Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0495%/8h= −54.2% APRpaid last 24h −0.038%

Price spread now: Aftermath Perps against Katana Perps−0.386%7-day average — · you buy dearer than you sell

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

Long on Katana Perps Short on Aftermath 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—needs both histories

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Aftermath Perps is 0.386% cheaper against Katana Perps than usual: you would sell low and buy high (−$39 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	93.690	0.0100	pay 0.0100% / 8h	2h 20m	$28K	$1.7M	10x
Short	Aftermath Perps HYPEUSD	93.328	−0.0396	pay 0.0049% / 1h	20m 48s	$22K	$21K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aftermath Perps 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 Aftermath PerpsbpOrdersPrice spread, now −0.386%Rate

Funding earned: −$104
Price spread: −0.386% → 0.000%: −$38.6
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Net: −$155.4
Costs to cover: 0.128%
Break-even: never at this rate

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

Katana Perps and Aftermath 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	−0.1392%	1h	93.393	−0.317%	$197K	$238K	7x	as long as short
Aftermath Perps HYPEUSDshort	−0.0396%	1h	93.328	−0.386%	$22K	$21K	10x
Hotstuff HYPE-PERP	−0.0080%	1h	93.513	−0.189%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0049%	1h	93.749	+0.063%	$111K	$581K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0019%	4h	93.684	−0.006%	$146K	$672K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.915	+0.240%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	93.791	+0.108%	$88K	$365K	20x	as long as short
Perpl HYPE	0.0000%	43m	93.772	+0.087%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.760	+0.075%	$62K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	93.637	−0.057%	$1.0M	$3.9M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget HYPEUSDT	+0.0012%	4h	93.934	+0.260%	$226.7M	$99.0M	75x	as long as short
Bybit HYPEUSDT	+0.0018%	8h	93.916	+0.241%	$318.6M	$282.8M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.624	−0.070%	$208K	$1.2M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0032%	1h	93.620	−0.075%	$704K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0046%	8h	93.732	+0.045%	$12.8M	$2.8M	50x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	93.211	−0.511%	$5.0M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	93.566	−0.132%	$340K	$157K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.916	+0.241%	$16.2M	$63.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.936	+0.263%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.758	+0.073%	$73K	$1.2M	50x	as long as short
Katana Perps HYPE-USDlong	+0.0100%	8h	93.690	long leg	$28K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	93.731	+0.043%	$8.0M	$48.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.973	+0.302%	$2.05B	$669.2M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.906	+0.231%	$8.7M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.590	−0.107%	$10.1M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.957	+0.285%	$376.8M	$914.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.940	+0.267%	$115.7M	$313.0M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.358	−0.354%	$216K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.916	+0.241%	$47.3M	$54.5M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.919	+0.244%	$90.6M	$81.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.905	+0.229%	$46.4M	$18.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.914	+0.239%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.778	+0.094%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.699	+0.009%	$28.6M	$56.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.275	−0.443%	$7.5M	$47.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.227	−0.494%	$342K	$997K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.427	−0.281%	$668K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.723	+0.035%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.730	+0.043%	$486K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.721	+0.033%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.698	+0.009%	$16.2M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.593	−0.104%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.717	+0.029%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.849	+0.170%	$1.4M	$6.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.891	+0.215%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.716	+0.028%	$396K	$158K	20x	as long as short
Kalshi KXHYPEPERP	+0.0113%	8h	93.680	−0.011%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.620	−0.075%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.800	+0.117%	$4.6M	$5.8M	50x	as long as short
Reya HYPERUSDPERP	+0.0269%	1h	93.767	+0.082%	$80K	$127K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	93.765	+0.080%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0340%	1h	93.796	+0.113%	$20.9M	$29.4M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.730	+0.043%	$16.8M	$12.0M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0486%	1h	93.802	+0.120%	$7.5M	$4.1M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.742	+0.055%	$3.2M	$6.2M	20x	as long as short