Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0240%/8h= −26.3% APRpaid last 24h −0.058%

Price spread now: Katana Perps against BloFin−0.188%96s7-day average −0.022% · you buy dearer than you sell

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

Long on BloFin Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.282%−$28 on $10k

Price spread, last 4 days (all we have)+0.259%+$26 · spread now −0.188%, 7d avg −0.022%

Together, before fees−0.024%−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Katana Perps is 0.166% cheaper against BloFin than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.022%). Swap the legs. The two prices were read 96 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin HYPE-USDT	94.728	0.0340	pay 0.0170% / 4h	3h 55m	$15.8M	$12.4M	75x
Short	Katana Perps HYPE-USD	94.550	0.0100	get 0.0100% / 8h	7h 55m	$28K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against BloFin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BloFinbpFee Katana PerpsbpOrdersPrice spread, now −0.188%Rate

Funding earned: −$50.44
Price spread: −0.188% → −0.022%: −$16.6
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$82.85
Costs to cover: 0.158%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 3 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 BloFin live order book, 3 min ago	0.11 bp	6.1 bp −$6	8.3 bp −$83	17.4 bp −$1,742	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
Hibachi HYPE/USDT-P	−0.1448%	1h	94.686	−0.045%	$207K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0328%	1h	94.533	−0.206%	$80K	$151K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0290%	1h	94.572	−0.165%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0201%	1h	94.619	−0.115%	$112K	$575K	20x	as long as short
Phemex HYPEUSDT	−0.0168%	8h	94.583	−0.153%	$12.9M	$2.9M	50x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.520	−0.220%	$1.0M	$3.5M	10x	as long as short
01 Exchange HYPEUSD	−0.0096%	1h	94.554	−0.184%	$87K	$364K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0083%	1h	94.630	−0.103%	$714K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.668	−0.063%	$3K	$331	25x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.607	−0.127%	$20.3M	$30.3M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0006%	4h	94.575	−0.162%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.547	−0.192%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.740	+0.013%	$1.9M	$5.5M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.723	−0.005%	$210K	$1.2M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.591	−0.145%	$19K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.643	−0.089%	$124K	—	150x	as long as short
Bitget HYPEUSDT	+0.0014%	4h	94.564	−0.173%	$226.9M	$100.0M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.570	−0.167%	$4.7M	$6.2M	50x	as long as short
Derive HYPE-PERP	+0.0022%	1h	94.691	−0.039%	$16.4M	$7.4M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0047%	8h	94.532	−0.207%	$338K	$154K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0063%	8h	94.561	−0.176%	$117.8M	$326.1M	50x	as long as short
Vest HYPE-PERP	+0.0070%	1h	94.640	−0.093%	—	$190K	5x	as long as short
SoDEX HYPE-USD	+0.0076%	1h	94.556	−0.182%	$2.1M	$1.9M	10x	as long as short
Lighter HYPE	+0.0080%	1h	94.527	−0.212%	$16.2M	$61.7M	20x	as long as short
edgeX HYPEUSDC	+0.0093%	4h	94.691	−0.039%	$5.0M	$30.6M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.516	−0.224%	$3.2M	$10.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.536	−0.203%	$121K	$1.2M	50x	as long as short
Katana Perps HYPE-USDshort	+0.0100%	8h	94.550	−0.188%	$28K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	94.534	−0.205%	$7.2M	$52.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.675	−0.056%	$2.08B	$690.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.513	−0.227%	$9.6M	$37.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.567	−0.170%	$10.2M	$14.8M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.536	−0.203%	$379.6M	$932.7M	75x	as long as short
Bybit HYPEUSDT	+0.0100%	8h	94.550	−0.188%	$317.7M	$288.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.685	−0.046%	$219K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.513	−0.227%	$50.7M	$53.6M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.605	−0.130%	$93.4M	$84.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.580	−0.156%	$46.9M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.624	−0.110%	—	$53.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.490	−0.251%	$7.5M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.549	−0.189%	$29.9M	$55.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.625	−0.109%	$7.6M	$44.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.574	−0.163%	$351K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.668	−0.063%	$693K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.636	−0.097%	$499K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.691	−0.039%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.750	+0.023%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.501	−0.239%	$18.4M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.667	−0.064%	$400K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.578	−0.159%	$3.2M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	94.840	+0.118%	$31K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.558	−0.180%	$83K	$118K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0279%	1h	94.653	−0.079%	$7.5M	$4.4M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0326% / S −0.0152%	1h	94.656	−0.076%	$1.4M	—	100x	as long as short
BloFin HYPE-USDTlong	+0.0340%	4h	94.728	long leg	$15.8M	$12.4M	75x