HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0868%/8h= +95.0% APRnext payment +$1.09 per $10,000 · paid last 24h +0.227%

Price spread now: Backpack against Hibachi−0.004%7-day average +0.083% · you buy dearer than you sell

Net, funding: paid 7d − costs+$99as in the Funding arb table

Net, price: spread back to 7d avg − costs−$76as in the Price arb table

costs, in and out, $10k−$670.674% of the position

Long on Hibachi Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+1.662%+$166 on $10k

Price spread, last 3 days (all we have)−0.357%−$36 · spread now −0.004%, 7d avg +0.083%

Together, before fees+1.304%+ Points / potential airdropHibachi: Active · farm board+$130 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.087% cheaper against Hibachi than usual: you would sell low and buy high (spread −0.004% now, against its 7-day average of +0.083%). If the spread goes back, that is −$9 on $10k: about 8 hours of funding at the current rate (+$26 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi HYPE/USDT-P	93.294	−0.0768	get 0.0096% / 1h	58m 48s	$197K	$232K	7x
Short	Backpack HYPE_USDC_PERP	93.290	0.0100	get 0.0013% / 1h	58m 48s	$7.9M	$11.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Hibachi. 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 HibachibpFee BackpackbpOrdersPrice spread, now −0.004%Rate

Funding earned: $182.28
Price spread: −0.004% → +0.083%: −$8.71
Slippage, 4 orders: −$48.38
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: $106.19
Costs to cover: 0.674%
Break-even: 2.9 days

Slippage from Hibachi: live order book, 25 min ago; Backpack: live order book, just now.

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 Hibachi live order book, 25 min ago	15.97 bp	27.7 bp −$28	48.1 bp −$481	doesn't fit	doesn't fit
Sell Backpack live order book, just now	0.05 bp	5.1 bp −$5	7.1 bp −$71	108.3 bp −$10.8K	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-Plong	−0.0768%	1h	93.294	long leg	$197K	$232K	7x
Aftermath Perps HYPEUSD	−0.0276%	1h	93.283	−0.012%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.201	−0.100%	$1.2M	$4.1M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.214	−0.086%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0076%	1h	93.150	−0.154%	$701K	$932K	10x	as long as short
Derive HYPE-PERP	−0.0037%	1h	93.209	−0.091%	$16.4M	$7.1M	10x	as long as short
Bullet HYPE-USD	−0.0033%	1h	93.243	−0.054%	$111K	$580K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.280	−0.015%	$127K	$32K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	93.291	−0.003%	$90K	$360K	20x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.335	+0.044%	$1.9M	$5.3M	2.3x	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	93.251	−0.046%	$23K	$334K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.299	+0.005%	$20K	—	150x	as long as short
Aster HYPEUSDT	+0.0008%	4h	93.219	−0.080%	$8.9M	$35.8M	300x	as long as short
Bybit HYPEUSDT	+0.0028%	8h	93.191	−0.110%	$324.6M	$287.4M	75x	as long as short
Gate HYPE_USDT	+0.0036%	4h	93.215	−0.084%	$44.0M	$56.3M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0049%	4h	93.281	−0.014%	$167K	$512K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.358	+0.069%	$216K	$1.2M	10x	as long as short
Vest HYPE-PERP	+0.0078%	1h	93.279	−0.016%	—	$454K	5x	as long as short
Lighter HYPE	+0.0096%	1h	93.308	+0.015%	$18.6M	$58.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.287	−0.007%	$3.1M	$12.0M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.263	−0.033%	$57K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.237	−0.061%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.260	−0.036%	$36K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.254	−0.042%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.295	+0.001%	$2.03B	$672.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.246	−0.051%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.218	−0.081%	$384.6M	$890.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.161	−0.142%	$114.7M	$314.4M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.271	−0.024%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.205	−0.095%	$92.6M	$80.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.170	−0.133%	$46.1M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.184	−0.118%	$226.3M	$102.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.196	−0.105%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERPshort	+0.0100%	1h	93.290	−0.004%	$7.9M	$11.7M	20x
Variational Omni HYPE	+0.0100%	8h	93.252	−0.045%	$29.1M	$50.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.313	+0.020%	$7.5M	$44.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.276	−0.019%	$405K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.324	+0.032%	$675K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.297	+0.003%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.278	−0.017%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.299	+0.006%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.265	−0.031%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.263	−0.033%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.193	−0.109%	$18.3M	$41.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.291	−0.003%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0111%	4h	93.275	−0.020%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.360	+0.071%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.160	−0.143%	$30K	$291K	12x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.268	−0.028%	$78K	$158K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.301	+0.008%	$2.8M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0296%	1h	93.375	+0.087%	$7.4M	$4.6M	50x	as long as short
HTX HYPE-USDT	+0.0301%	4h	93.485	+0.205%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.291	−0.004%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.267	−0.029%	$17.0M	$12.4M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.432	+0.148%	$19.8M	$27.0M	50x	as long as short