Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0099%/8h= +10.9% APRpaid last 24h +0.029%

Price spread now: Katana Perps against dYdX−0.080%7-day average −0.019% · you buy dearer than you sell

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

Long on dYdX Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.064%+$6 on $10k

Price spread, last 4 days (all we have)+0.299%+$30 · spread now −0.080%, 7d avg −0.019%

Together, before fees+0.363%+$36 on $10k · with fees, hour by hour

Funding pays, the price is against you. Katana Perps is 0.062% cheaper against dYdX than usual: you would sell low and buy high (spread −0.080% now, against its 7-day average of −0.019%). If the spread goes back, that is −$6 on $10k: about 2.1 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX HYPE-USD	92.674	0	get 0.0000% / 1h	25m 33s	$127K	$31K	5x
Short	Katana Perps HYPE-USD	92.600	0.0099	get 0.0099% / 8h	4h 25m	$38K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against dYdX. 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 dYdXbpFee Katana PerpsbpOrdersPrice spread, now −0.080%Rate

Funding earned: $20.82
Price spread: −0.080% → −0.019%: −$6.18
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: $0.84
Costs to cover: 0.138%
Break-even: 6.7 days

Slippage unknown: dYdX: live order book, 33 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 dYdX live order book, 33 min ago	26.34 bp	31.3 bp −$31	43.7 bp −$437	139.8 bp −$14.0K	1018.5 bp −$509.3K
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
Arcus HYPE-USD	−0.0948%	1h	92.574	−0.108%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0264%	1h	92.630	−0.048%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0213%	1h	92.594	−0.087%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.610	−0.069%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0066%	4h	92.613	−0.066%	$157K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	92.699	+0.027%	$87K	$359K	20x	as long as short
dYdX HYPE-USDlong	0.0000%	1h	92.674	long leg	$127K	$31K	5x
Perpl HYPE	0.0000%	43m	92.692	+0.019%	$22K	$307K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.718	+0.047%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0022%	1h	92.640	−0.037%	$697K	$1.1M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet HYPE-USD	+0.0028%	1h	92.680	+0.006%	$110K	$578K	20x	as long as short
Phemex HYPEUSDT	+0.0031%	8h	92.707	+0.035%	$12.5M	$2.7M	50x	as long as short
Aster HYPEUSDT	+0.0033%	4h	92.646	−0.031%	$8.7M	$36.3M	300x	as long as short
BingX HYPE-USDT	+0.0040%	4h	92.638	−0.039%	—	$53.4M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.652	−0.024%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0051%	8h	92.651	−0.025%	$316.4M	$281.9M	75x	as long as short
Gate HYPE_USDT	+0.0080%	4h	92.636	−0.041%	$44.4M	$55.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0083%	8h	92.690	+0.017%	$113.5M	$304.3M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0093%	8h	92.674	−0.001%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.647	−0.030%	$16.0M	$62.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.651	−0.025%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.672	−0.003%	$69K	$1.1M	50x	as long as short
Katana Perps HYPE-USDshort	+0.0099%	8h	92.600	−0.080%	$38K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	92.629	−0.048%	$6.4M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.706	+0.034%	$2.02B	$666.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.684	+0.010%	$10.0M	$15.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.671	−0.004%	$372.0M	$903.8M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.298	−0.406%	$201K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.703	+0.031%	$87.5M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.673	−0.002%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.679	+0.005%	$224.7M	$98.3M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.643	−0.034%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.628	−0.050%	$28.5M	$57.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.667	−0.008%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.687	+0.014%	$349K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.632	−0.046%	$663K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.718	+0.047%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.685	+0.011%	$465K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.628	−0.050%	$78K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.630	−0.048%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.577	−0.105%	$31K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.669	−0.006%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.750	+0.082%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.613	−0.066%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.655	−0.021%	$392K	$164K	20x	as long as short
edgeX HYPEUSDC	+0.0107%	4h	92.611	−0.068%	$5.0M	$29.5M	30x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.560	−0.123%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.690	+0.017%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0244%	8h	92.663	−0.012%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0262%	1h	92.693	+0.020%	$79K	$137K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.628	−0.050%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0332%	1h	92.726	+0.055%	$20.6M	$30.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.700	+0.028%	$16.6M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0397%	1h	92.734	+0.064%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.704	+0.032%	$3.1M	$6.4M	20x	as long as short