HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0180%/8h= −19.7% APRnext payment −$0.23 per $10,000 · paid last 24h −0.053%

Price spread now: Hotstuff against Backpack−0.032%7-day average — · you buy dearer than you sell

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

Long on Backpack Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Hotstuff is 0.032% cheaper against Backpack than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack HYPE_USDC_PERP	94.466	0.0100	pay 0.0013% / 1h	43m 06s	$7.6M	$10.6M	20x
Short	Hotstuff HYPE-PERP	94.436	−0.0080	pay 0.0010% / 1h	43m 06s	$3K	$331	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now −0.032%Rate

Funding earned: −$37.8
Price spread: −0.032% → 0.000%: −$3.18
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$55.98
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 1 min ago; Hotstuff: 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, 1 min ago	0.05 bp	5.1 bp −$5	6.8 bp −$68	29.4 bp −$2,943	doesn't fit
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: 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	−0.1400%	1h	94.230	−0.250%	$201K	$250K	7x	as long as short
Bluefin HYPE-PERP	−0.0359%	1h	94.442	−0.025%	$80K	$154K	20x	as long as short
Bullet HYPE-USD	−0.0153%	1h	94.451	−0.016%	$111K	$576K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0150%	1h	94.430	−0.038%	$712K	$1.2M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0132%	1h	94.467	+0.001%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	94.490	+0.025%	$87K	$366K	20x	as long as short
Hotstuff HYPE-PERPshort	−0.0080%	1h	94.436	−0.032%	$3K	$331	25x
Arcus HYPE-USD	−0.0045%	1h	94.428	−0.040%	$1.0M	$3.6M	10x	as long as short
Bybit HYPEUSDT	−0.0012%	8h	94.460	−0.006%	$317.6M	$289.6M	75x	as long as short
Derive HYPE-PERP	−0.0008%	1h	94.405	−0.065%	$16.5M	$7.5M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	94.502	+0.038%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.484	+0.019%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.489	+0.024%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.459	−0.007%	$19K	$287K	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0001%	4h	94.425	−0.043%	$146K	$685K	20x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.480	+0.015%	$123K	—	150x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	94.468	+0.002%	$227.1M	$99.7M	75x	as long as short
Phemex HYPEUSDT	+0.0043%	8h	94.426	−0.042%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0058%	8h	94.462	−0.004%	$338K	$156K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.450	−0.017%	$4.7M	$6.2M	50x	as long as short
Lighter HYPE	+0.0072%	1h	94.457	−0.010%	$16.3M	$64.0M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0078%	1h	94.539	+0.077%	$7.4M	$4.3M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0084%	8h	94.461	−0.005%	$117.8M	$324.9M	50x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	94.499	+0.035%	$5.0M	$30.8M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.470	+0.004%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.475	+0.010%	$75K	$1.2M	50x	as long as short
Polymarket Perps HYPE-USD	+0.0098%	1h	94.481	+0.016%	$496K	$2.8M	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.460	−0.006%	$29K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.417	−0.052%	$7.3M	$51.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.598	+0.140%	$2.08B	$690.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.472	+0.006%	$8.8M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.470	+0.004%	$10.2M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.466	0.000%	$378.4M	$934.0M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.332	−0.142%	$218K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.480	+0.015%	$49.7M	$56.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.467	+0.001%	$90.5M	$82.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.467	+0.001%	$46.5M	$18.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.482	+0.017%	—	$53.1M	—	as long as short
Backpack HYPE_USDC_PERPlong	+0.0100%	1h	94.466	long leg	$7.6M	$10.6M	20x
Variational Omni HYPE	+0.0100%	8h	94.467	+0.001%	$29.4M	$54.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.461	−0.005%	$7.6M	$45.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.450	−0.017%	$369K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.463	−0.003%	$683K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.524	+0.062%	—	$243K	5x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.543	+0.082%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.448	−0.019%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.572	+0.112%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.422	−0.047%	$18.3M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.461	−0.005%	$399K	$159K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0021%	1h	94.501	+0.037%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.290%	$31K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.505	+0.042%	$20.3M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.479	+0.013%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.439	−0.028%	$84K	$124K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.460	−0.006%	$17.1M	$12.4M	75x	as long as short