Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0240%/8h= −26.3% APRpaid last 24h −0.010%

Price spread now: Katana Perps against Deribit−0.142%7-day average −0.062% · you buy dearer than you sell

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

Long on Deribit Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.003%$0 on $10k

Price spread, last 3 days (all we have)+0.175%+$18 · spread now −0.142%, 7d avg −0.062%

Together, before fees+0.178%+$18 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 0.080% cheaper against Deribit than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.062%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.003% in total (about 0.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit HYPE_USDC-PERPETUAL	93.353	0.0340	pay 0.0043% / 1h	9m 57s	$7.4M	$4.6M	50x
Short	Katana Perps HYPE-USD	93.220	0.0100	get 0.0100% / 8h	1h 09m	$35K	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Deribit. 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 DeribitbpFee Katana PerpsbpOrdersPrice spread, now −0.142%Rate

Funding earned: −$50.44
Price spread: −0.142% → −0.062%: −$8.03
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$69.28
Costs to cover: 0.108%
Break-even: never at this rate

Slippage unknown: Deribit: live order book, 4 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 Deribit live order book, 4 min ago	1.50 bp	5.4 bp −$5	12.5 bp −$125	doesn't fit	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	−0.0459%	1h	93.211	−0.152%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0384%	1h	93.322	−0.034%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.178	−0.187%	$1.2M	$3.9M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0124%	1h	93.180	−0.185%	$699K	$896K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.276	−0.082%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.225	−0.137%	$90K	$359K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.308	−0.048%	$127K	$32K	5x	as long as short
Popdex HYPEUSDT	0.0000%	1h	93.213	−0.150%	$57K	$1.2M	50x	as long as short
Perpl HYPE	0.0000%	43m	93.204	−0.160%	$23K	$330K	10x	as long as short
Aster HYPEUSDT	+0.0002%	4h	93.297	−0.060%	$8.9M	$35.8M	300x	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 −0.0002%	1h	93.262	−0.097%	$27K	—	150x	as long as short
Orderly PERP_HYPE_USDC	+0.0017%	4h	93.253	−0.107%	$176K	$524K	20x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	93.270	−0.089%	$323.0M	$283.2M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.333	−0.021%	$214K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0049%	1h	93.236	−0.125%	$112K	$578K	20x	as long as short
Derive HYPE-PERP	+0.0050%	1h	93.218	−0.144%	$16.3M	$7.0M	10x	as long as short
Gate HYPE_USDT	+0.0062%	4h	93.264	−0.095%	$44.0M	$58.8M	75x	as long as short
Binance HYPEUSDT	+0.0063%	4h	93.270	−0.089%	$382.9M	$889.1M	75x	as long as short
MEXC HYPE_USDT	+0.0064%	4h	93.282	−0.076%	$90.2M	$82.3M	100x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.297	−0.060%	$5.1M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.317	−0.039%	$18.6M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.303	−0.054%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.271	−0.088%	$397K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.257	−0.103%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USDshort	+0.0100%	8h	93.220	−0.142%	$35K	$1.6M	10x
Nado HYPE-PERP	+0.0100%	1h	93.258	−0.101%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.300	−0.057%	$2.03B	$670.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.269	−0.090%	$10.0M	$14.4M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.249	−0.111%	$114.1M	$313.0M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.303	−0.054%	$47.0M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.310	−0.046%	$226.3M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.274	−0.085%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.297	−0.060%	$7.8M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.212	−0.151%	$30.8M	$51.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.339	−0.015%	$7.5M	$45.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.280	−0.078%	$415K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.247	−0.114%	$674K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.263	−0.097%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.239	−0.122%	$493K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.264	−0.095%	$75K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.283	−0.075%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.263	−0.096%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.297	−0.060%	$12.7M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.280	−0.078%	$204K	$8K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.262	−0.097%	$18.2M	$41.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0117%	8h	93.332	−0.022%	$1.9M	$5.2M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.270	−0.089%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0223%	4h	93.400	+0.050%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.210	−0.153%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.179	−0.186%	$77K	$159K	15x	as long as short
BloFin HYPE-USDT	+0.0260%	4h	93.271	−0.088%	$16.8M	$12.4M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.269	−0.089%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.245	−0.116%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0340%	1h	93.353	long leg	$7.4M	$4.6M	50x
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.387	+0.036%	$20.9M	$28.9M	50x	as long as short