HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0052%/8h= −5.7% APRnext payment −$0.07 per $10,000 · paid last 24h −0.006%

Price spread now: Popdex against Backpack−0.038%7-day average −0.237% · 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+$3as in the Price arb table

costs, in and out, $10k−$170.170% of the position

Long on Backpack Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.029%−$3 on $10k

Price spread, last 7 days+0.487%+$49 · spread now −0.038%, 7d avg −0.237%

Together, before fees+0.459%+$46 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Popdex is 0.199% dearer against Backpack than usual: you sell high and buy low (spread −0.038% now, against its 7-day average of −0.237%): +$20 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 13 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack HYPE_USDC_PERP	93.569	0.0100	pay 0.0013% / 1h	14m 18s	$7.9M	$11.7M	20x
Short	Popdex HYPEUSDT	93.533	0.0048	get 0.0006% / 1h	14m 18s	$58K	$1.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against Backpack. 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 BackpackbpFee PopdexbpOrdersPrice spread, now −0.038%Rate

Funding earned: −$10.92
Price spread: −0.038% → −0.237%: $19.87
Slippage, 4 orders: −$0.61
Fee Backpack: 5 bp × 2 orders: −$10
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$8.06
Costs to cover: 0.170%
Break-even: from the start

Slippage from Backpack: live order book, 5 min ago; Popdex: live order book, 5 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 Backpack live order book, 5 min ago	0.05 bp	5.1 bp −$5	6.6 bp −$66	69.1 bp −$6,908	doesn't fit
Sell Popdex live order book, 5 min ago	0.21 bp	3.4 bp −$3	3.9 bp −$39	16.3 bp −$1,633	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	−0.0936%	1h	93.570	+0.001%	$198K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0264%	1h	93.630	+0.066%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0233%	1h	93.500	−0.074%	$702K	$932K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.537	−0.034%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.549	−0.021%	$90K	$346K	20x	as long as short
Bullet HYPE-USD	−0.0028%	1h	93.543	−0.028%	$111K	$582K	20x	as long as short
Derive HYPE-PERP	−0.0021%	1h	93.489	−0.085%	$16.4M	$7.0M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.645	+0.081%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.542	−0.028%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.564	−0.006%	$20K	—	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	+0.0020%	4h	93.536	−0.035%	$8.9M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0028%	4h	93.530	−0.042%	$44.0M	$57.4M	75x	as long as short
Bybit HYPEUSDT	+0.0035%	8h	93.516	−0.057%	$325.7M	$287.0M	75x	as long as short
Popdex HYPEUSDTshort	+0.0048%	1h	93.533	−0.038%	$58K	$1.2M	50x
Orderly PERP_HYPE_USDC	+0.0059%	4h	93.542	−0.029%	$177K	$520K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.603	+0.036%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.585	+0.017%	$18.6M	$59.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.569	0.000%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.564	−0.005%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.570	+0.001%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.531	−0.041%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.646	+0.082%	$2.04B	$670.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.568	−0.001%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.531	−0.041%	$386.1M	$888.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.512	−0.061%	$114.9M	$315.7M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.520	−0.052%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.690	+0.129%	$205K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.533	−0.038%	$93.6M	$82.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.531	−0.041%	$46.4M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.555	−0.015%	$227.3M	$102.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.526	−0.046%	—	$54.3M	—	as long as short
Backpack HYPE_USDC_PERPlong	+0.0100%	1h	93.569	long leg	$7.9M	$11.7M	20x
Variational Omni HYPE	+0.0100%	8h	93.561	−0.009%	$29.2M	$50.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.632	+0.068%	$7.5M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.601	+0.034%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.588	+0.020%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.578	+0.010%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.574	+0.005%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.530	−0.042%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.612	+0.046%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.531	−0.041%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.521	−0.051%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.517	−0.055%	$18.3M	$41.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.505	−0.068%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0107%	4h	93.591	+0.024%	$5.1M	$29.7M	30x	as long as short
Kalshi KXHYPEPERP	+0.0117%	8h	93.630	+0.065%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.570	+0.001%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.529	−0.043%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.910	+0.364%	$31K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0296%	4h	93.740	+0.183%	$1.5M	$7.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0327%	1h	93.655	+0.092%	$7.4M	$4.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.532	−0.040%	$17.0M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0346% / S −0.0171%	1h	93.576	+0.007%	$1.5M	—	100x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.605	+0.039%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.635	+0.071%	$19.2M	$26.0M	50x	as long as short