Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.003%

Price spread now: Backpack against Katana Perps−0.059%7-day average +0.316% · you buy dearer than you sell

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

Long on Katana Perps Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.043%+$4 on $10k

Price spread, last 7 days−0.127%−$13 · spread now −0.059%, 7d avg +0.316%

Together, before fees−0.084%−$8 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: Backpack is 0.375% cheaper against Katana Perps than usual: you would sell low and buy high, −$37 on $10k if it goes back to its 7-day average of +0.316%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	94.000	0.0100	pay 0.0100% / 8h	1h 59m	$22K	$1.7M	10x
Short	Backpack HYPE_USDC_PERP	93.945	0.0100	get 0.0013% / 1h	59m 57s	$7.2M	$10.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now −0.059%Rate

Funding earned: $0.09
Price spread: −0.059% → +0.316%: −$37.5
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$51.2
Costs to cover: 0.138%
Break-even: 3799.9 days

Slippage unknown: Katana Perps: no order-book sample; Backpack: 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 Backpack live order book, 4 min ago	0.05 bp	7.9 bp −$8	10.0 bp −$100	170.4 bp −$17.0K	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	−0.1280%	1h	94.019	+0.020%	$201K	$241K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0278%	1h	94.234	+0.249%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.075	+0.080%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0016%	4h	93.955	−0.048%	$150K	$680K	20x	as long as short
Bullet HYPE-USD	−0.0001%	1h	93.997	−0.003%	$112K	$580K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.015	+0.016%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	93.969	−0.033%	$86K	$372K	20x	as long as short
Perpl HYPE	0.0000%	43m	93.996	−0.004%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.001	+0.001%	$63K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	93.942	−0.062%	$1.0M	$4.0M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	+0.0014%	4h	93.904	−0.102%	—	$53.8M	—	as long as short
Bybit HYPEUSDT	+0.0019%	8h	93.880	−0.128%	$317.3M	$287.5M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	94.438	+0.466%	$211K	$1.2M	10x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	93.882	−0.126%	$226.3M	$99.5M	75x	as long as short
Phemex HYPEUSDT	+0.0051%	8h	93.991	−0.010%	$12.8M	$2.8M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0055%	1h	93.930	−0.074%	$709K	$1.2M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	94.004	+0.004%	$341K	$158K	20x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	94.230	+0.244%	$5.0M	$30.5M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.970	−0.032%	$16.3M	$63.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.970	−0.032%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.960	−0.043%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USDlong	+0.0100%	8h	94.000	long leg	$22K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	93.965	−0.037%	$5.8M	$49.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.071	+0.076%	$2.06B	$681.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.897	−0.110%	$8.9M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.026	+0.027%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.901	−0.105%	$377.5M	$927.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.884	−0.123%	$116.1M	$317.0M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.213	+0.227%	$217K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.919	−0.086%	$48.3M	$56.3M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.903	−0.103%	$88.5M	$83.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.901	−0.105%	$46.4M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERPshort	+0.0100%	1h	93.945	−0.059%	$7.2M	$10.7M	20x
Variational Omni HYPE	+0.0100%	8h	94.028	+0.029%	$28.8M	$56.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.307	+0.326%	$7.7M	$48.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.313	+0.333%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.192	+0.204%	$674K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.070	+0.074%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.972	−0.030%	$477K	$2.8M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.955	−0.048%	$80K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.961	−0.042%	$16.4M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.086	+0.091%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.971	−0.031%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.105	+0.112%	$1.4M	$6.6M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.856	−0.153%	$18.3M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.969	−0.033%	$397K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0114%	8h	94.048	+0.051%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	94.610	+0.649%	$31K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.030	+0.032%	$4.7M	$6.1M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0239%	1h	94.066	+0.070%	$7.4M	$4.2M	50x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	93.950	−0.053%	$77K	$130K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	93.997	−0.003%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0339%	1h	94.040	+0.042%	$21.0M	$29.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.076	+0.081%	$17.0M	$12.2M	75x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.995	−0.006%	$3.2M	$6.4M	20x	as long as short