Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0001%/8h= +0.1% APRpaid last 24h −0.002%

Price spread now: ApeX Omni against Katana Perps−0.067%7-day average +0.036% · you buy dearer than you sell

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

Long on Katana Perps Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.018%+$2 on $10k

Price spread, last 7 days+0.056%+$6 · spread now −0.067%, 7d avg +0.036%

Together, before fees+0.074%+$7 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: ApeX Omni is 0.103% cheaper against Katana Perps than usual: you would sell low and buy high, −$10 on $10k if it goes back to its 7-day average of +0.036%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	92.990	0.0099	pay 0.0099% / 8h	3h 51m	$39K	$1.7M	10x
Short	ApeX Omni HYPEUSDT	92.928	0.0100	get 0.0013% / 1h	51m 11s	$351K	$1.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni 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 ApeX OmnibpOrdersPrice spread, now −0.067%Rate

Funding earned: $0.15
Price spread: −0.067% → +0.036%: −$10.28
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$23.94
Costs to cover: 0.138%
Break-even: 1146.8 days

Slippage unknown: Katana Perps: no order-book sample; ApeX Omni: live order book, 8 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 ApeX Omni live order book, 8 min ago	3.07 bp	9.9 bp −$10	12.7 bp −$127	doesn't fit	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
Hibachi HYPE/USDT-P	−0.0640%	1h	92.840	−0.162%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0266%	1h	92.907	−0.089%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.985	−0.005%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.022	+0.034%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0061%	4h	92.956	−0.037%	$158K	$660K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.023	+0.035%	$128K	$29K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.067	+0.083%	$1.8M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.012	+0.024%	$22K	$301K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.042	+0.056%	$62K	—	150x	as long as short
Phoenix HYPE	+0.0026%	1h	93.032	+0.045%	$210K	$1.2M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	+0.0037%	8h	92.941	−0.053%	$316.1M	$282.4M	75x	as long as short
Phemex HYPEUSDT	+0.0038%	8h	92.947	−0.046%	$12.6M	$2.7M	50x	as long as short
Gate HYPE_USDT	+0.0048%	4h	93.018	+0.030%	$44.7M	$53.7M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0062%	1h	92.970	−0.022%	$699K	$1.1M	10x	as long as short
01 Exchange HYPEUSD	+0.0064%	1h	93.050	+0.065%	$87K	$362K	20x	as long as short
Bitget HYPEUSDT	+0.0080%	4h	92.959	−0.033%	$225.2M	$99.0M	75x	as long as short
edgeX HYPEUSDC	+0.0086%	4h	92.935	−0.059%	$4.9M	$29.6M	30x	as long as short
Aster HYPEUSDT	+0.0087%	4h	93.041	+0.055%	$8.7M	$36.2M	300x	as long as short
Lighter HYPE	+0.0096%	1h	92.996	+0.006%	$16.1M	$62.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.001	+0.012%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.017	+0.029%	$70K	$1.1M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	93.042	+0.055%	$340K	$163K	20x	as long as short
Katana Perps HYPE-USDlong	+0.0099%	8h	92.990	long leg	$39K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	93.007	+0.019%	$7.5M	$45.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.061	+0.076%	$2.03B	$665.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.045	+0.059%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.963	−0.029%	$373.9M	$904.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.961	−0.031%	$114.0M	$304.8M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.942	−0.052%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.960	−0.032%	$87.7M	$79.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.967	−0.025%	$46.2M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.012	+0.024%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.012	+0.024%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.709	−0.302%	$28.4M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.015	+0.027%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDTshort	+0.0100%	1h	92.928	−0.067%	$351K	$1.0M	50x
StandX HYPE-USD	+0.0100%	1h	93.011	+0.023%	$668K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.055	+0.070%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.056	+0.071%	$469K	$2.6M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.023	+0.036%	$112K	$578K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.971	−0.020%	$79K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.965	−0.027%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.009	+0.020%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.975	−0.016%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.953	−0.040%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.985	−0.006%	$393K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.080	+0.097%	$4.7M	$5.6M	50x	as long as short
HTX HYPE-USDT	+0.0177%	4h	93.154	+0.176%	$1.4M	$6.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	93.050	+0.065%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.150	+0.172%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0264%	1h	93.014	+0.025%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	93.015	+0.027%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.981	−0.010%	$16.7M	$11.7M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0460%	1h	93.073	+0.089%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	93.081	+0.098%	$3.2M	$6.4M	20x	as long as short