HYPE Futures Term Structure & Annualized Basis

Q: Is HYPE's futures curve in contango or backwardation?

The summary at the top says which, from the live prices: contango when every HYPE dated contract trades above its index, backwardation when every one trades below, mixed otherwise. Contracts under 2 days from expiry are left out of that call.

HYPE Futures Term Structure

Every HYPE dated futures contract on Binance and Bybit: days to expiry, mark and index price, basis (mark / index − 1) and annualized basis (basis × 365 / days), plotted as HYPE's term structure curve with the perpetual funding rate as the 0-day point. Live from the exchanges' public APIs, refreshed every minute.

HYPE's futures curve is in contango: annualized basis runs from +1.53% on Bybit HYPEUSDT-02OCT26 (2 Oct 2026, 2.7 days) to +6.90% on Bybit HYPEUSDT-30OCT26 (30 Oct 2026, 31 days). The best cash-and-carry right now is Bybit HYPEUSDT-30OCT26 (30 Oct 2026, 31 days): buy spot, sell that future and hold to expiry for about +6.90% a year (+0.581% over 31 days), before fees and the cost of funding the spot leg. Perpetual funding, the 0-day point, runs at +5.68% APR on Binance and -6.17% APR on Bybit.

4 dated contractsSource: Bybit public APIsAs of 14:45 UTC

HYPE futures curve

annualized basis by days to expiry · contracts under 2 days left out

Bybit USDⓈ-margined
Perp funding APR (0 days)

Every HYPE dated contract

nearest expiry first

Contract	Exchange	Margin	Expiry (UTC)	Days	Mark	Index	Basis	Annualized	Open interest	24h volume
HYPEUSDT perp	Binance	USDⓈ	no expiry	0	—	—	—	+5.68% funding APR	—	—
HYPEUSDT perp	Bybit	USDⓈ	no expiry	0	—	—	—	-6.17% funding APR	—	—
HYPEUSDT-02OCT26 weekly	Bybit	USDⓈ	2 Oct 2026	2.7	87.860	87.850	+0.011%	+1.53%	$43K	$345
HYPEUSDT-09OCT26 weekly	Bybit	USDⓈ	9 Oct 2026	9.7	87.940	87.850	+0.102%	+3.85%	$64K	$894
HYPEUSDT-16OCT26 weekly	Bybit	USDⓈ	16 Oct 2026	17	88.050	87.850	+0.228%	+4.97%	$4,415	$3,703
HYPEUSDT-30OCT26 monthly	Bybit	USDⓈ	30 Oct 2026	31	88.360	87.850	+0.581%	+6.90%	$382K	$64K

How to read it. Basis is the contract's mark price over its exchange's index price, minus one; annualized scales it to a yearly rate, basis × 365 / days to expiry (simple, not compounded). Above zero the future trades at a premium (contango) and selling it against spot earns roughly that yield to expiry, before fees and the cost of funding the spot leg (a cash-and-carry). Below zero it trades at a discount (backwardation). The perp rows give the perpetual funding rate as an APR, the curve's 0-day point. Contracts under 2 days from expiry are flagged: annualizing a few hours of premium gives huge, meaningless numbers.

Compare every coin on the futures term structure table, the live HYPE perp-vs-spot basis or HYPE price, funding and open interest. Live from Binance's and Bybit's public APIs, refreshed every minute while the page is viewed, and recorded once an hour for the history chart. Not financial advice.

HYPE term structure FAQ

Is HYPE's futures curve in contango or backwardation?

The summary at the top says which, from the live prices: contango when every HYPE dated contract trades above its index, backwardation when every one trades below, mixed otherwise. Contracts under 2 days from expiry are left out of that call.

What is the HYPE cash-and-carry yield?

Buying HYPE spot and selling a dated future locks in the future's premium over the index at expiry. The annualized basis column is that premium as a simple yearly rate; fees and the cost of funding the spot leg come out of it. Nothing here is financial advice.

Why do Binance and Bybit show different basis for the same expiry?

Each contract is compared with its own exchange's index price, and coin-margined (inverse) contracts are quoted and settled differently from USDⓈ-margined ones, so the same expiry can trade a few basis points apart. The gap is usually small; a large one can be an arbitrage or a thin order book.