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Funding arb · Price arb /

HYPE

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 02:00 UTC+0.0379%/8h= +41.5% APRnext payment +$0.47 per $10,000 · paid last 24h +0.022%
Price spread now: Reya against Backpack+0.065%7-day average −0.026% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on BackpackShort on Reya
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)−0.025%−$2 on $10k
Price spread, last 4 days (all we have)+1.063%+$106 · spread now +0.065%, 7d avg −0.026%
Together, before fees+1.038%+ Points / potential airdropReya: Active · farm board+$104 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Reya is 0.091% dearer against Backpack than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.026%.
The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.025% in total (about -2.8% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.47 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBackpack HYPE_USDC_PERP93.296−0.0125get 0.0016% / 1h46m 54s$7.8M$10.6M20x
ShortReya HYPERUSDPERP93.3570.0253get 0.0032% / 1h46m 54s$79K$142K15x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Reya against Backpack. Falling: the short leg gains. Rising: it loses.
latest
Price spreadloading…

Funding on every exchange

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latest
How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Funding earned
$79.53
Price spread: +0.065% → −0.026%
$9.09
Slippage, 4 orders
no order book: not counted
Fee Backpack: 5 bp × 2 orders
−$10
Fee Reya: 3 bp × 2 orders
−$6
Net
$72.62
Costs to cover
0.160%
Break-even
0.6 days
Slippage unknown: Backpack: live order book, 2 min ago; Reya: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Backpack live order book, 2 min ago0.05 bp5.1 bp −$56.6 bp −$6688.8 bp −$8,884doesn't fit
Sell Reya no order-book sample—————
Reya: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

