Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.015%

Price spread now: BingX against Katana Perps+0.040%7-day average +0.039% · you sell dearer than you buy

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

Long on Katana Perps Short on BingX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.049%−$5 on $10k

Price spread, last 7 days−0.042%−$4 · spread now +0.040%, 7d avg +0.039%

Together, before fees−0.090%−$9 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	93.050	0.0100	pay 0.0100% / 8h	1h 34m	$40K	$1.6M	10x
Short	BingX HYPE-USDT	93.087	0.0100	get 0.0050% / 4h	1h 34m	—	$53.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.040%Rate

Funding earned: $0.04
Price spread: +0.040% → +0.039%: $0.1
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee BingX: 5 bp × 2 orders: −$10
Net: −$13.65
Costs to cover: 0.138%
Break-even: 2174.4 days

Slippage unknown: Katana Perps: no order-book sample; BingX: 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 BingX live order book, 4 min ago	0.16 bp	6.1 bp −$6	8.6 bp −$86	12.8 bp −$1,281	16.7 bp −$8,359

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
Aftermath Perps HYPEUSD	−0.0375%	1h	93.139	+0.096%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0192%	1h	93.147	+0.105%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.024	−0.028%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0111%	1h	93.070	+0.021%	$698K	$923K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.118	+0.073%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	93.101	+0.055%	$90K	$362K	20x	as long as short
Popdex HYPEUSDT	−0.0008%	1h	93.106	+0.060%	$57K	$1.2M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.124	+0.079%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.124	+0.080%	$23K	$331K	10x	as long as short
Aster HYPEUSDT	+0.0001%	4h	93.109	+0.063%	$8.8M	$36.0M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.175	+0.134%	$20K	—	150x	as long as short
Bybit HYPEUSDT	+0.0026%	8h	93.081	+0.033%	$323.0M	$286.8M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0031%	4h	93.136	+0.092%	$172K	$520K	20x	as long as short
Bullet HYPE-USD	+0.0031%	1h	93.119	+0.075%	$111K	$579K	20x	as long as short
Derive HYPE-PERP	+0.0031%	1h	93.113	+0.067%	$16.3M	$7.1M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.106	+0.060%	$214K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0038%	4h	93.095	+0.048%	$43.9M	$58.0M	75x	as long as short
Binance HYPEUSDT	+0.0080%	4h	93.101	+0.055%	$382.5M	$893.5M	75x	as long as short
MEXC HYPE_USDT	+0.0082%	4h	93.116	+0.071%	$89.9M	$81.8M	100x	as long as short
Lighter HYPE	+0.0096%	1h	93.173	+0.132%	$18.5M	$58.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.138	+0.095%	$3.1M	$12.1M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	93.107	+0.061%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USDlong	+0.0100%	8h	93.050	long leg	$40K	$1.6M	10x
Nado HYPE-PERP	+0.0100%	1h	93.106	+0.060%	$5.9M	$44.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.125	+0.081%	$2.02B	$670.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.117	+0.072%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.073	+0.025%	$113.8M	$313.5M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.390	+0.365%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.126	+0.082%	$47.2M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.085	+0.038%	$225.6M	$102.9M	75x	as long as short
BingX HYPE-USDTshort	+0.0100%	4h	93.087	+0.040%	—	$53.9M	—
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.173	+0.132%	$7.8M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.034	−0.017%	$29.0M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.137	+0.093%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.246	+0.211%	$412K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.047	−0.003%	$673K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.145	+0.102%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.147	+0.104%	$492K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.162	+0.120%	$75K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.174	+0.133%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.135	+0.091%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.160	+0.118%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.073	+0.025%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.134	+0.090%	$396K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0105%	8h	93.240	+0.204%	$1.9M	$5.3M	2.3x	as long as short
edgeX HYPEUSDC	+0.0110%	4h	93.120	+0.075%	$5.1M	$29.6M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.150	+0.107%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	92.970	−0.086%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.141	+0.098%	$78K	$158K	15x	as long as short
HTX HYPE-USDT	+0.0256%	4h	93.300	+0.269%	$1.5M	$7.7M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.103	+0.057%	$2.8M	$6.8M	20x	as long as short
BloFin HYPE-USDT	+0.0323%	4h	93.167	+0.126%	$16.9M	$12.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0158%	1h	93.168	+0.126%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0437%	1h	93.252	+0.217%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0466%	1h	93.257	+0.223%	$20.8M	$28.9M	50x	as long as short