Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0001%/8h= −0.1% APRpaid last 24h +0.022%

Price spread now: Katana Perps against Gate+0.008%7-day average −0.033% · you sell dearer than you buy

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

Long on Gate Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.028%+$3 on $10k

Price spread, last 7 days−0.027%−$3 · spread now +0.008%, 7d avg −0.033%

Together, before fees+0.001%$0 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Katana Perps is 0.040% dearer against Gate than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.033%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate HYPE_USDT	92.943	0.0100	pay 0.0050% / 4h	3h 31m	$45.0M	$54.1M	75x
Short	Katana Perps HYPE-USD	92.950	0.0099	get 0.0099% / 8h	3h 31m	$34K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Gate. 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 GatebpFee Katana PerpsbpOrdersPrice spread, now +0.008%Rate

Funding earned: −$0.13
Price spread: +0.008% → −0.033%: $4.03
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$14.9
Costs to cover: 0.188%
Break-even: never at this rate

Slippage unknown: Gate: live order book, 2 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 Gate live order book, 2 min ago	0.38 bp	9.5 bp −$9	14.0 bp −$140	31.2 bp −$3,123	59.9 bp −$29.9K
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	−0.1472%	1h	92.689	−0.274%	$193K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0286%	1h	92.859	−0.091%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.935	−0.009%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.894	−0.053%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0063%	4h	92.878	−0.070%	$147K	$679K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.901	−0.045%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.984	+0.044%	$22K	$298K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.910	−0.036%	$62K	—	150x	as long as short
Phoenix HYPE	+0.0026%	1h	92.857	−0.093%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0033%	8h	92.990	+0.051%	$316.4M	$282.1M	75x	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	+0.0042%	1h	92.980	+0.039%	$111K	$577K	20x	as long as short
Phemex HYPEUSDT	+0.0047%	8h	92.908	−0.038%	$12.5M	$2.7M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0048%	1h	92.860	−0.089%	$699K	$1.1M	10x	as long as short
01 Exchange HYPEUSD	+0.0048%	1h	93.001	+0.062%	$86K	$362K	20x	as long as short
Bitget HYPEUSDT	+0.0056%	4h	93.000	+0.061%	$225.3M	$99.2M	75x	as long as short
Popdex HYPEUSDT	+0.0072%	1h	92.988	+0.048%	$70K	$1.1M	50x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	92.814	−0.139%	$4.9M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.934	−0.010%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.937	−0.006%	$3.1M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	92.922	−0.023%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USDshort	+0.0099%	8h	92.950	+0.008%	$34K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	92.915	−0.031%	$7.4M	$46.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.041	+0.105%	$2.03B	$666.5M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	92.980	+0.040%	$8.7M	$36.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	92.955	+0.013%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.978	+0.037%	$373.9M	$905.5M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.000	+0.061%	$114.0M	$304.8M	50x	as long as short
Gate HYPE_USDTlong	+0.0100%	4h	92.943	long leg	$45.0M	$54.1M	75x
MEXC HYPE_USDT	+0.0100%	4h	93.028	+0.091%	$88.2M	$80.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.920	−0.025%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.952	+0.010%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.899	−0.047%	$7.2M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.829	−0.123%	$28.5M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.875	−0.074%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.853	−0.097%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.896	−0.051%	$668K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.010	+0.072%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.016	+0.079%	$471K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.880	−0.068%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.878	−0.070%	$16.0M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.954	+0.012%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.895	−0.052%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.770	−0.186%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.936	−0.007%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.886	−0.062%	$393K	$164K	20x	as long as short
HTX HYPE-USDT	+0.0113%	4h	93.051	+0.116%	$1.4M	$6.3M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.970	+0.029%	$4.7M	$5.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0150%	8h	92.971	+0.030%	$1.8M	$5.4M	2.3x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.957	+0.015%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.150	+0.223%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0265%	1h	92.997	+0.058%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.909	−0.037%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.864	−0.085%	$16.8M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0428%	1h	92.983	+0.043%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	93.035	+0.099%	$3.2M	$6.4M	20x	as long as short