Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0212%/8h= −23.2% APRpaid last 24h −0.101%

Price spread now: Arcus against Katana Perps−0.028%7-day average +0.026% · you buy dearer than you sell

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

Long on Katana Perps Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.124%−$12 on $10k

Price spread, last 7 days+0.028%+$3 · spread now −0.028%, 7d avg +0.026%

Together, before fees−0.096%−$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Arcus is 0.054% cheaper against Katana Perps than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.026%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	95.080	0.0100	pay 0.0100% / 8h	7h 14m	$40K	$1.5M	10x
Short	Arcus HYPE-USD	95.053	−0.0112	pay 0.0014% / 1h	14m 56s	$1.0M	$3.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Katana Perps. 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 Katana PerpsbpFee ArcusbpOrdersPrice spread, now −0.028%Rate

Funding earned: −$44.46
Price spread: −0.028% → +0.026%: −$5.41
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$58.17
Costs to cover: 0.083%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; Arcus: live order book, 4 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 Arcus live order book, 4 min ago	0.31 bp	3.2 bp −$3	8.8 bp −$88	31.2 bp −$3,122	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 54 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	−0.0808%	1h	95.071	−0.010%	$212K	$265K	7x	as long as short
Bluefin HYPE-PERP	−0.0543%	1h	95.009	−0.075%	$79K	$148K	20x	as long as short
Phemex HYPEUSDT	−0.0264%	8h	95.057	−0.024%	$13.0M	$2.8M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0257%	1h	95.009	−0.075%	$22K	$19K	10x	as long as short
Bullet HYPE-USD	−0.0210%	1h	95.045	−0.036%	$113K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0134%	1h	95.040	−0.042%	$705K	$1.3M	10x	as long as short
dYdX HYPE-USD	−0.0131%	1h	95.078	−0.002%	$130K	$93K	5x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	95.099	+0.020%	$90K	$356K	20x	as long as short
Arcus HYPE-USDshort	−0.0112%	1h	95.053	−0.028%	$1.0M	$3.2M	10x
Hotstuff HYPE-PERP	−0.0080%	1h	95.099	+0.020%	$3K	$331	25x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_HYPEUSD	−0.0047%	1h	95.055	−0.026%	$18.9M	$35.7M	50x	as long as short
Bybit HYPEUSDT	−0.0016%	8h	95.090	+0.011%	$319.6M	$288.4M	75x	as long as short
Gate HYPE_USDT	−0.0008%	4h	95.087	+0.007%	$52.7M	$56.4M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0005%	4h	95.045	−0.037%	$147K	$670K	20x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	95.155	+0.079%	$1.9M	$5.5M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	95.111	+0.032%	$19K	$274K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.070	−0.011%	$85K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	95.182	+0.107%	$212K	$1.2M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	95.090	+0.011%	$4.7M	$5.8M	50x	as long as short
Vest HYPE-PERP	+0.0029%	1h	95.155	+0.079%	—	$126K	5x	as long as short
OKX HYPE-USDT-SWAP	+0.0037%	8h	95.091	+0.012%	$118.6M	$324.1M	50x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	95.089	+0.009%	$228.3M	$95.2M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0048%	8h	95.126	+0.048%	$340K	$38K	20x	as long as short
Backpack HYPE_USDC_PERP	+0.0057%	1h	95.059	−0.022%	$7.6M	$10.1M	20x	as long as short
SoDEX HYPE-USD	+0.0094%	1h	95.061	−0.020%	$2.1M	$1.9M	10x	as long as short
Lighter HYPE	+0.0096%	1h	95.061	−0.020%	$16.3M	$63.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.072	−0.008%	$3.2M	$10.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	95.057	−0.024%	$150K	$1.2M	50x	as long as short
edgeX HYPEUSDC	+0.0096%	4h	95.126	+0.048%	$5.1M	$31.1M	30x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0097%	1h	95.143	+0.066%	$7.5M	$4.4M	50x	as long as short
Katana Perps HYPE-USDlong	+0.0100%	8h	95.080	long leg	$40K	$1.5M	10x
Nado HYPE-PERP	+0.0100%	1h	95.053	−0.028%	$6.6M	$51.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.234	+0.162%	$2.10B	$678.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	95.093	+0.014%	$8.9M	$36.8M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	95.110	+0.031%	$10.3M	$14.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	95.107	+0.028%	$382.9M	$916.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.126	+0.049%	$222K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	95.109	+0.031%	$98.1M	$89.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.096	+0.017%	$47.4M	$18.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	95.102	+0.023%	—	$52.8M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	95.091	+0.012%	$29.9M	$56.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.104	+0.025%	$7.7M	$44.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.124	+0.046%	$348K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.146	+0.069%	$692K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.060	−0.021%	$500K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.009	−0.075%	$33K	$1.5M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.194	+0.120%	$1.4M	$6.7M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.076	−0.004%	$18.3M	$42.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.048	−0.034%	$402K	$148K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.088	+0.009%	$3.1M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.380	+0.316%	$31K	$340K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	95.040	−0.042%	$85K	$94K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0155%	1h	95.120	+0.042%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	95.062	−0.019%	$17.2M	$12.3M	75x	as long as short