HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0100%/8h= −10.9% APRnext payment −$0.13 per $10,000 · paid last 24h −0.034%

Price spread now: 01 Exchange against Backpack−0.038%7-day average +0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$240.244% of the position

Long on Backpack Short on 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.065%−$6 on $10k

Price spread, last 4 days (all we have)+0.055%+$6 · spread now −0.038%, 7d avg +0.014%

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

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and 01 Exchange is 0.052% cheaper against Backpack than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.014%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack HYPE_USDC_PERP	94.162	0.0100	pay 0.0013% / 1h	15m 20s	$7.2M	$10.7M	20x
Short	01 Exchange HYPEUSD	94.126	0	get 0.0000% / 1h	15m 20s	$86K	$372K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now −0.038%Rate

Funding earned: −$21
Price spread: −0.038% → +0.014%: −$5.22
Slippage, 4 orders: −$7.44
Fee Backpack: 5 bp × 2 orders: −$10
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$50.66
Costs to cover: 0.244%
Break-even: never at this rate

Slippage from Backpack: live order book, 4 min ago; 01 Exchange: live order book, 34 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, 4 min ago	0.05 bp	5.5 bp −$5	7.6 bp −$76	92.3 bp −$9,231	doesn't fit
Sell 01 Exchange live order book, 34 min ago	0.37 bp	7.1 bp −$7	13.8 bp −$138	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	−0.1328%	1h	94.084	−0.083%	$199K	$239K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0396%	1h	93.861	−0.320%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.117	−0.048%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0021%	1h	94.103	−0.063%	$112K	$580K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0017%	4h	94.069	−0.099%	$147K	$678K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.106	−0.060%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSDshort	0.0000%	1h	94.126	−0.038%	$86K	$372K	20x
Perpl HYPE	0.0000%	43m	94.112	−0.053%	$23K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.110	−0.055%	$63K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	94.055	−0.114%	$1.0M	$3.9M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget HYPEUSDT	+0.0018%	4h	94.097	−0.069%	$226.9M	$99.3M	75x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	94.070	−0.098%	$319.1M	$284.0M	75x	as long as short
Phemex HYPEUSDT	+0.0024%	8h	94.153	−0.010%	$12.8M	$2.8M	50x	as long as short
Phoenix HYPE	+0.0026%	1h	94.174	+0.013%	$209K	$1.2M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0068%	1h	94.080	−0.087%	$709K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	94.117	−0.047%	$5.0M	$30.2M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	94.142	−0.021%	$342K	$158K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.127	−0.037%	$16.3M	$63.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.128	−0.036%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.108	−0.057%	$71K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.050	−0.119%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.059	−0.109%	$7.3M	$48.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.191	+0.031%	$2.06B	$675.2M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.102	−0.064%	$8.8M	$36.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.141	−0.022%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.101	−0.065%	$377.8M	$919.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.090	−0.076%	$116.2M	$314.9M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.358	−0.854%	$216K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.093	−0.073%	$48.0M	$55.2M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.115	−0.050%	$90.4M	$81.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.111	−0.054%	$46.5M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.097	−0.069%	—	$53.6M	—	as long as short
Backpack HYPE_USDC_PERPlong	+0.0100%	1h	94.162	long leg	$7.2M	$10.7M	20x
Variational Omni HYPE	+0.0100%	8h	94.099	−0.066%	$28.9M	$56.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.979	−0.194%	$7.7M	$48.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.161	−0.001%	$345K	$994K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.161	−0.001%	$674K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.171	+0.010%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.103	−0.063%	$494K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.107	−0.058%	$80K	$165K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	94.114	−0.051%	$16.2M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.216	+0.057%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.128	−0.036%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.282	+0.127%	$1.4M	$6.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.060	−0.108%	$18.3M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.137	−0.027%	$398K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0122%	8h	94.194	+0.034%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	94.310	+0.157%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.150	−0.013%	$4.7M	$6.0M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0207%	1h	94.198	+0.038%	$7.5M	$4.1M	50x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.103	−0.062%	$80K	$127K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	94.106	−0.059%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0338%	1h	94.206	+0.046%	$21.0M	$29.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.137	−0.027%	$16.8M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	94.149	−0.014%	$3.2M	$6.3M	20x	as long as short