1h	93.416	+0.031%	$16.3M	$61.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.404	+0.018%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.368	−0.020%	$68K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.378	−0.010%	$339K	$162K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.340	−0.050%	$19K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.311	−0.082%	$5.8M	$43.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.450	+0.067%	$2.04B	$654.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.350	−0.040%	$10.0M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.529	+0.152%	$46.0M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.540	+0.164%	$226.2M	$96.8M	75x	as long as short
Backpack HYPE_USDC_PERPshort	+0.0100%	1h	93.386	−0.001%	$7.4M	$10.4M	20x
Variational Omni HYPE	+0.0100%	8h	93.339	−0.052%	$31.1M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.362	−0.027%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.280	−0.115%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.252	−0.145%	$665K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.403	+0.017%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.396	+0.010%	$475K	$2.5M	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.373	−0.015%	$16.2M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.479	+0.099%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.400	+0.014%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.998	−0.417%	$202K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.502	+0.123%	$18.3M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.385	−0.002%	$397K	$170K	20x	as long as short
edgeX HYPEUSDC	+0.0104%	4h	93.274	−0.120%	$5.0M	$29.9M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.450	+0.067%	$4.9M	$5.4M	50x	as long as short
HTX HYPE-USDT	+0.0203%	4h	93.500	+0.121%	$1.4M	$6.0M	75x	as long as short
Reya HYPERUSDPERP	+0.0257%	1h	93.366	−0.022%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0280%	8h	93.394	+0.007%	$1.9M	$5.0M	2.3x	as long as short
BloFin HYPE-USDT	+0.0329%	4h	93.267	−0.128%	—	$11.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0156%	1h	93.398	+0.012%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0392%	1h	93.481	+0.101%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.437	+0.054%	$3.2M	$6.5M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.150	−0.254%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0685%	1h	93.452	+0.070%	$20.8M	$30.1M	50x	as long as short