HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0060%/8h= −6.5% APRnext payment −$0.07 per $10,000 · paid last 24h −0.071%

Price spread now: Backpack against RISEx−0.183%7-day average +0.263% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$180.176% of the position

Long on RISEx Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.125%−$13 on $10k

Price spread, last 7 days−1.103%−$110 · spread now −0.183%, 7d avg +0.263%

Together, before fees−1.229%−$123 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Backpack is 0.446% cheaper against RISEx than usual: you would sell low and buy high (−$45 if the spread goes back to its 7-day average of +0.263%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx HYPE/USDC	94.412	0.0133	pay 0.0017% / 1h	33m 03s	$3.1M	$6.4M	20x
Short	Backpack HYPE_USDC_PERP	94.239	0.0074	get 0.0009% / 1h	33m 03s	$7.5M	$10.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against RISEx. 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 RISExbpFee BackpackbpOrdersPrice spread, now −0.183%Rate

Funding earned: −$12.5
Price spread: −0.183% → +0.263%: −$44.59
Slippage, 4 orders: −$1.58
Fee RISEx: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$74.67
Costs to cover: 0.176%
Break-even: never at this rate

Slippage from RISEx: live order book, 6 min ago; Backpack: live order book, 6 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 RISEx live order book, 6 min ago	0.37 bp	3.4 bp −$3	4.5 bp −$45	doesn't fit	doesn't fit
Sell Backpack live order book, 6 min ago	0.05 bp	5.1 bp −$5	6.3 bp −$63	380.8 bp −$38.1K	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	−0.0880%	1h	94.602	+0.202%	$207K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0618%	1h	94.287	−0.132%	$80K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0308%	1h	94.670	+0.273%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0236%	1h	94.320	−0.097%	$112K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0170%	1h	94.300	−0.118%	$704K	$1.3M	10x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.345	−0.070%	$1.0M	$3.5M	10x	as long as short
Gate HYPE_USDT	−0.0100%	4h	94.274	−0.146%	$51.3M	$55.1M	75x	as long as short
01 Exchange HYPEUSD	−0.0096%	1h	94.376	−0.038%	$89K	$365K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.377	−0.037%	$3K	$331	25x	as long as short
Kraken Futures PF_HYPEUSD	−0.0048%	1h	94.309	−0.109%	$18.9M	$35.4M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0024%	8h	94.300	−0.118%	$317.2M	$296.5M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0008%	4h	94.308	−0.110%	$147K	$681K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.395	−0.018%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.451	+0.042%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.608	+0.208%	$19K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.336	−0.080%	$123K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.654	+0.257%	$210K	$1.2M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.330	−0.086%	$4.7M	$6.3M	50x	as long as short
Bitget HYPEUSDT	+0.0028%	4h	94.286	−0.133%	$226.6M	$99.4M	75x	as long as short
Derive HYPE-PERP	+0.0034%	1h	94.592	+0.191%	$16.3M	$7.5M	10x	as long as short
Vest HYPE-PERP	+0.0041%	1h	94.467	+0.059%	—	$190K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0047%	8h	94.368	−0.046%	$337K	$154K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0049%	8h	94.278	−0.141%	$117.7M	$328.4M	50x	as long as short
Phemex HYPEUSDT	+0.0064%	8h	94.326	−0.091%	$12.9M	$2.9M	50x	as long as short
SoDEX HYPE-USD	+0.0068%	1h	94.330	−0.086%	$2.1M	$2.0M	10x	as long as short
Backpack HYPE_USDC_PERPshort	+0.0074%	1h	94.239	−0.183%	$7.5M	$10.4M	20x
edgeX HYPEUSDC	+0.0080%	4h	94.626	+0.227%	$5.0M	$30.9M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.328	−0.088%	$16.2M	$62.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.315	−0.102%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.356	−0.059%	$148K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.380	−0.033%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.391	−0.021%	$7.2M	$51.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.415	+0.004%	$2.08B	$686.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.315	−0.102%	$9.6M	$37.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.387	−0.026%	$10.2M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.311	−0.106%	$379.8M	$937.6M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.564	+0.161%	$220K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.300	−0.118%	$93.8M	$86.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.309	−0.109%	$47.1M	$19.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.300	−0.118%	—	$53.5M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	94.619	+0.220%	$30.0M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.643	+0.245%	$7.6M	$44.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.587	+0.186%	$345K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.634	+0.236%	$696K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.460	+0.051%	$498K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.369	−0.045%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.500	+0.094%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.294	−0.124%	$18.4M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.343	−0.072%	$399K	$153K	20x	as long as short
RISEx HYPE/USDClong	+0.0133%	1h	94.412	long leg	$3.1M	$6.4M	20x
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.803%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0237%	1h	94.428	+0.017%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.540	+0.137%	$85K	$104K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	94.382	−0.032%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.303	−0.115%	$17.2M	$12.6M	75x	as long as short