HYPE on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Hibachi HYPE/USDT-P−0.1064%1h93.383+0.094%$197K$229K7xas long as short
Arcus HYPE-USD−0.0786%1h93.276−0.021%$1.2M$3.9M10xas long as short
Aftermath Perps HYPEUSD−0.0184%1h93.371+0.081%$22K$21K10xas long as short
Backpack HYPE_USDC_PERPlong−0.0125%1h93.296long leg$7.8M$10.6M20x
Ondo Perps HYPE-USD.P−0.0112%1h93.340+0.047%$699K$978K10xas long as short
Hotstuff HYPE-PERP−0.0080%1h93.377+0.087%$3K$33125xas long as short
Gate HYPE_USDT−0.0080%4h93.364+0.073%$44.2M$53.9M75xas long as short
01 Exchange HYPEUSD−0.0072%1h93.404+0.116%$85K$361K20xas long as short
Phemex HYPEUSDT−0.0064%8h93.331+0.038%$12.7M$2.7M50xas long as short
Orderly PERP_HYPE_USDC−0.0052%4h93.304+0.009%$158K$646K20xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Aster HYPEUSDT−0.0025%4h93.343+0.050%$8.9M$36.2M300xas long as short
dYdX HYPE-USD0.0000%1h93.427+0.140%$128K$31K5xas long as short
Perpl HYPE0.0000%43m93.426+0.139%$22K$333K10xas long as short
gTrade (Gains Network) HYPE/USDL +0.0002% / S −0.0003%1h93.382+0.092%$26K—150xas long as short
BingX HYPE-USDT+0.0016%4h93.347+0.055%—$54.2M—as long as short
Bybit HYPEUSDT+0.0018%8h93.345+0.053%$319.4M$283.3M75xas long as short
Bullet HYPE-USD+0.0029%1h93.346+0.054%$111K$579K20xas long as short
Bluefin HYPE-PERP+0.0033%1h93.337+0.044%$79K$174K20xas long as short
Binance HYPEUSDT+0.0044%4h93.362+0.071%$380.6M$905.3M75xas long as short
MEXC HYPE_USDT+0.0046%4h93.362+0.071%$88.2M$82.4M100xas long as short
Derive HYPE-PERP+0.0058%1h93.301+0.005%$16.2M$7.6M10xas long as short
Phoenix HYPE+0.0060%1h93.190−0.114%$212K$1.2M10xas long as short
edgeX HYPEUSDC+0.0062%4h93.437+0.151%$5.1M$29.9M30xas long as short
OKX HYPE-USDT-SWAP+0.0065%8h93.336+0.043%$115.1M$315.6M50xas long as short
Aevo HYPE-PERP+0.0088%1h93.345+0.053%$397K$177K20xas long as short
Lighter HYPE+0.0096%1h93.325+0.031%$16.4M$62.2M20xas long as short
Lighter RH HYPE+0.0096%1h93.315+0.020%$3.1M$11.8M20xas long as short
Popdex HYPEUSDT+0.0096%1h93.407+0.119%$64K$1.2M50xas long as short
Paradex HYPE-USD-PERP+0.0097%8h93.406+0.117%$339K$165K20xas long as short
Katana Perps HYPE-USD+0.0100%8h93.420+0.133%$37K$1.6M10xas long as short
Nado HYPE-PERP+0.0100%1h93.334+0.041%$6.6M$44.7M10xas long as short
Hyperliquid HYPE+0.0100%1h93.423+0.136%$2.04B$675.1M10xas long as short
Pacifica HYPE+0.0100%1h93.385+0.095%$10.0M$14.7M20xas long as short
Bulk HYPE-USD+0.0100%1h93.404+0.115%$203K$10K10xas long as short
KuCoin HYPEUSDTM+0.0100%4h93.375+0.085%$46.0M$18.4M75xas long as short
Bitget HYPEUSDT+0.0100%4h93.360+0.069%$225.9M$100.8M75xas long as short
Variational Omni HYPE+0.0100%8h93.281−0.017%$30.9M$55.0M—as long as short
GRVT HYPE_USDT_Perp+0.0100%4h93.420+0.133%$7.5M$47.2M10xas long as short
ApeX Omni HYPEUSDT+0.0100%1h93.460+0.176%$338K$1.1M50xas long as short
StandX HYPE-USD+0.0100%1h93.508+0.227%$667K$2.6M20xas long as short
Vest HYPE-PERP+0.0100%1h93.437+0.151%—$243K5xas long as short
Polymarket Perps HYPE-USD+0.0100%1h93.417+0.130%$467K$2.5M20xas long as short
SunX HYPE-USDT+0.0100%4h93.416+0.129%$32K$1.6M20xas long as short
SoDEX HYPE-USD+0.0100%1h93.304+0.009%$2.0M$2.0M10xas long as short
Extended HYPE-USD+0.0104%1h93.304+0.009%$18.4M$44.4M50xas long as short
Coinbase International HYPE-PERP-INTX+0.0136%1h93.380+0.090%$4.9M$5.5M50xas long as short
Injective HYPE/USDC PERP+0.0137%1h93.250−0.049%$30K$338K12xas long as short
BloFin HYPE-USDT+0.0175%4h93.407+0.119%$17.0M$12.1M75xas long as short
RISEx HYPE/USDC+0.0210%1h93.452+0.167%$2.7M$6.7M20xas long as short
Reya HYPERUSDPERPshort+0.0253%1h93.357+0.065%$79K$142K15x
HTX HYPE-USDT+0.0259%4h93.490+0.208%$1.4M$6.1M75xas long as short
Kalshi KXHYPEPERP+0.0259%8h93.441+0.155%$1.9M$5.2M2.3xas long as short
GMX HYPE/USD [WBTC.b-USDC]L +0.0334% / S −0.0158%1h93.379+0.089%$1.4M—100xas long as short
Deribit HYPE_USDC-PERPETUAL+0.0489%1h93.392+0.103%$7.5M$4.5M50xas long as short
Kraken Futures PF_HYPEUSD+0.0683%1h93.374+0.084%$20.8M$30.0M50xas long as short