Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.005%

Price spread now: Pacifica against Backpack−0.101%7-day average −0.248% · you buy dearer than you sell

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$4as in the Price arb table

costs, in and out, $10k−$190.189% of the position

Long on Backpack Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days−0.146%−$15 on $10k

Price spread, last 7 days+0.836%+$84 · spread now −0.101%, 7d avg −0.248%

Together, before fees+0.690%+ Points / potential airdropPacifica: Active · farm board+$69 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: Pacifica is 0.147% dearer against Backpack than usual: you sell high and buy low, +$15 on $10k if it goes back to its 7-day average of −0.248%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack HYPE_USDC_PERP	94.046	0.0100	pay 0.0013% / 1h	2m 38s	$7.9M	$10.4M	20x
Short	Pacifica HYPE	93.951	0.0100	get 0.0013% / 1h	2m 38s	$10.1M	$14.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now −0.101%Rate

Funding earned: $0
Price spread: −0.101% → −0.248%: $14.73
Slippage, 4 orders: −$0.93
Fee Backpack: 5 bp × 2 orders: −$10
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$4.2
Costs to cover: 0.189%
Break-even: never at this rate

Slippage from Backpack: live order book, 2 min ago; Pacifica: live order book, 1 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 Backpack live order book, 2 min ago	0.05 bp	5.1 bp −$5	7.5 bp −$75	134.8 bp −$13.5K	doesn't fit
Sell Pacifica live order book, 1 min ago	0.05 bp	4.4 bp −$4	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	−0.1376%	1h	93.897	−0.159%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0357%	1h	93.936	−0.117%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.820	−0.240%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0130%	1h	93.950	−0.102%	$704K	$925K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.924	−0.130%	$86K	$368K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.931	−0.122%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0010%	1h	93.985	−0.065%	$16.4M	$7.2M	10x	as long as short
dYdX HYPE-USD	−0.0007%	1h	93.976	−0.075%	$128K	$30K	5x	as long as short
Orderly PERP_HYPE_USDC	−0.0005%	4h	94.050	+0.004%	$170K	$593K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.081	+0.037%	$23K	$329K	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 −0.0003%	1h	94.070	+0.025%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	93.898	−0.157%	$217K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0017%	4h	93.935	−0.118%	$8.9M	$36.1M	300x	as long as short
Bybit HYPEUSDT	+0.0018%	8h	93.924	−0.130%	$323.3M	$284.0M	75x	as long as short
Phemex HYPEUSDT	+0.0028%	8h	93.997	−0.052%	$12.8M	$2.6M	50x	as long as short
MEXC HYPE_USDT	+0.0046%	4h	93.916	−0.138%	$88.3M	$82.3M	100x	as long as short
Binance HYPEUSDT	+0.0047%	4h	93.933	−0.120%	$383.9M	$898.5M	75x	as long as short
edgeX HYPEUSDC	+0.0064%	4h	93.859	−0.199%	$5.1M	$29.7M	30x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.930	−0.123%	$60K	$1.2M	50x	as long as short
Gate HYPE_USDT	+0.0068%	4h	93.906	−0.149%	$44.2M	$60.1M	75x	as long as short
Bullet HYPE-USD	+0.0079%	1h	94.020	−0.028%	$112K	$578K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0088%	8h	93.957	−0.095%	$115.9M	$322.8M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.989	−0.060%	$18.9M	$60.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.993	−0.056%	$3.0M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.045	−0.001%	$400K	$318K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.990	−0.060%	$42K	$1.6M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.960	−0.092%	$341K	$171K	20x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.941	−0.111%	$6.6M	$44.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.071	+0.027%	$2.05B	$680.0M	10x	as long as short
Pacifica HYPEshort	+0.0100%	1h	93.951	−0.101%	$10.1M	$14.5M	20x
Bulk HYPE-USD	+0.0100%	1h	93.889	−0.167%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.917	−0.137%	$46.5M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.915	−0.139%	$227.5M	$102.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.899	−0.156%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERPlong	+0.0100%	1h	94.046	long leg	$7.9M	$10.4M	20x
Variational Omni HYPE	+0.0100%	8h	93.812	−0.248%	$31.3M	$54.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.864	−0.194%	$7.6M	$45.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.817	−0.243%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.046	0.000%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.055	+0.010%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.070	+0.026%	$472K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.059	+0.014%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.087	+0.044%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.039	−0.007%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.387%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.887	−0.169%	$18.4M	$42.8M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.110	+0.068%	$4.9M	$5.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0157%	8h	94.091	+0.048%	$1.9M	$5.1M	2.3x	as long as short
BloFin HYPE-USDT	+0.0185%	4h	93.999	−0.050%	$17.0M	$12.6M	75x	as long as short
HTX HYPE-USDT	+0.0194%	4h	94.200	+0.164%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	94.042	−0.005%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.982	−0.068%	$2.8M	$6.9M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0163%	1h	94.066	+0.021%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0473%	1h	94.154	+0.115%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0576%	1h	94.151	+0.111%	$21.1M	$29.5M	50x	as long as short