Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0091%/8h= +10.0% APRpaid last 24h +0.014%

Price spread now: Katana Perps against Aster+0.108%7-day average −0.038% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Aster Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.004%$0 on $10k

Price spread, last 7 days−0.129%−$13 · spread now +0.108%, 7d avg −0.038%

Together, before fees−0.133%+ Points / potential airdropAster: Stage 5 · farm board−$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Katana Perps is 0.146% dearer against Aster than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of −0.038%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster HYPEUSDT	93.109	0.0008	pay 0.0004% / 4h	1h 54m	$8.9M	$35.9M	300x
Short	Katana Perps HYPE-USD	93.210	0.0100	get 0.0100% / 8h	1h 54m	$40K	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Aster. 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 AsterbpFee Katana PerpsbpOrdersPrice spread, now +0.108%Rate

Funding earned: $19.18
Price spread: +0.108% → −0.038%: $14.64
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: $22.01
Costs to cover: 0.118%
Break-even: from the start

Slippage unknown: Aster: live order book, 5 min ago; Katana Perps: no order-book sample. Net counts fees only.

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 Aster live order book, 5 min ago	0.54 bp	4.5 bp −$5	5.0 bp −$50	10.7 bp −$1,074	doesn't fit
Sell Katana Perps no order-book sample	—	—	—	—	—

Katana Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Aftermath Perps HYPEUSD	−0.0295%	1h	93.181	+0.077%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.200	+0.097%	$1.2M	$4.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.244	+0.144%	$3K	$331	25x	as long as short
Hibachi HYPE/USDT-P	−0.0032%	1h	93.219	+0.118%	$197K	$231K	7x	as long as short
Derive HYPE-PERP	−0.0017%	1h	93.081	−0.031%	$16.3M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.284	+0.188%	$127K	$32K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.186	+0.082%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.197	+0.094%	$23K	$331K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.173	+0.068%	$20K	—	150x	as long as short
01 Exchange HYPEUSD	+0.0008%	1h	93.238	+0.138%	$90K	$361K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDTlong	+0.0008%	4h	93.109	long leg	$8.9M	$35.9M	300x
Bybit HYPEUSDT	+0.0031%	8h	93.081	−0.031%	$324.0M	$286.6M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0045%	4h	93.160	+0.054%	$165K	$515K	20x	as long as short
Popdex HYPEUSDT	+0.0048%	1h	93.214	+0.112%	$56K	$1.2M	50x	as long as short
Gate HYPE_USDT	+0.0048%	4h	93.083	−0.028%	$44.0M	$56.7M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.222	+0.121%	$216K	$1.2M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0088%	1h	93.170	+0.065%	$699K	$932K	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.133	+0.025%	$18.5M	$58.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.123	+0.015%	$3.0M	$12.0M	20x	as long as short
ApeX Omni HYPEUSDT	+0.0096%	1h	93.051	−0.063%	$404K	$1.0M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.241	+0.141%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USDshort	+0.0100%	8h	93.210	+0.108%	$40K	$1.6M	10x
Nado HYPE-PERP	+0.0100%	1h	93.213	+0.111%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.130	+0.022%	$2.03B	$667.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.242	+0.143%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.095	−0.016%	$383.8M	$891.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.085	−0.026%	$114.3M	$314.5M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.271	+0.174%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.078	−0.034%	$91.2M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.132	+0.024%	$47.0M	$19.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.101	−0.009%	$225.9M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.070	−0.042%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.104	−0.006%	$7.8M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.107	−0.003%	$29.0M	$50.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.072	−0.040%	$7.5M	$44.8M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.256	+0.157%	$674K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.254	+0.155%	$493K	$2.6M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.149	+0.042%	$112K	$580K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.129	+0.021%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.170	+0.065%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.101	−0.009%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.130	+0.022%	$12.7M	$2.6M	50x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.221	+0.119%	—	$454K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.088	−0.023%	$18.3M	$41.9M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.151	+0.044%	$396K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0112%	4h	93.244	+0.145%	$5.1M	$29.3M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.260	+0.162%	$4.9M	$5.7M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0201%	1h	93.225	+0.124%	$7.4M	$4.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.910	+0.860%	$31K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.183	+0.079%	$78K	$158K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.287	+0.190%	$2.8M	$6.8M	20x	as long as short
HTX HYPE-USDT	+0.0300%	4h	93.300	+0.205%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0158%	1h	93.177	+0.072%	$1.5M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.216	+0.114%	$17.0M	$12.5M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0466%	1h	93.223	+0.122%	$20.8M	$28.3M	50x	as long as short