Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0004%/8h= +0.5% APRpaid last 24h 0.000%

Price spread now: Aevo against Katana Perps−0.039%7-day average +0.023% · you buy dearer than you sell

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

Long on Katana Perps Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.026%+$3 on $10k

Price spread, last 3 days (all we have)−0.034%−$3 · spread now −0.039%, 7d avg +0.023%

Together, before fees−0.008%−$1 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Aevo is 0.063% cheaper against Katana Perps than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.023%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	93.120	0.0100	pay 0.0100% / 8h	1h 32m	$34K	$1.6M	10x
Short	Aevo HYPE-PERP	93.084	0.0104	get 0.0013% / 1h	32m 55s	$396K	$318K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Katana Perps. 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 Katana PerpsbpFee AevobpOrdersPrice spread, now −0.039%Rate

Funding earned: $0.88
Price spread: −0.039% → +0.023%: −$6.26
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$25.17
Costs to cover: 0.198%
Break-even: 206.3 days

Slippage unknown: Katana Perps: no order-book sample; Aevo: live order book, 51 min ago. 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 Katana Perps no order-book sample	—	—	—	—	—
Sell Aevo live order book, 51 min ago	4.37 bp	13.2 bp −$13	17.1 bp −$171	22.6 bp −$2,259	doesn't fit

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
Aftermath Perps HYPEUSD	−0.0380%	1h	93.133	+0.014%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0208%	1h	93.124	+0.004%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.094	−0.028%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0115%	1h	93.060	−0.064%	$698K	$923K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.134	+0.015%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.129	+0.010%	$90K	$362K	20x	as long as short
Popdex HYPEUSDT	−0.0008%	1h	93.107	−0.014%	$57K	$1.2M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.124	+0.004%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.070	−0.054%	$23K	$331K	10x	as long as short
Aster HYPEUSDT	+0.0001%	4h	93.047	−0.079%	$8.8M	$36.0M	300x	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 −0.0001%	1h	93.102	−0.019%	$20K	—	150x	as long as short
Bullet HYPE-USD	+0.0025%	1h	93.057	−0.068%	$111K	$579K	20x	as long as short
Bybit HYPEUSDT	+0.0025%	8h	93.060	−0.064%	$323.1M	$287.1M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0028%	4h	93.072	−0.052%	$172K	$519K	20x	as long as short
Derive HYPE-PERP	+0.0031%	1h	93.034	−0.092%	$16.2M	$7.1M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.106	−0.015%	$214K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0040%	4h	93.056	−0.069%	$43.9M	$58.1M	75x	as long as short
Binance HYPEUSDT	+0.0077%	4h	93.063	−0.061%	$382.4M	$894.1M	75x	as long as short
MEXC HYPE_USDT	+0.0078%	4h	93.044	−0.082%	$89.9M	$81.8M	100x	as long as short
Lighter HYPE	+0.0096%	1h	93.133	+0.014%	$18.5M	$58.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.111	−0.010%	$3.1M	$12.1M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	93.142	+0.023%	$338K	$170K	20x	as long as short
edgeX HYPEUSDC	+0.0099%	4h	93.079	−0.044%	$5.1M	$29.6M	30x	as long as short
Katana Perps HYPE-USDlong	+0.0100%	8h	93.120	long leg	$34K	$1.6M	10x
Nado HYPE-PERP	+0.0100%	1h	93.113	−0.007%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.103	−0.019%	$2.02B	$670.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.170	+0.054%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.060	−0.064%	$113.8M	$313.7M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.390	+0.290%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.095	−0.027%	$47.1M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.080	−0.043%	$225.6M	$103.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.063	−0.061%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.091	−0.031%	$7.8M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.034	−0.092%	$29.0M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.144	+0.026%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.135	+0.016%	$412K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.066	−0.058%	$673K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.118	−0.002%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.136	+0.017%	$492K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.079	−0.044%	$75K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.089	−0.033%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.083	−0.040%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.073	−0.050%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.017	−0.110%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERPshort	+0.0104%	1h	93.084	−0.039%	$396K	$318K	20x
Kalshi KXHYPEPERP	+0.0107%	8h	93.224	+0.112%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.180	+0.064%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.070	−0.054%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.057	−0.068%	$78K	$158K	15x	as long as short
HTX HYPE-USDT	+0.0249%	4h	93.228	+0.116%	$1.5M	$7.7M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.177	+0.061%	$2.8M	$6.8M	20x	as long as short
BloFin HYPE-USDT	+0.0308%	4h	93.074	−0.049%	$16.9M	$12.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0158%	1h	93.095	−0.027%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0384%	1h	93.180	+0.064%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0466%	1h	93.194	+0.079%	$20.8M	$28.9M	50x	as long as short