Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0901%/8h= −98.6% APRpaid last 24h +0.285%

Price spread now: Katana Perps against Hibachi−0.178%7-day average +0.044% · you buy dearer than you sell

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

Long on Hibachi Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+1.425%+$143 on $10k

Price spread, last 4 days (all we have)+0.081%+$8 · spread now −0.178%, 7d avg +0.044%

Together, before fees+1.506%+ Points / potential airdropHibachi: Active · farm board+$151 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$27 a day on $10k at the current rate, and Katana Perps is 0.222% cheaper against Hibachi than usual: you would sell low and buy high (−$22 if the spread goes back to its 7-day average of +0.044%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +1.425%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi HYPE/USDT-P	94.909	0.1000	pay 0.0125% / 1h	47m 59s	$214K	$277K	7x
Short	Katana Perps HYPE-USD	94.740	0.0099	get 0.0099% / 8h	4h 47m	$39K	$1.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Hibachi. 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 HibachibpFee Katana PerpsbpOrdersPrice spread, now −0.178%Rate

Funding earned: −$189.12
Price spread: −0.178% → +0.044%: −$22.17
Slippage, 4 orders: no order book: not counted
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$224.08
Costs to cover: 0.128%
Break-even: never at this rate

Slippage unknown: Hibachi: live order book, 59 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 Hibachi live order book, 59 min ago	2.90 bp	17.2 bp −$17	32.0 bp −$320	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 exchanges

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
Kraken Futures PF_HYPEUSD	−0.0282%	1h	94.869	−0.041%	$18.3M	$32.6M	50x	as long as short
Phemex HYPEUSDT	−0.0258%	8h	94.830	−0.083%	$13.0M	$2.2M	50x	as long as short
Bluefin HYPE-PERP	−0.0230%	1h	94.811	−0.103%	$79K	$131K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0196%	1h	94.770	−0.146%	$677K	$1.3M	10x	as long as short
Aster HYPEUSDT	−0.0104%	4h	94.802	−0.112%	$9.0M	$34.6M	300x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	94.832	−0.081%	$102K	$351K	20x	as long as short
Lighter HYPE	−0.0096%	1h	94.835	−0.078%	$16.5M	$55.3M	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.894	−0.015%	$3K	$421	25x	as long as short
Gate HYPE_USDT	−0.0076%	4h	94.834	−0.079%	$55.9M	$52.7M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0075%	4h	94.816	−0.098%	$147K	$643K	20x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International HYPE-PERP-INTX	−0.0064%	1h	94.860	−0.051%	$4.8M	$5.4M	50x	as long as short
OKX HYPE-USDT-SWAP	−0.0044%	8h	94.808	−0.106%	$118.8M	$304.2M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0043%	1h	94.921	+0.013%	$22K	$17K	10x	as long as short
Bitget HYPEUSDT	−0.0028%	4h	94.826	−0.087%	$229.7M	$86.1M	75x	as long as short
Phoenix HYPE	−0.0017%	1h	94.778	−0.138%	$199K	$1.1M	10x	as long as short
ApeX Omni HYPEUSDT	−0.0001%	1h	94.773	−0.143%	$323K	$924K	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.871	−0.040%	$128K	$96K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.811	−0.103%	$24K	$249K	10x	as long as short
Derive HYPE-PERP	+0.0001%	1h	94.781	−0.134%	$16.3M	$7.0M	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.836	−0.076%	$99K	—	150x	as long as short
Bullet HYPE-USD	+0.0003%	1h	94.814	−0.100%	$113K	$585K	20x	as long as short
edgeX HYPEUSDC	+0.0021%	4h	94.769	−0.147%	$5.0M	$28.0M	30x	as long as short
Binance HYPEUSDT	+0.0026%	4h	94.843	−0.069%	$382.4M	$851.8M	75x	as long as short
Bybit HYPEUSDT	+0.0027%	8h	94.827	−0.086%	$320.2M	$263.3M	75x	as long as short
MEXC HYPE_USDT	+0.0028%	4h	94.823	−0.090%	$88.6M	$82.7M	100x	as long as short
BingX HYPE-USDT	+0.0034%	4h	94.829	−0.084%	—	$49.7M	—	as long as short
Lighter RH HYPE	+0.0040%	1h	94.848	−0.064%	$3.2M	$9.9M	20x	as long as short
Backpack HYPE_USDC_PERP	+0.0043%	1h	94.816	−0.098%	$6.8M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0056%	1h	94.822	−0.091%	$273K	$1.0M	50x	as long as short
SoDEX HYPE-USD	+0.0067%	1h	94.846	−0.066%	$2.1M	$335K	10x	as long as short
KuCoin HYPEUSDTM	+0.0086%	4h	94.805	−0.109%	$47.3M	$17.8M	75x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	94.887	−0.023%	$401K	$125K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0092%	8h	94.912	+0.004%	$339K	$31K	20x	as long as short
Katana Perps HYPE-USDshort	+0.0099%	8h	94.740	−0.178%	$39K	$1.5M	10x
Nado HYPE-PERP	+0.0100%	1h	94.785	−0.130%	$7.2M	$50.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.952	+0.046%	$2.10B	$643.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.915	+0.006%	$10.2M	$12.8M	20x	as long as short
Arcus HYPE-USD	+0.0100%	1h	94.848	−0.064%	$1.0M	$2.8M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.036	+0.134%	$228K	$20K	10x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.740	−0.178%	$30.0M	$52.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.770	−0.147%	$7.7M	$41.1M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.854	−0.058%	$690K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.843	−0.070%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.825	−0.088%	$491K	$2.4M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.909	0.000%	$32K	$1.4M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.888	−0.022%	$1.4M	$5.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.793	−0.122%	$18.1M	$37.6M	50x	as long as short
BloFin HYPE-USDT	+0.0116%	4h	94.606	−0.319%	$17.5M	$11.5M	75x	as long as short
Kalshi KXHYPEPERP	+0.0118%	8h	94.931	+0.024%	$1.8M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0138%	1h	94.840	−0.072%	$3.1M	$5.2M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0224%	1h	94.926	+0.018%	$7.5M	$4.2M	50x	as long as short
Reya HYPERUSDPERP	+0.0268%	1h	94.749	−0.168%	$84K	$90K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	94.831	−0.082%	$1.4M	—	100x	as long as short
Hibachi HYPE/USDT-Plong	+0.1000%	1h	94.909	long leg	$214K	$277K	7x
Injective HYPE/USDC PERP	+0.1234%	1h	95.420	+0.539%	$31K	$334K	12x	as long as short