HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0116%/8h= +12.7% APRnext payment +$0.15 per $10,000 · paid last 24h +0.009%

Price spread now: Backpack against Popdex+0.016%7-day average +0.236% · 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−$40as in the Price arb table

costs, in and out, $10k−$180.181% of the position

Long on Popdex Short on Backpack

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−0.670%−$67 · spread now +0.016%, 7d avg +0.236%

Together, before fees−0.641%−$64 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.219% cheaper against Popdex than usual: you would sell low and buy high (spread +0.016% now, against its 7-day average of +0.236%). If the spread goes back, that is −$22 on $10k: about 6.3 days of funding at the current rate (+$3 a day). At the pace of the last 3 days (+0.029% in total) that is about 25 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex HYPEUSDT	92.954	−0.0016	get 0.0002% / 1h	25m 43s	$58K	$1.2M	50x
Short	Backpack HYPE_USDC_PERP	92.969	0.0100	get 0.0013% / 1h	25m 43s	$7.8M	$11.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Popdex. 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 PopdexbpFee BackpackbpOrdersPrice spread, now +0.016%Rate

Funding earned: $24.36
Price spread: +0.016% → +0.236%: −$21.94
Slippage, 4 orders: −$1.69
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$15.67
Costs to cover: 0.181%
Break-even: 11.5 days

Slippage from Popdex: live order book, 3 min ago; Backpack: live order book, 3 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 Popdex live order book, 3 min ago	0.27 bp	3.5 bp −$3	3.9 bp −$39	22.8 bp −$2,275	doesn't fit
Sell Backpack live order book, 3 min ago	0.05 bp	5.1 bp −$5	7.0 bp −$70	60.9 bp −$6,086	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
Aftermath Perps HYPEUSD	−0.0396%	1h	93.007	+0.057%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0280%	1h	92.983	+0.032%	$196K	$230K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0135%	1h	93.030	+0.082%	$698K	$927K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	92.911	−0.046%	$1.2M	$4.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.980	+0.028%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	92.968	+0.015%	$90K	$362K	20x	as long as short
Popdex HYPEUSDTlong	−0.0016%	1h	92.954	long leg	$58K	$1.2M	50x
Aster HYPEUSDT	−0.0009%	4h	92.946	−0.009%	$8.8M	$36.0M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.019	+0.070%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.963	+0.009%	$23K	$331K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	92.993	+0.042%	$20K	—	150x	as long as short
Bybit HYPEUSDT	+0.0024%	8h	92.910	−0.047%	$322.2M	$287.1M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0024%	4h	92.961	+0.008%	$171K	$518K	20x	as long as short
Derive HYPE-PERP	+0.0033%	1h	92.925	−0.032%	$16.2M	$7.1M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.033	+0.085%	$213K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0044%	4h	92.957	+0.003%	$43.8M	$58.5M	75x	as long as short
Bullet HYPE-USD	+0.0058%	1h	92.945	−0.009%	$111K	$580K	20x	as long as short
MEXC HYPE_USDT	+0.0064%	4h	92.922	−0.034%	$89.9M	$82.0M	100x	as long as short
Binance HYPEUSDT	+0.0066%	4h	92.919	−0.038%	$381.2M	$895.4M	75x	as long as short
edgeX HYPEUSDC	+0.0086%	4h	92.948	−0.006%	$5.0M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.980	+0.028%	$18.5M	$58.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.957	+0.003%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	92.952	−0.002%	$395K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	92.938	−0.017%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.010	+0.060%	$34K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.957	+0.003%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.985	+0.033%	$2.02B	$673.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.935	−0.020%	$9.9M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.949	−0.005%	$113.5M	$313.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.030	+0.082%	$203K	$8K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.970	+0.017%	$46.9M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.955	+0.001%	$225.2M	$103.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.952	−0.002%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERPshort	+0.0100%	1h	92.969	+0.016%	$7.8M	$11.1M	20x
Variational Omni HYPE	+0.0100%	8h	93.003	+0.053%	$28.9M	$50.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.985	+0.034%	$7.5M	$45.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.976	+0.024%	$414K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.004	+0.054%	$673K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.005	+0.055%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.988	+0.037%	$492K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.596	+0.691%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.952	−0.002%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.935	−0.020%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	92.962	+0.009%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.939	−0.017%	$18.2M	$42.1M	50x	as long as short
Kalshi KXHYPEPERP	+0.0110%	8h	93.037	+0.089%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.010	+0.060%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.230	+0.297%	$30K	$338K	12x	as long as short
HTX HYPE-USDT	+0.0241%	4h	93.150	+0.211%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	92.942	−0.013%	$77K	$158K	15x	as long as short
BloFin HYPE-USDT	+0.0273%	4h	93.022	+0.073%	$16.9M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.034	+0.086%	$2.8M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0158%	1h	92.988	+0.036%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0438%	1h	93.054	+0.108%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0467%	1h	93.043	+0.096%	$20.8M	$29.0M	50x	as long as short