HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0275%/8h= −30.1% APRnext payment −$0.34 per $10,000 · paid last 24h −0.041%

Price spread now: Backpack against Reya+0.004%7-day average +0.025% · you sell dearer than you buy

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

Long on Reya Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.009%+$1 on $10k

Price spread, last 4 days (all we have)−0.604%−$60 · spread now +0.004%, 7d avg +0.025%

Together, before fees−0.595%+ Points / potential airdropReya: Active · farm board−$60 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Backpack is 0.021% cheaper against Reya than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.025%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.009% in total (about 0.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.34 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	Reya HYPERUSDPERP	94.988	0.0271	pay 0.0034% / 1h	58m 32s	$85K	$93K	15x
Short	Backpack HYPE_USDC_PERP	94.992	−0.0004	pay 0.0001% / 1h	58m 32s	$7.3M	$10.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Reya. 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 ReyabpFee BackpackbpOrdersPrice spread, now +0.004%Rate

Funding earned: −$57.76
Price spread: +0.004% → +0.025%: −$2.07
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$75.83
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Backpack: live order book, 1 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 Reya no order-book sample	—	—	—	—	—
Sell Backpack live order book, 1 min ago	0.05 bp	5.1 bp −$5	6.7 bp −$67	294.8 bp −$29.5K	doesn't fit

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 54 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	−0.1064%	1h	94.977	−0.012%	$211K	$265K	7x	as long as short
Bluefin HYPE-PERP	−0.0752%	1h	94.980	−0.009%	$79K	$147K	20x	as long as short
Bullet HYPE-USD	−0.0405%	1h	95.025	+0.039%	$113K	$580K	20x	as long as short
Kraken Futures PF_HYPEUSD	−0.0376%	1h	95.035	+0.049%	$18.8M	$35.7M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0268%	1h	95.020	+0.034%	$695K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0256%	1h	94.999	+0.011%	$90K	$356K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0203%	1h	95.169	+0.190%	$22K	$19K	10x	as long as short
Phemex HYPEUSDT	−0.0164%	8h	95.003	+0.016%	$13.0M	$2.8M	50x	as long as short
Arcus HYPE-USD	−0.0159%	1h	94.985	−0.003%	$1.0M	$3.1M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.045	+0.060%	$3K	$331	25x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0078%	4h	94.995	+0.007%	$53.2M	$53.7M	75x	as long as short
Vest HYPE-PERP	−0.0038%	1h	95.094	+0.112%	—	$88K	5x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0024%	1h	95.030	+0.044%	$4.7M	$5.7M	50x	as long as short
Bybit HYPEUSDT	−0.0008%	8h	94.991	+0.003%	$319.4M	$281.5M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0007%	4h	94.979	−0.010%	$148K	$669K	20x	as long as short
Backpack HYPE_USDC_PERPshort	−0.0004%	1h	94.992	+0.004%	$7.3M	$10.2M	20x
dYdX HYPE-USD	0.0000%	1h	95.003	+0.016%	$130K	$93K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	95.102	+0.120%	$1.8M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	95.054	+0.069%	$19K	$271K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.100	+0.118%	$86K	—	150x	as long as short
BingX HYPE-USDT	+0.0004%	4h	95.005	+0.018%	—	$50.3M	—	as long as short
SoDEX HYPE-USD	+0.0005%	1h	95.008	+0.021%	$2.1M	$1.5M	10x	as long as short
Phoenix HYPE	+0.0008%	1h	95.157	+0.178%	$203K	$1.0M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0027%	8h	94.993	+0.005%	$118.7M	$320.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0039%	8h	95.036	+0.051%	$340K	$38K	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0045%	1h	95.094	+0.111%	$7.5M	$4.4M	50x	as long as short
Bitget HYPEUSDT	+0.0050%	4h	95.001	+0.014%	$228.3M	$93.3M	75x	as long as short
Polymarket Perps HYPE-USD	+0.0060%	1h	95.082	+0.099%	$499K	$2.6M	20x	as long as short
Aster HYPEUSDT	+0.0066%	4h	94.988	0.000%	$9.0M	$36.3M	300x	as long as short
edgeX HYPEUSDC	+0.0087%	4h	95.022	+0.036%	$5.0M	$31.1M	30x	as long as short
Lighter HYPE	+0.0096%	1h	95.007	+0.020%	$16.2M	$60.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.021	+0.035%	$3.2M	$9.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.995	+0.007%	$266K	$1.3M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	95.010	+0.023%	$40K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.007	+0.020%	$7.3M	$55.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.160	+0.181%	$2.10B	$675.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.047	+0.062%	$10.2M	$14.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.993	+0.005%	$381.8M	$908.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.176	+0.198%	$222K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	95.005	+0.018%	$86.8M	$85.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.000	+0.013%	$47.4M	$18.3M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.987	−0.001%	$30.1M	$55.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.063	+0.079%	$7.7M	$43.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.023	+0.037%	$348K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.056	+0.071%	$691K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.893	−0.100%	$32K	$1.5M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.179	+0.201%	$1.4M	$6.7M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.976	−0.012%	$18.2M	$41.9M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.067	+0.083%	$402K	$136K	20x	as long as short
RISEx HYPE/USDC	+0.0166%	1h	95.038	+0.052%	$3.2M	$6.2M	20x	as long as short
Reya HYPERUSDPERPlong	+0.0271%	1h	94.988	long leg	$85K	$93K	15x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.106	+0.124%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	95.006	+0.019%	$17.2M	$12.2M	75x	as long as short
Injective HYPE/USDC PERP	+0.0850%	1h	95.480	+0.518%	$31K	$335K	12x	as long as short