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: Backpack against Pacifica−0.027%7-day average +0.248% · you buy dearer than you sell

Net, funding: paid 7d − costs−$4as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

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

Long on Pacifica Short on Backpack

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−0.709%−$71 · spread now −0.027%, 7d avg +0.248%

Together, before fees−0.563%+ Points / potential airdropPacifica: Active · farm board−$56 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: Backpack is 0.275% cheaper against Pacifica than usual: you would sell low and buy high, −$27 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	Pacifica HYPE	94.071	0.0100	pay 0.0013% / 1h	2m 57s	$10.1M	$14.5M	20x
Short	Backpack HYPE_USDC_PERP	94.046	0.0100	get 0.0013% / 1h	2m 57s	$7.9M	$10.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Pacifica. 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 PacificabpFee BackpackbpOrdersPrice spread, now −0.027%Rate

Funding earned: $0
Price spread: −0.027% → +0.248%: −$27.45
Slippage, 4 orders: −$0.93
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$46.38
Costs to cover: 0.189%
Break-even: never at this rate

Slippage from Pacifica: live order book, 1 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 Pacifica live order book, 1 min ago	0.05 bp	4.4 bp −$4	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 1 min ago	0.05 bp	5.1 bp −$5	6.6 bp −$66	55.6 bp −$5,564	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	−0.185%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0357%	1h	93.936	−0.144%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.920	−0.161%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0128%	1h	93.970	−0.107%	$704K	$926K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.042	−0.031%	$86K	$368K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.034	−0.039%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0010%	1h	93.985	−0.092%	$16.4M	$7.2M	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0005%	4h	94.050	−0.022%	$170K	$593K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.987	−0.090%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.081	+0.011%	$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	−0.002%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	93.898	−0.184%	$217K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0014%	4h	94.006	−0.069%	$8.9M	$36.1M	300x	as long as short
Bybit HYPEUSDT	+0.0019%	8h	93.940	−0.139%	$323.4M	$283.9M	75x	as long as short
Phemex HYPEUSDT	+0.0028%	8h	93.997	−0.079%	$12.8M	$2.6M	50x	as long as short
MEXC HYPE_USDT	+0.0046%	4h	93.971	−0.106%	$88.4M	$82.3M	100x	as long as short
Binance HYPEUSDT	+0.0046%	4h	93.955	−0.124%	$384.0M	$898.6M	75x	as long as short
edgeX HYPEUSDC	+0.0064%	4h	93.859	−0.225%	$5.1M	$29.7M	30x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	94.049	−0.023%	$60K	$1.2M	50x	as long as short
Gate HYPE_USDT	+0.0066%	4h	93.966	−0.112%	$44.2M	$60.1M	75x	as long as short
Bullet HYPE-USD	+0.0079%	1h	94.020	−0.055%	$112K	$578K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0088%	8h	93.962	−0.116%	$116.0M	$323.0M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.079	+0.009%	$18.9M	$60.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.055	−0.017%	$3.1M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.045	−0.027%	$400K	$318K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	94.040	−0.033%	$36K	$1.6M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.066	−0.006%	$342K	$171K	20x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.049	−0.023%	$6.7M	$44.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.122	+0.054%	$2.05B	$680.0M	10x	as long as short
Pacifica HYPElong	+0.0100%	1h	94.071	long leg	$10.1M	$14.5M	20x
Bulk HYPE-USD	+0.0100%	1h	93.889	−0.194%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.016	−0.059%	$46.6M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.974	−0.103%	$227.6M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.959	−0.119%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERPshort	+0.0100%	1h	94.046	−0.027%	$7.9M	$10.4M	20x
Variational Omni HYPE	+0.0100%	8h	93.812	−0.275%	$31.3M	$54.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.864	−0.221%	$7.6M	$45.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.817	−0.270%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.966	−0.112%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.055	−0.017%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.070	−0.001%	$472K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.059	−0.013%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.087	+0.017%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.039	−0.034%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.360%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.951	−0.128%	$18.4M	$42.8M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.110	+0.041%	$4.9M	$5.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0157%	8h	94.091	+0.021%	$1.9M	$5.1M	2.3x	as long as short
BloFin HYPE-USDT	+0.0185%	4h	93.999	−0.077%	$17.0M	$12.6M	75x	as long as short
HTX HYPE-USDT	+0.0194%	4h	94.200	+0.137%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	94.042	−0.031%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.091	+0.022%	$2.8M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0163%	1h	94.066	−0.005%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0473%	1h	94.154	+0.088%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0576%	1h	94.151	+0.085%	$21.1M	$29.5M	50x	as long as short