HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0132%/8h= +14.5% APRnext payment +$0.17 per $10,000 · paid last 24h +0.029%

Price spread now: Backpack against 01 Exchange+0.015%7-day average −0.011% · 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−$21as in the Price arb table

costs, in and out, $10k−$230.233% of the position

Long on 01 Exchange Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.054%+$5 on $10k

Price spread, last 4 days (all we have)−0.028%−$3 · spread now +0.015%, 7d avg −0.011%

Together, before fees+0.026%+$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Backpack is 0.026% dearer against 01 Exchange than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.011%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	01 Exchange HYPEUSD	92.907	−0.0032	get 0.0004% / 1h	30m 17s	$90K	$362K	20x
Short	Backpack HYPE_USDC_PERP	92.921	0.0100	get 0.0013% / 1h	30m 17s	$7.8M	$11.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against 01 Exchange. 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 01 ExchangebpFee BackpackbpOrdersPrice spread, now +0.015%Rate

Funding earned: $27.72
Price spread: +0.015% → −0.011%: $2.65
Slippage, 4 orders: −$6.35
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: $7.02
Costs to cover: 0.233%
Break-even: 5.2 days

Slippage from 01 Exchange: live order book, 54 min ago; Backpack: live order book, 4 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 01 Exchange live order book, 54 min ago	0.05 bp	6.3 bp −$6	11.1 bp −$111	doesn't fit	doesn't fit
Sell Backpack live order book, 4 min ago	0.05 bp	5.9 bp −$6	8.1 bp −$81	65.5 bp −$6,552	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	−0.0393%	1h	93.061	+0.166%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0256%	1h	93.000	+0.100%	$196K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	92.874	−0.036%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0130%	1h	92.880	−0.029%	$698K	$924K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.921	+0.015%	$3K	$331	25x	as long as short
01 Exchange HYPEUSDlong	−0.0032%	1h	92.907	long leg	$90K	$362K	20x
Popdex HYPEUSDT	−0.0016%	1h	92.906	−0.001%	$57K	$1.2M	50x	as long as short
Aster HYPEUSDT	−0.0005%	4h	92.911	+0.004%	$8.8M	$36.0M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.933	+0.028%	$126K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.924	+0.018%	$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	92.945	+0.041%	$20K	—	150x	as long as short
Bybit HYPEUSDT	+0.0024%	8h	92.888	−0.020%	$322.3M	$287.3M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0025%	4h	92.931	+0.026%	$171K	$518K	20x	as long as short
Bullet HYPE-USD	+0.0031%	1h	92.910	+0.003%	$111K	$579K	20x	as long as short
Derive HYPE-PERP	+0.0033%	1h	92.879	−0.030%	$16.2M	$7.1M	10x	as long as short
Gate HYPE_USDT	+0.0034%	4h	92.905	−0.002%	$43.7M	$58.4M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.118	+0.227%	$214K	$1.2M	10x	as long as short
Binance HYPEUSDT	+0.0070%	4h	92.896	−0.012%	$381.7M	$894.6M	75x	as long as short
MEXC HYPE_USDT	+0.0072%	4h	92.917	+0.011%	$89.9M	$81.9M	100x	as long as short
edgeX HYPEUSDC	+0.0086%	4h	93.085	+0.192%	$5.1M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.958	+0.055%	$18.5M	$58.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.943	+0.039%	$3.1M	$12.1M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	92.925	+0.019%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.990	+0.089%	$34K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.913	+0.006%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.924	+0.018%	$2.02B	$671.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.941	+0.037%	$9.9M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.893	−0.015%	$113.6M	$313.4M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.030	+0.132%	$203K	$8K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.918	+0.012%	$46.9M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.911	+0.004%	$225.2M	$103.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.893	−0.015%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERPshort	+0.0100%	1h	92.921	+0.015%	$7.8M	$11.1M	20x
Variational Omni HYPE	+0.0100%	8h	93.003	+0.104%	$28.9M	$50.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.144	+0.255%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.095	+0.202%	$412K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.014	+0.115%	$673K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.941	+0.036%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.922	+0.016%	$491K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.908	+0.001%	$75K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.936	+0.031%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.911	+0.004%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	92.936	+0.031%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.893	−0.015%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.899	−0.009%	$395K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0109%	8h	92.991	+0.090%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	92.970	+0.068%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	92.950	+0.046%	$30K	$338K	12x	as long as short
HTX HYPE-USDT	+0.0243%	4h	93.090	+0.197%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	92.885	−0.024%	$77K	$158K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	92.982	+0.080%	$2.7M	$6.8M	20x	as long as short
BloFin HYPE-USDT	+0.0293%	4h	92.998	+0.098%	$16.9M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0158%	1h	92.938	+0.033%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0467%	1h	93.031	+0.133%	$20.8M	$28.9M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0482%	1h	93.021	+0.123%	$7.4M	$4.6M	50x	as long as short