Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.020%

Price spread now: Derive against Backpack+0.011%7-day average −0.046% · you sell dearer than you buy

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

Long on Backpack Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days−0.074%−$7 on $10k

Price spread, last 4 days (all we have)−0.106%−$11 · spread now +0.011%, 7d avg −0.046%

Together, before fees−0.180%−$18 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Derive is 0.057% dearer against Backpack than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.046%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack HYPE_USDC_PERP	93.319	0.0100	pay 0.0013% / 1h	40m 28s	$7.4M	$10.4M	20x
Short	Derive HYPE-PERP	93.329	0.0100	get 0.0013% / 1h	40m 28s	$16.2M	$7.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Backpack. 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 BackpackbpFee DerivebpOrdersPrice spread, now +0.011%Rate

Funding earned: $0
Price spread: +0.011% → −0.046%: $5.68
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Derive: 3 bp × 2 orders: −$6
Net: −$10.32
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 4 min ago; Derive: no order-book sample. 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 Backpack live order book, 4 min ago	0.05 bp	5.1 bp −$5	6.9 bp −$69	129.1 bp −$12.9K	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: 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 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	−0.1264%	1h	93.481	+0.173%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.229	−0.096%	$1.2M	$3.8M	10x	as long as short
Bluefin HYPE-PERP	−0.0190%	1h	93.301	−0.019%	$79K	$170K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.351	+0.034%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0067%	8h	93.304	−0.016%	$12.6M	$2.7M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0058%	1h	93.260	−0.063%	$700K	$980K	10x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.402	+0.089%	$85K	$346K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0046%	4h	93.317	−0.002%	$156K	$629K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0035%	1h	93.438	+0.128%	$22K	$21K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.361	+0.045%	$128K	$31K	5x	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	93.394	+0.081%	$23K	$322K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.366	+0.050%	$62K	—	150x	as long as short
Aster HYPEUSDT	+0.0016%	4h	93.332	+0.014%	$8.8M	$35.6M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.549	+0.246%	$213K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0026%	4h	93.346	+0.029%	—	$53.1M	—	as long as short
Bullet HYPE-USD	+0.0028%	1h	93.344	+0.027%	$111K	$578K	20x	as long as short
Bybit HYPEUSDT	+0.0034%	8h	93.367	+0.051%	$322.0M	$277.0M	75x	as long as short
Gate HYPE_USDT	+0.0044%	4h	93.345	+0.028%	$44.5M	$54.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0078%	8h	93.347	+0.030%	$114.2M	$301.9M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.370	+0.055%	$16.3M	$61.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.341	+0.024%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.397	+0.084%	$69K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.380	+0.065%	$339K	$162K	20x	as long as short
Binance HYPEUSDT	+0.0097%	4h	93.396	+0.083%	$379.0M	$876.9M	75x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.410	+0.098%	$17K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.335	+0.018%	$5.8M	$43.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.436	+0.125%	$2.04B	$655.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.384	+0.070%	$10.0M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.580	+0.280%	$204K	$10K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.339	+0.021%	$89.9M	$80.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.360	+0.044%	$45.9M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.337	+0.019%	$225.7M	$96.7M	75x	as long as short
Backpack HYPE_USDC_PERPlong	+0.0100%	1h	93.319	long leg	$7.4M	$10.4M	20x
Variational Omni HYPE	+0.0100%	8h	93.317	−0.002%	$31.1M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.553	+0.250%	$7.6M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.487	+0.180%	$340K	$999K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.585	+0.285%	$668K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.403	+0.090%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.372	+0.057%	$472K	$2.5M	20x	as long as short
Derive HYPE-PERPshort	+0.0100%	1h	93.329	+0.011%	$16.2M	$7.6M	10x
SunX HYPE-USDT	+0.0100%	4h	93.418	+0.106%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.303	−0.017%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.326	+0.007%	$18.4M	$43.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.330	+0.011%	$397K	$163K	20x	as long as short
edgeX HYPEUSDC	+0.0116%	4h	93.476	+0.169%	$5.1M	$29.6M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.370	+0.055%	$4.9M	$5.4M	50x	as long as short
HTX HYPE-USDT	+0.0200%	4h	93.500	+0.194%	$1.4M	$6.0M	75x	as long as short
Reya HYPERUSDPERP	+0.0257%	1h	93.331	+0.013%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0279%	8h	93.417	+0.105%	$1.9M	$5.1M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.367	+0.051%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.300	−0.020%	$16.9M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0350%	1h	93.403	+0.090%	$7.4M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.450	+0.140%	$3.2M	$6.5M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.200	−0.128%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0685%	1h	93.379	+0.064%	$20.7M	$30.1M	50x	as long as short