HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.1460%/8h= +159.9% APRnext payment +$1.83 per $10,000 · paid last 24h +0.279%

Price spread now: Backpack against Hibachi+0.218%7-day average +0.077% · you sell dearer than you buy

Net, funding: paid 7d − costs+$112as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$680.683% of the position

Long on Hibachi Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+1.804%+$180 on $10k

Price spread, last 4 days (all we have)−0.579%−$58 · spread now +0.218%, 7d avg +0.077%

Together, before fees+1.224%+ Points / potential airdropHibachi: Active · farm board+$122 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$44 a day on $10k at the current rate, and Backpack is 0.141% dearer against Hibachi than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of +0.077%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi HYPE/USDT-P	95.056	−0.1360	get 0.0170% / 1h	0m 48s	$212K	$261K	7x
Short	Backpack HYPE_USDC_PERP	95.263	0.0100	get 0.0013% / 1h	0m 48s	$7.9M	$10.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Hibachi. 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 HibachibpFee BackpackbpOrdersPrice spread, now +0.218%Rate

Funding earned: $306.6
Price spread: +0.218% → +0.077%: $14.13
Slippage, 4 orders: −$49.32
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: $252.41
Costs to cover: 0.683%
Break-even: 1.2 days

Slippage from Hibachi: live order book, 51 min ago; Backpack: 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 Hibachi live order book, 51 min ago	12.16 bp	33.2 bp −$33	48.3 bp −$483	doesn't fit	doesn't fit
Sell Backpack live order book, 1 min ago	0.05 bp	5.8 bp −$6	7.4 bp −$74	49.2 bp −$4,922	doesn't fit

HYPE on 54 exchanges

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-Plong	−0.1360%	1h	95.056	long leg	$212K	$261K	7x
Bluefin HYPE-PERP	−0.0381%	1h	95.188	+0.139%	$79K	$136K	20x	as long as short
Kraken Futures PF_HYPEUSD	−0.0376%	1h	95.185	+0.136%	$18.6M	$35.3M	50x	as long as short
Bullet HYPE-USD	−0.0278%	1h	95.174	+0.124%	$115K	$581K	20x	as long as short
Phemex HYPEUSDT	−0.0263%	8h	95.121	+0.069%	$13.0M	$2.5M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0206%	1h	95.070	+0.015%	$690K	$1.3M	10x	as long as short
Arcus HYPE-USD	−0.0159%	1h	95.139	+0.087%	$1.1M	$2.4M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0131%	1h	95.134	+0.082%	$22K	$17K	10x	as long as short
01 Exchange HYPEUSD	−0.0128%	1h	95.165	+0.115%	$92K	$347K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.138	+0.086%	$3K	$331	25x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0074%	4h	95.221	+0.174%	$54.6M	$55.0M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0039%	4h	95.152	+0.101%	$148K	$645K	20x	as long as short
Aster HYPEUSDT	−0.0025%	4h	95.217	+0.170%	$9.0M	$33.1M	300x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0024%	1h	95.220	+0.173%	$4.7M	$5.5M	50x	as long as short
OKX HYPE-USDT-SWAP	−0.0008%	8h	95.215	+0.167%	$119.2M	$305.0M	50x	as long as short
Lighter HYPE	−0.0008%	1h	95.223	+0.175%	$16.3M	$61.3M	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	95.182	+0.132%	$129K	$94K	5x	as long as short
Perpl HYPE	0.0000%	43m	95.169	+0.119%	$24K	$254K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.216	+0.169%	$100K	—	150x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0012%	1h	95.270	+0.225%	$7.5M	$4.3M	50x	as long as short
Bulk HYPE-USD	+0.0016%	1h	95.192	+0.143%	$232K	$12K	10x	as long as short
Phoenix HYPE	+0.0017%	1h	95.204	+0.156%	$201K	$1.0M	10x	as long as short
Bitget HYPEUSDT	+0.0022%	4h	95.233	+0.186%	$228.9M	$87.3M	75x	as long as short
Vest HYPE-PERP	+0.0027%	1h	95.204	+0.156%	—	$80K	5x	as long as short
Bybit HYPEUSDT	+0.0031%	8h	95.234	+0.187%	$321.6M	$267.4M	75x	as long as short
SoDEX HYPE-USD	+0.0035%	1h	95.180	+0.131%	$2.1M	$373K	10x	as long as short
Paradex HYPE-USD-PERP	+0.0071%	8h	95.140	+0.088%	$340K	$35K	20x	as long as short
edgeX HYPEUSDC	+0.0082%	4h	95.128	+0.076%	$5.1M	$29.5M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.240	+0.194%	$3.3M	$10.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	95.154	+0.103%	$274K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.100	+0.046%	$39K	$1.5M	10x	as long as short
Binance HYPEUSDT	+0.0099%	4h	95.229	+0.182%	$382.7M	$859.4M	75x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.125	+0.073%	$7.3M	$52.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.320	+0.277%	$2.11B	$649.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.182	+0.133%	$10.3M	$13.5M	20x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	95.237	+0.191%	$91.3M	$88.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.217	+0.170%	$48.1M	$17.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	95.245	+0.199%	—	$48.8M	—	as long as short
Backpack HYPE_USDC_PERPshort	+0.0100%	1h	95.263	+0.218%	$7.9M	$10.4M	20x
Variational Omni HYPE	+0.0100%	8h	95.183	+0.133%	$29.9M	$53.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.108	+0.055%	$7.7M	$40.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.180	+0.131%	$347K	$892K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.046	−0.010%	$691K	$2.8M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.189	+0.140%	$504K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.242	+0.196%	$32K	$1.4M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.300	+0.257%	$1.4M	$5.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.197	+0.149%	$18.4M	$40.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.150	+0.099%	$402K	$130K	20x	as long as short
Kalshi KXHYPEPERP	+0.0120%	8h	95.203	+0.155%	$1.8M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0166%	1h	95.198	+0.149%	$3.1M	$5.5M	20x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	95.071	+0.015%	$86K	$100K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.207	+0.159%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	95.173	+0.123%	$17.3M	$11.6M	75x	as long as short
Injective HYPE/USDC PERP	+0.0850%	1h	95.400	+0.362%	$31K	$335K	12x	as long as short