HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0105%/8h= −11.5% APRnext payment −$0.13 per $10,000 · paid last 24h −0.063%

Price spread now: Backpack against Injective+0.166%72s7-day average −0.139% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−2.124%−$212 on $10k

Price spread, last 4 days (all we have)+0.050%+$5 · spread now +0.166%, 7d avg −0.139%

Together, before fees−2.074%−$207 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.305% dearer against Injective than usual: you sell high and buy low (spread +0.166% now, against its 7-day average of −0.139%): +$30 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 9.7 days. At the pace of the last 7 days (−2.124% in total) that is about 24 hours. The two prices were read 72 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective HYPE/USDC PERP	93.290	0.0205	pay 0.0026% / 1h	34m 03s	$30K	$339K	12x
Short	Backpack HYPE_USDC_PERP	93.445	0.0100	get 0.0013% / 1h	34m 03s	$7.2M	$10.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Injective. 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

Position, each leg$Hold fordaysFee InjectivebpFee BackpackbpOrdersPrice spread, now +0.166%Rate

Funding earned: −$22.05
Price spread: +0.166% → −0.139%: $30.5
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$1.57
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: live order book, 10 min ago; Backpack: live order book, 5 min ago. Net counts fees only.

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 Injective live order book, 10 min ago	56.93 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 5 min ago	0.05 bp	5.1 bp −$5	7.5 bp −$75	130.9 bp −$13.1K	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	−0.1040%	1h	93.327	+0.039%	$198K	$240K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0185%	1h	93.490	+0.215%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0088%	1h	93.330	+0.043%	$703K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0083%	1h	93.356	+0.070%	$110K	$579K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.362	+0.077%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.405	+0.123%	$86K	$369K	20x	as long as short
Bluefin HYPE-PERP	−0.0033%	1h	93.387	+0.104%	$79K	$155K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0021%	4h	93.357	+0.072%	$145K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.345	+0.059%	$128K	$28K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.467	+0.190%	$1.8M	$5.6M	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	93.338	+0.051%	$20K	$289K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.400	+0.118%	$83K	—	150x	as long as short
BingX HYPE-USDT	+0.0002%	4h	93.413	+0.132%	—	$53.6M	—	as long as short
Bybit HYPEUSDT	+0.0002%	8h	93.408	+0.126%	$315.2M	$287.9M	75x	as long as short
Derive HYPE-PERP	+0.0007%	1h	93.302	+0.013%	$16.2M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0017%	1h	93.482	+0.206%	$209K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0042%	4h	93.436	+0.157%	$225.1M	$99.8M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0076%	8h	93.425	+0.144%	$334K	$161K	20x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.460	+0.183%	$5.0M	$30.6M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.364	+0.079%	$1.0M	$4.0M	10x	as long as short
Popdex HYPEUSDT	+0.0088%	1h	93.374	+0.090%	$80K	$1.2M	50x	as long as short
Phemex HYPEUSDT	+0.0091%	8h	93.404	+0.122%	$12.7M	$2.8M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.401	+0.119%	$16.1M	$64.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.413	+0.132%	$3.1M	$11.1M	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.350	+0.064%	$21K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.360	+0.076%	$7.4M	$50.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.500	+0.225%	$2.04B	$681.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.419	+0.138%	$8.8M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.420	+0.139%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.428	+0.148%	$374.0M	$930.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.417	+0.136%	$115.3M	$314.9M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.419	+0.138%	$48.4M	$55.3M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.428	+0.148%	$89.4M	$83.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.425	+0.145%	$46.3M	$18.7M	75x	as long as short
Backpack HYPE_USDC_PERPshort	+0.0100%	1h	93.445	+0.166%	$7.2M	$10.6M	20x
Variational Omni HYPE	+0.0100%	8h	93.339	+0.052%	$28.7M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.507	+0.233%	$7.5M	$48.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.469	+0.192%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.396	+0.114%	$676K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.436	+0.157%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.394	+0.111%	$469K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.415	+0.134%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.388	+0.105%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.525	+0.252%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.507	+0.233%	$216K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.361	+0.076%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.405	+0.123%	$395K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.440	+0.161%	$4.7M	$6.1M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0152% / S +0.0022%	1h	93.385	+0.101%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERPlong	+0.0205%	1h	93.290	long leg	$30K	$339K	12x
Reya HYPERUSDPERP	+0.0271%	1h	93.348	+0.062%	$77K	$129K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.358	+0.073%	$16.9M	$12.2M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0360%	1h	93.474	+0.197%	$7.4M	$4.2M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0416%	1h	93.455	+0.177%	$20.9M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.421	+0.140%	$3.2M	$6.4M	20x	as long as short