Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0298%/8h= −32.6% APRpaid last 24h −0.052%

Price spread now: Katana Perps against Hyperliquid−0.079%7-day average −0.055% · you buy dearer than you sell

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

Long on Hyperliquid Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.085%−$8 on $10k

Price spread, last 7 days+0.074%+$7 · spread now −0.079%, 7d avg −0.055%

Together, before fees−0.010%+ Points / potential airdropHyperliquid: Season 2 · farm board−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Katana Perps is 0.024% cheaper against Hyperliquid than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.055%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.085% in total (about -8.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid HYPE	93.854	0.0398	pay 0.0050% / 1h	58m 33s	$2.04B	$666.5M	10x
Short	Katana Perps HYPE-USD	93.780	0.0100	get 0.0100% / 8h	58m 33s	$29K	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Hyperliquid. 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 HyperliquidbpFee Katana PerpsbpOrdersPrice spread, now −0.079%Rate

Funding earned: −$62.54
Price spread: −0.079% → −0.055%: −$2.37
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$77.71
Costs to cover: 0.128%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 6 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 Hyperliquid live order book, 6 min ago	0.05 bp	4.6 bp −$5	6.9 bp −$69	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 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	−0.0504%	1h	93.704	−0.159%	$198K	$228K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0489%	1h	93.552	−0.322%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.698	−0.166%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.732	−0.130%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0027%	1h	93.690	−0.175%	$701K	$901K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.819	−0.037%	$128K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.776	−0.083%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.780	−0.079%	$28K	—	150x	as long as short
Orderly PERP_HYPE_USDC	+0.0014%	4h	93.761	−0.099%	$176K	$524K	20x	as long as short
Bybit HYPEUSDT	+0.0018%	8h	93.790	−0.068%	$324.4M	$280.4M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0020%	4h	93.782	−0.077%	$8.9M	$35.7M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	93.753	−0.108%	$215K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0061%	1h	93.704	−0.160%	$16.4M	$6.9M	10x	as long as short
01 Exchange HYPEUSD	+0.0064%	1h	93.839	−0.016%	$91K	$355K	20x	as long as short
Gate HYPE_USDT	+0.0064%	4h	93.747	−0.114%	$44.2M	$57.7M	75x	as long as short
MEXC HYPE_USDT	+0.0066%	4h	93.772	−0.087%	$90.7M	$80.2M	100x	as long as short
Binance HYPEUSDT	+0.0067%	4h	93.810	−0.047%	$385.1M	$884.8M	75x	as long as short
edgeX HYPEUSDC	+0.0071%	4h	93.562	−0.311%	$5.1M	$29.7M	30x	as long as short
Phemex HYPEUSDT	+0.0078%	8h	93.696	−0.168%	$12.8M	$2.6M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.807	−0.050%	$18.7M	$58.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.752	−0.109%	$3.0M	$12.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.802	−0.055%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.727	−0.135%	$399K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.767	−0.093%	$341K	$169K	20x	as long as short
Katana Perps HYPE-USDshort	+0.0100%	8h	93.780	−0.079%	$29K	$1.6M	10x
Nado HYPE-PERP	+0.0100%	1h	93.715	−0.148%	$5.9M	$44.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.794	−0.064%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.796	−0.062%	$114.7M	$313.8M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.757	−0.103%	$47.2M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.810	−0.047%	$227.5M	$102.3M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.765	−0.095%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.764	−0.096%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.552	−0.321%	$30.9M	$51.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.616	−0.253%	$7.5M	$45.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.565	−0.308%	$416K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.677	−0.189%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.801	−0.057%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.840	−0.015%	$496K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.753	−0.107%	$112K	$577K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.764	−0.096%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.820	−0.036%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.759	−0.101%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.680	−0.185%	$205K	$7K	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	93.680	−0.185%	$30K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.757	−0.103%	$18.3M	$41.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0120%	8h	93.804	−0.053%	$1.9M	$5.1M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.790	−0.068%	$4.9M	$5.7M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0219%	1h	93.849	−0.005%	$7.4M	$4.5M	50x	as long as short
HTX HYPE-USDT	+0.0219%	4h	93.915	+0.065%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	93.801	−0.056%	$77K	$142K	15x	as long as short
BloFin HYPE-USDT	+0.0267%	4h	93.753	−0.108%	$17.0M	$12.3M	75x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.835	−0.020%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	93.752	−0.108%	$1.4M	—	100x	as long as short
Hyperliquid HYPElong	+0.0398%	1h	93.854	long leg	$2.04B	$666.5M	10x
Kraken Futures PF_HYPEUSD	+0.0578%	1h	93.876	+0.023%	$21.0M	$28.9M	50x	as long as short