Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0179%/8h= +19.6% APRpaid last 24h +0.054%

Price spread now: Katana Perps against Hotstuff+0.006%7-day average — · you sell dearer than you buy

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

Long on Hotstuff Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff HYPE-PERP	94.034	−0.0080	get 0.0010% / 1h	3m 18s	$3K	$331	25x
Short	Katana Perps HYPE-USD	94.040	0.0099	get 0.0099% / 8h	3m 18s	$36K	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Hotstuff. 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 HotstuffbpFee Katana PerpsbpOrdersPrice spread, now +0.006%Rate

Funding earned: $37.65
Price spread: +0.006% → 0.000%: $0.64
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: $29.48
Costs to cover: 0.088%
Break-even: 1.5 days

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

Hotstuff 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
Hibachi HYPE/USDT-P	−0.1376%	1h	93.897	−0.146%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0357%	1h	93.936	−0.105%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.920	−0.121%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0128%	1h	93.970	−0.068%	$704K	$926K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.042	+0.009%	$86K	$368K	20x	as long as short
Hotstuff HYPE-PERPlong	−0.0080%	1h	94.034	long leg	$3K	$331	25x
Derive HYPE-PERP	−0.0010%	1h	93.985	−0.052%	$16.4M	$7.2M	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0005%	4h	94.050	+0.017%	$170K	$593K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.987	−0.050%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.081	+0.050%	$23K	$329K	10x	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 −0.0003%	1h	94.070	+0.038%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	93.898	−0.145%	$217K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0014%	4h	94.046	+0.013%	$8.9M	$36.1M	300x	as long as short
Bybit HYPEUSDT	+0.0019%	8h	94.040	+0.006%	$323.7M	$284.0M	75x	as long as short
Phemex HYPEUSDT	+0.0028%	8h	93.997	−0.039%	$12.8M	$2.6M	50x	as long as short
MEXC HYPE_USDT	+0.0046%	4h	94.045	+0.012%	$88.5M	$82.3M	100x	as long as short
Binance HYPEUSDT	+0.0046%	4h	94.043	+0.009%	$384.4M	$898.4M	75x	as long as short
edgeX HYPEUSDC	+0.0064%	4h	93.859	−0.186%	$5.1M	$29.7M	30x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	94.049	+0.016%	$60K	$1.2M	50x	as long as short
Gate HYPE_USDT	+0.0066%	4h	94.045	+0.012%	$44.2M	$60.1M	75x	as long as short
Bullet HYPE-USD	+0.0079%	1h	94.020	−0.015%	$112K	$578K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0088%	8h	94.037	+0.003%	$116.0M	$323.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.073	+0.042%	$18.9M	$60.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.045	+0.012%	$3.1M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.045	+0.012%	$400K	$318K	20x	as long as short
Katana Perps HYPE-USDshort	+0.0099%	8h	94.040	+0.006%	$36K	$1.6M	10x
Paradex HYPE-USD-PERP	+0.0099%	8h	94.066	+0.033%	$342K	$171K	20x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.049	+0.016%	$6.7M	$44.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.136	+0.108%	$2.05B	$680.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.071	+0.039%	$10.1M	$14.5M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.889	−0.154%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.049	+0.016%	$46.6M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.051	+0.018%	$227.8M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.041	+0.007%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.051	+0.018%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.812	−0.236%	$31.3M	$54.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.864	−0.181%	$7.6M	$45.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.817	−0.231%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.966	−0.072%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.055	+0.023%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.070	+0.038%	$472K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.059	+0.027%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.087	+0.056%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.039	+0.005%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.400%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.021	−0.014%	$18.4M	$42.8M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.110	+0.081%	$4.9M	$5.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0155%	8h	93.993	−0.044%	$1.9M	$5.1M	2.3x	as long as short
BloFin HYPE-USDT	+0.0187%	4h	93.859	−0.186%	$17.0M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0194%	4h	94.200	+0.177%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	94.042	+0.008%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.091	+0.061%	$2.8M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0163%	1h	94.066	+0.034%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0473%	1h	94.154	+0.128%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0576%	1h	94.151	+0.124%	$21.1M	$29.5M	50x	as long as short