Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0051%/8h= −5.5% APRpaid last 24h −0.063%

Price spread now: Katana Perps against Injective−0.065%7-day average −0.179% · you buy dearer than you sell

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

Long on Injective Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.817%−$82 on $10k

Price spread, last 4 days (all we have)+0.125%+$12 · spread now −0.065%, 7d avg −0.179%

Together, before fees−0.692%−$69 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Katana Perps is 0.115% dearer against Injective than usual: you sell high and buy low (spread −0.065% now, against its 7-day average of −0.179%): +$11 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 7.5 days. At the pace of the last 4 days (−0.817% in total) that is about 13 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective HYPE/USDC PERP	92.430	0.0150	pay 0.0019% / 1h	50m 07s	$30K	$339K	12x
Short	Katana Perps HYPE-USD	92.370	0.0100	get 0.0100% / 8h	4h 50m	$13K	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Injective. 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 InjectivebpFee Katana PerpsbpOrdersPrice spread, now −0.065%Rate

Funding earned: −$10.64
Price spread: −0.065% → −0.179%: $11.45
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$3.01
Costs to cover: 0.038%
Break-even: from the start

Slippage unknown: Injective: live order book, 9 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 Injective live order book, 9 min ago	14.57 bp	doesn't fit	doesn't fit	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
Arcus HYPE-USD	−0.0948%	1h	92.287	−0.155%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0728%	1h	92.519	+0.096%	$194K	$227K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0112%	1h	92.647	+0.234%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	92.387	−0.047%	$85K	$352K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.501	+0.077%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0067%	4h	92.385	−0.049%	$157K	$663K	20x	as long as short
Bullet HYPE-USD	−0.0053%	1h	92.394	−0.039%	$110K	$579K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0047%	1h	92.360	−0.076%	$699K	$1.1M	10x	as long as short
Aster HYPEUSDT	−0.0005%	4h	92.369	−0.066%	$8.7M	$36.2M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.417	−0.014%	$127K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	92.413	−0.019%	$23K	$309K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.436	+0.007%	$61K	—	150x	as long as short
Derive HYPE-PERP	+0.0020%	1h	92.367	−0.068%	$16.0M	$7.5M	10x	as long as short
BingX HYPE-USDT	+0.0032%	4h	92.393	−0.040%	—	$53.2M	—	as long as short
Phemex HYPEUSDT	+0.0038%	8h	92.433	+0.003%	$12.5M	$2.7M	50x	as long as short
Bybit HYPEUSDT	+0.0038%	8h	92.352	−0.084%	$317.0M	$279.2M	75x	as long as short
Phoenix HYPE	+0.0043%	1h	92.855	+0.460%	$211K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0050%	4h	92.381	−0.053%	$44.4M	$54.5M	75x	as long as short
Popdex HYPEUSDT	+0.0072%	1h	92.395	−0.038%	$67K	$1.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0074%	8h	92.356	−0.080%	$112.9M	$300.5M	50x	as long as short
MEXC HYPE_USDT	+0.0078%	4h	92.394	−0.039%	$87.5M	$80.2M	100x	as long as short
Binance HYPEUSDT	+0.0079%	4h	92.374	−0.061%	$371.4M	$893.1M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0092%	8h	92.507	+0.083%	$338K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.411	−0.021%	$16.0M	$62.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.410	−0.022%	$3.1M	$11.6M	20x	as long as short
Katana Perps HYPE-USDshort	+0.0100%	8h	92.370	−0.065%	$13K	$1.6M	10x
Nado HYPE-PERP	+0.0100%	1h	92.400	−0.033%	$5.8M	$43.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.440	+0.011%	$2.01B	$658.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.441	+0.012%	$10.0M	$14.9M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	+0.400%	$202K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.414	−0.017%	$45.8M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.403	−0.029%	$223.6M	$97.5M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.370	−0.065%	$7.4M	$10.0M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.469	+0.042%	$28.5M	$57.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.799	+0.399%	$7.5M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.847	+0.451%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.569	+0.150%	$664K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.481	+0.055%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.438	+0.009%	$467K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.463	+0.036%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.406	−0.026%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.600	+0.184%	$1.4M	$6.2M	75x	as long as short
edgeX HYPEUSDC	+0.0103%	4h	92.776	+0.374%	$5.1M	$29.2M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.372	−0.063%	$18.1M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.434	+0.004%	$391K	$164K	20x	as long as short
Injective HYPE/USDC PERPlong	+0.0150%	1h	92.430	long leg	$30K	$339K	12x
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.480	+0.054%	$4.7M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0260%	1h	92.391	−0.042%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0262%	8h	92.513	+0.090%	$1.8M	$5.4M	2.3x	as long as short
BloFin HYPE-USDT	+0.0317%	4h	92.544	+0.123%	$16.8M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0329% / S −0.0153%	1h	92.424	−0.006%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0333%	1h	92.439	+0.010%	$20.5M	$30.4M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0464%	1h	92.500	+0.076%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.479	+0.053%	$3.1M	$6.4M	20x	as long as short
Bluefin HYPE-PERP	+0.1078%	1h	92.386	−0.048%	$78K	$169K	20x	as long as short