Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0001%/8h= +0.1% APRpaid last 24h −0.009%

Price spread now: Binance against Katana Perps+0.053%7-day average +0.055% · you sell dearer than you buy

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

Long on Katana Perps Short on Binance

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.011%+$1 on $10k

Price spread, last 7 days−0.026%−$3 · spread now +0.053%, 7d avg +0.055%

Together, before fees−0.015%−$1 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	93.060	0.0099	pay 0.0099% / 8h	3h 10m	$28K	$1.7M	10x
Short	Binance HYPEUSDT	93.109	0.0100	get 0.0050% / 4h	3h 10m	$373.7M	$910.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.053%Rate

Funding earned: $0.12
Price spread: +0.053% → +0.055%: −$0.26
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Binance: 5 bp × 2 orders: −$10
Net: −$13.94
Costs to cover: 0.138%
Break-even: 822.2 days

Slippage unknown: Katana Perps: no order-book sample; Binance: 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 Binance live order book, 4 min ago	0.05 bp	5.1 bp −$5	7.2 bp −$72	13.9 bp −$1,390	36.4 bp −$18.2K

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	−0.1808%	1h	93.008	−0.056%	$194K	$231K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0321%	1h	93.058	−0.002%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	93.058	−0.002%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.071	+0.012%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0051%	4h	93.047	−0.014%	$146K	$671K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.075	+0.016%	$128K	$29K	5x	as long as short
Ondo Perps HYPE-USD.P	0.0000%	1h	92.970	−0.097%	$700K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	93.088	+0.031%	$22K	$293K	10x	as long as short
Bullet HYPE-USD	+0.0002%	1h	93.060	0.000%	$111K	$578K	20x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.090	+0.032%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange HYPEUSD	+0.0016%	1h	93.107	+0.051%	$87K	$365K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	93.056	−0.004%	$208K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0027%	8h	93.070	+0.011%	$317.5M	$284.4M	75x	as long as short
Phemex HYPEUSDT	+0.0030%	8h	93.045	−0.016%	$12.6M	$2.7M	50x	as long as short
Bitget HYPEUSDT	+0.0036%	4h	93.080	+0.021%	$225.2M	$98.8M	75x	as long as short
Popdex HYPEUSDT	+0.0048%	1h	93.081	+0.023%	$76K	$1.1M	50x	as long as short
Gate HYPE_USDT	+0.0054%	4h	93.084	+0.026%	$45.5M	$54.9M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	93.105	+0.049%	$339K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.075	+0.016%	$16.0M	$62.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.095	+0.038%	$3.1M	$11.6M	20x	as long as short
edgeX HYPEUSDC	+0.0099%	4h	93.100	+0.043%	$4.9M	$29.7M	30x	as long as short
Katana Perps HYPE-USDlong	+0.0099%	8h	93.060	long leg	$28K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	93.061	+0.001%	$6.8M	$46.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.136	+0.082%	$2.03B	$670.1M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.116	+0.060%	$8.7M	$36.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.101	+0.044%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDTshort	+0.0100%	4h	93.109	+0.053%	$373.7M	$910.3M	75x
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.095	+0.038%	$114.0M	$305.3M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.125	+0.070%	$203K	$3K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.077	+0.018%	$91.5M	$81.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.077	+0.018%	$46.1M	$18.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.090	+0.032%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.098	+0.041%	$7.3M	$11.0M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.028	−0.035%	$28.6M	$56.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.156	+0.103%	$7.5M	$46.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.126	+0.071%	$342K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.104	+0.047%	$665K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.133	+0.079%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.110	+0.054%	$488K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.068	+0.009%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.054	−0.006%	$16.0M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.120	+0.064%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.065	+0.005%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.209	+0.160%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.039	−0.022%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.056	−0.004%	$393K	$164K	20x	as long as short
Kalshi KXHYPEPERP	+0.0117%	8h	93.149	+0.096%	$1.8M	$5.5M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.120	+0.064%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0196%	1h	93.147	+0.093%	$20.7M	$29.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.410	+0.376%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0266%	1h	93.072	+0.012%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	93.093	+0.035%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.074	+0.015%	$16.8M	$11.8M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0556%	1h	93.173	+0.121%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	93.144	+0.090%	$3.2M	$6.3M	20x	as long as short