HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0058%/8h= +6.3% APRnext payment +$0.07 per $10,000 · paid last 24h +0.009%

Price spread now: GMX against Backpack+0.079%7-day average −0.001% · you sell dearer than you buy

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

Long on Backpack Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.039%+$4 on $10k

Price spread, last 3 days (all we have)−0.031%−$3 · spread now +0.079%, 7d avg −0.001%

Together, before fees+0.009%+$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and GMX is 0.080% dearer against Backpack than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.001%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack HYPE_USDC_PERP	93.984	0.0100	pay 0.0013% / 1h	9m 45s	$7.9M	$10.4M	20x
Short	GMX HYPE/USD [WBTC.b-USDC]	94.058	L +0.0335% / S −0.0158%	get 0.0020% / 1h	9m 45s	$1.4M	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.079%Rate

Funding earned: $12.08
Price spread: +0.079% → −0.001%: $8.02
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$1.9
Costs to cover: 0.220%
Break-even: 8.1 days

Slippage unknown: Backpack: live order book, 4 min ago; GMX: 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	6.1 bp −$6	7.9 bp −$79	84.9 bp −$8,491	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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	−0.1184%	1h	93.935	−0.052%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.925	−0.063%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0203%	1h	93.970	−0.015%	$22K	$21K	10x	as long as short
Phemex HYPEUSDT	−0.0107%	8h	93.975	−0.010%	$12.8M	$2.6M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0102%	1h	93.870	−0.121%	$710K	$959K	10x	as long as short
dYdX HYPE-USD	−0.0089%	1h	94.078	+0.100%	$129K	$31K	5x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.058	+0.079%	$86K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.046	+0.066%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0049%	1h	94.042	+0.061%	$113K	$581K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0028%	4h	94.005	+0.022%	$160K	$643K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0016%	4h	94.023	+0.041%	$44.5M	$60.3M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.054	+0.074%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.059	+0.080%	$26K	—	150x	as long as short
Bybit HYPEUSDT	+0.0010%	8h	94.011	+0.029%	$323.6M	$279.8M	75x	as long as short
Aster HYPEUSDT	+0.0012%	4h	94.014	+0.032%	$8.9M	$36.1M	300x	as long as short
Derive HYPE-PERP	+0.0017%	1h	93.978	−0.006%	$16.4M	$7.3M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	94.071	+0.093%	$218K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0050%	4h	94.028	+0.047%	$88.5M	$83.3M	100x	as long as short
Binance HYPEUSDT	+0.0053%	4h	94.042	+0.061%	$383.9M	$894.3M	75x	as long as short
edgeX HYPEUSDC	+0.0058%	4h	93.999	+0.016%	$5.1M	$30.1M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0074%	8h	94.035	+0.054%	$116.2M	$315.6M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.066	+0.087%	$19.0M	$60.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.042	+0.062%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.054	+0.074%	$65K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.023	+0.041%	$400K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.073	+0.094%	$342K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.050	+0.070%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.013	+0.031%	$6.6M	$44.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.086	+0.109%	$2.05B	$668.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.080	+0.102%	$10.2M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.528	−0.485%	$204K	$12K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.042	+0.062%	$46.7M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.044	+0.064%	$227.8M	$100.3M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.029	+0.048%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERPlong	+0.0100%	1h	93.984	long leg	$7.9M	$10.4M	20x
Variational Omni HYPE	+0.0100%	8h	93.920	−0.069%	$31.4M	$53.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.053	+0.073%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.061	+0.082%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.959	−0.027%	$671K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.062	+0.083%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.073	+0.095%	$475K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.014	+0.032%	$76K	$170K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.102	+0.126%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.980	−0.004%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.004	+0.021%	$18.4M	$45.2M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.080	+0.102%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.538%	$31K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0208%	4h	93.959	−0.027%	$17.0M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.085	+0.107%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0238%	8h	94.124	+0.149%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	94.043	+0.063%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]short	L +0.0335% / S −0.0158%	1h	94.058	+0.079%	$1.4M	—	100x
HTX HYPE-USDT	+0.0372%	4h	94.230	+0.262%	$1.5M	$5.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0431%	1h	94.085	+0.107%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.047	+0.067%	$21.0M	$29.8M	50x	as long as short