HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0410%/8h= +44.9% APRnext payment +$0.51 per $10,000 · paid last 24h +0.030%

Price spread now: RISEx against Backpack+0.067%7-day average −0.258% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs+$13as in the Price arb table

costs, in and out, $10k−$190.194% of the position

Long on Backpack Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.094%+$9 on $10k

Price spread, last 7 days+0.120%+$12 · spread now +0.067%, 7d avg −0.258%

Together, before fees+0.214%+$21 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and RISEx is 0.325% dearer against Backpack than usual: you sell high and buy low: +$33 more if the spread goes back to its 7-day average of −0.258%.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.094% in total (about 9.7% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.51 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	Backpack HYPE_USDC_PERP	93.016	0.0100	pay 0.0013% / 1h	7m 24s	$7.3M	$10.0M	20x
Short	RISEx HYPE/USDC	93.078	0.0510	get 0.0064% / 1h	7m 24s	$3.2M	$6.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now +0.067%Rate

Funding earned: $86.08
Price spread: +0.067% → −0.258%: $32.51
Slippage, 4 orders: −$3.39
Fee Backpack: 5 bp × 2 orders: −$10
Fee RISEx: 3 bp × 2 orders: −$6
Net: $99.19
Costs to cover: 0.194%
Break-even: from the start

Slippage from Backpack: live order book, 2 min ago; RISEx: 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 Backpack live order book, 2 min ago	0.05 bp	5.1 bp −$5	6.4 bp −$64	92.1 bp −$9,214	doesn't fit
Sell RISEx live order book, 2 min ago	0.86 bp	4.5 bp −$5	6.3 bp −$63	doesn't fit	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	−0.0944%	1h	93.076	+0.064%	$197K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	92.875	−0.152%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0132%	1h	93.080	+0.069%	$698K	$1.0M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0085%	1h	93.185	+0.182%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.031	+0.016%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	92.973	−0.046%	$86K	$346K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0050%	4h	92.974	−0.045%	$154K	$654K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.069	+0.057%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.017	+0.001%	$23K	$316K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.017	+0.001%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HYPEUSDT	+0.0007%	8h	93.097	+0.087%	$12.6M	$2.7M	50x	as long as short
Bullet HYPE-USD	+0.0007%	1h	92.981	−0.038%	$111K	$579K	20x	as long as short
Aster HYPEUSDT	+0.0016%	4h	93.005	−0.011%	$8.8M	$35.8M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.210	+0.209%	$213K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0038%	4h	92.994	−0.024%	—	$52.9M	—	as long as short
Gate HYPE_USDT	+0.0042%	4h	92.988	−0.030%	$44.4M	$55.6M	75x	as long as short
Bybit HYPEUSDT	+0.0047%	8h	92.986	−0.032%	$319.8M	$276.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0073%	8h	92.994	−0.024%	$113.4M	$298.4M	50x	as long as short
Derive HYPE-PERP	+0.0087%	1h	92.962	−0.058%	$16.1M	$7.5M	10x	as long as short
MEXC HYPE_USDT	+0.0094%	4h	92.962	−0.058%	$89.3M	$81.2M	100x	as long as short
Binance HYPEUSDT	+0.0095%	4h	92.996	−0.022%	$376.2M	$879.6M	75x	as long as short
Lighter HYPE	+0.0096%	1h	93.008	−0.008%	$16.2M	$62.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.023	+0.008%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.965	−0.055%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	93.045	+0.031%	$339K	$162K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.990	−0.028%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.985	−0.033%	$5.8M	$43.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.048	+0.034%	$2.03B	$653.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.020	+0.004%	$10.0M	$14.8M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.982	−0.037%	$45.7M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.989	−0.029%	$224.9M	$96.3M	75x	as long as short
Backpack HYPE_USDC_PERPlong	+0.0100%	1h	93.016	long leg	$7.3M	$10.0M	20x
Variational Omni HYPE	+0.0100%	8h	93.197	+0.194%	$31.4M	$53.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.172	+0.168%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.081	+0.070%	$338K	$998K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.112	+0.103%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.035	+0.020%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.012	−0.004%	$470K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.964	−0.056%	$79K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.996	−0.022%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.965	−0.055%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.155	+0.149%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.950	−0.071%	$18.3M	$42.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.974	−0.045%	$396K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0114%	4h	93.123	+0.115%	$5.0M	$28.9M	30x	as long as short
HTX HYPE-USDT	+0.0124%	4h	93.200	+0.198%	$1.4M	$6.0M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.050	+0.037%	$4.8M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0259%	1h	92.961	−0.059%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0271%	8h	93.109	+0.100%	$1.9M	$5.2M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	93.001	−0.016%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.118	+0.110%	$16.9M	$11.5M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0352%	1h	93.076	+0.065%	$7.4M	$4.3M	50x	as long as short
RISEx HYPE/USDCshort	+0.0510%	1h	93.078	+0.067%	$3.2M	$6.3M	20x
Injective HYPE/USDC PERP	+0.0519%	1h	93.390	+0.402%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0688%	1h	93.031	+0.016%	$20.7M	$29.8M	50x	as long as short