HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0095%/8h= +10.4% APRnext payment +$0.12 per $10,000 · paid last 24h +0.066%

Price spread now: Injective against Backpack+0.282%7-day average +0.144% · you sell dearer than you buy

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

Long on Backpack Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+2.090%+$209 on $10k

Price spread, last 4 days (all we have)−0.204%−$20 · spread now +0.282%, 7d avg +0.144%

Together, before fees+1.887%+$189 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Injective is 0.138% dearer against Backpack than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of +0.144%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack HYPE_USDC_PERP	95.112	0.0058	pay 0.0007% / 1h	16m 14s	$7.6M	$10.3M	20x
Short	Injective HYPE/USDC PERP	95.380	0.0153	get 0.0019% / 1h	16m 14s	$31K	$340K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.282%Rate

Funding earned: $19.93
Price spread: +0.282% → +0.144%: $13.82
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $23.73
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Backpack: live order book, 3 min ago; Injective: live order book, 18 min ago. 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, 3 min ago	0.05 bp	5.1 bp −$5	6.6 bp −$66	44.9 bp −$4,487	doesn't fit
Sell Injective live order book, 18 min ago	42.20 bp	3858.0 bp −$3,858	doesn't fit	doesn't fit	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	−0.0808%	1h	95.071	−0.043%	$212K	$265K	7x	as long as short
Bluefin HYPE-PERP	−0.0538%	1h	95.082	−0.032%	$79K	$148K	20x	as long as short
Phemex HYPEUSDT	−0.0274%	8h	95.037	−0.079%	$13.0M	$2.8M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0262%	1h	94.997	−0.121%	$22K	$19K	10x	as long as short
Bullet HYPE-USD	−0.0202%	1h	95.129	+0.018%	$113K	$577K	20x	as long as short
dYdX HYPE-USD	−0.0134%	1h	95.162	+0.052%	$130K	$93K	5x	as long as short
Ondo Perps HYPE-USD.P	−0.0131%	1h	95.070	−0.044%	$705K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	95.137	+0.026%	$90K	$356K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	95.086	−0.027%	$1.0M	$3.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.130	+0.019%	$3K	$331	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_HYPEUSD	−0.0047%	1h	95.108	−0.004%	$18.9M	$35.7M	50x	as long as short
Bybit HYPEUSDT	−0.0024%	8h	95.105	−0.007%	$319.6M	$288.8M	75x	as long as short
BingX HYPE-USDT	−0.0018%	4h	95.128	+0.017%	—	$52.7M	—	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	95.095	−0.018%	$148K	$670K	20x	as long as short
Gate HYPE_USDT	−0.0004%	4h	95.106	−0.006%	$52.6M	$56.3M	75x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	95.207	+0.100%	$1.9M	$5.5M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	95.131	+0.020%	$19K	$274K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.158	+0.048%	$86K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	95.051	−0.064%	$212K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0010%	1h	94.160	−1.001%	$16.3M	$7.5M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	95.150	+0.040%	$4.7M	$5.8M	50x	as long as short
Vest HYPE-PERP	+0.0032%	1h	95.214	+0.107%	—	$126K	5x	as long as short
OKX HYPE-USDT-SWAP	+0.0038%	8h	95.095	−0.018%	$118.6M	$324.4M	50x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	95.131	+0.020%	$228.3M	$95.1M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0049%	8h	95.142	+0.032%	$340K	$38K	20x	as long as short
Backpack HYPE_USDC_PERPlong	+0.0058%	1h	95.112	long leg	$7.6M	$10.3M	20x
SoDEX HYPE-USD	+0.0094%	1h	95.112	0.000%	$2.1M	$1.9M	10x	as long as short
Lighter HYPE	+0.0096%	1h	95.108	−0.004%	$16.3M	$63.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.118	+0.006%	$3.2M	$10.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	95.101	−0.012%	$149K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	95.120	+0.008%	$40K	$1.5M	10x	as long as short
edgeX HYPEUSDC	+0.0100%	4h	95.084	−0.029%	$5.1M	$31.0M	30x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.096	−0.016%	$6.6M	$51.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.245	+0.140%	$2.10B	$676.9M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	95.107	−0.005%	$8.9M	$36.9M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	95.137	+0.026%	$10.3M	$14.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	95.118	+0.006%	$382.9M	$917.9M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.126	+0.015%	$222K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	95.127	+0.016%	$98.7M	$88.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.109	−0.003%	$47.4M	$18.6M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.031	−0.085%	$29.8M	$56.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.104	−0.008%	$7.7M	$44.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.976	−0.143%	$356K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.146	+0.036%	$692K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.120	+0.008%	$500K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.054	−0.061%	$33K	$1.5M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.262	+0.158%	$1.4M	$6.7M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.078	−0.036%	$18.3M	$42.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.115	+0.003%	$402K	$148K	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0118%	1h	95.189	+0.081%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.192	+0.085%	$3.1M	$6.3M	20x	as long as short
Injective HYPE/USDC PERPshort	+0.0153%	1h	95.380	+0.282%	$31K	$340K	12x
Reya HYPERUSDPERP	+0.0271%	1h	95.093	−0.020%	$83K	$97K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0155%	1h	95.204	+0.096%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	95.158	+0.048%	$17.2M	$12.4M	75x	as long as short