Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0231%/8h= −25.3% APRpaid last 24h −0.064%

Price spread now: Katana Perps against GMX−0.063%7-day average −0.032% · you buy dearer than you sell

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

Long on GMX Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.204%−$20 on $10k

Price spread, last 4 days (all we have)−0.036%−$4 · spread now −0.063%, 7d avg −0.032%

Together, before fees−0.240%−$24 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 0.030% cheaper against GMX than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.032%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX HYPE/USD [WBTC.b-USDC]	92.628	L +0.0330% / S −0.0154%	pay 0.0041% / 1h	26m 04s	$1.4M	—	100x
Short	Katana Perps HYPE-USD	92.570	0.0099	get 0.0099% / 8h	4h 26m	$38K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against GMX. 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 GMXbpFee Katana PerpsbpOrdersPrice spread, now −0.063%Rate

Funding earned: −$48.51
Price spread: −0.063% → −0.032%: −$3.04
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$67.35
Costs to cover: 0.158%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; 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 GMX no order-book sample	—	—	—	—	—
Sell Katana Perps no order-book sample	—	—	—	—	—

GMX and 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	92.498	−0.141%	$1.0M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0264%	1h	92.630	+0.002%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0209%	1h	92.577	−0.055%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.707	+0.085%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0066%	4h	92.613	−0.016%	$157K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	92.607	−0.023%	$87K	$359K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.674	+0.050%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.593	−0.038%	$22K	$307K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.644	+0.017%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0024%	1h	92.640	+0.013%	$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
Phemex HYPEUSDT	+0.0031%	8h	92.707	+0.085%	$12.5M	$2.7M	50x	as long as short
Bullet HYPE-USD	+0.0031%	1h	92.607	−0.023%	$110K	$578K	20x	as long as short
Aster HYPEUSDT	+0.0033%	4h	92.670	+0.045%	$8.7M	$36.3M	300x	as long as short
BingX HYPE-USDT	+0.0040%	4h	92.663	+0.038%	—	$53.4M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.724	+0.103%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0052%	8h	92.659	+0.033%	$316.5M	$282.0M	75x	as long as short
Gate HYPE_USDT	+0.0082%	4h	92.656	+0.030%	$44.5M	$55.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0083%	8h	92.665	+0.040%	$113.5M	$304.3M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0093%	8h	92.620	−0.009%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.681	+0.057%	$16.0M	$62.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.691	+0.068%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.579	−0.053%	$69K	$1.1M	50x	as long as short
Katana Perps HYPE-USDshort	+0.0099%	8h	92.570	−0.063%	$38K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	92.632	+0.005%	$6.2M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.690	+0.067%	$2.02B	$666.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.643	+0.016%	$10.0M	$15.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.673	+0.048%	$372.0M	$904.5M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.298	−0.356%	$201K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.684	+0.060%	$87.5M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.657	+0.031%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.643	+0.016%	$224.6M	$98.3M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.643	+0.016%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.628	0.000%	$28.5M	$57.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.655	+0.029%	$7.5M	$46.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.735	+0.115%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.677	+0.053%	$664K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.654	+0.028%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.598	−0.033%	$465K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.628	0.000%	$78K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.630	+0.001%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.577	−0.055%	$31K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.669	+0.044%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.750	+0.132%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.640	+0.013%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.655	+0.028%	$392K	$164K	20x	as long as short
edgeX HYPEUSDC	+0.0109%	4h	92.580	−0.053%	$5.0M	$29.7M	30x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.560	−0.074%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.690	+0.067%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0244%	8h	92.663	+0.038%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0262%	1h	92.562	−0.071%	$79K	$137K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]long	L +0.0330% / S −0.0154%	1h	92.628	long leg	$1.4M	—	100x
Kraken Futures PF_HYPEUSD	+0.0332%	1h	92.726	+0.105%	$20.6M	$30.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.700	+0.078%	$16.6M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0397%	1h	92.734	+0.114%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.647	+0.020%	$3.1M	$6.4M	20x	as long as short