Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.014%

Price spread now: Bitget against Katana Perps+0.019%7-day average +0.036% · you sell dearer than you buy

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

Long on Katana Perps Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.025%−$2 on $10k

Price spread, last 7 days−0.009%−$1 · spread now +0.019%, 7d avg +0.036%

Together, before fees−0.033%−$3 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	94.000	0.0100	pay 0.0100% / 8h	7h 15m	$29K	$1.6M	10x
Short	Bitget HYPEUSDT	94.018	0.0100	get 0.0050% / 4h	3h 15m	$227.8M	$101.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.019%Rate

Funding earned: $0.04
Price spread: +0.019% → +0.036%: −$1.66
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$17.42
Costs to cover: 0.158%
Break-even: 2771.6 days

Slippage unknown: Katana Perps: no order-book sample; Bitget: 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 Bitget live order book, 4 min ago	0.21 bp	10.0 bp −$10	13.8 bp −$138	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	−0.1280%	1h	93.530	−0.500%	$198K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.914	−0.091%	$1.3M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0197%	1h	93.835	−0.176%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0124%	1h	93.940	−0.064%	$708K	$960K	10x	as long as short
dYdX HYPE-USD	−0.0101%	1h	94.003	+0.003%	$129K	$31K	5x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	93.855	−0.154%	$85K	$361K	20x	as long as short
Bullet HYPE-USD	−0.0085%	1h	93.875	−0.133%	$113K	$581K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.610	−0.415%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0051%	8h	93.936	−0.068%	$12.8M	$2.6M	50x	as long as short
Gate HYPE_USDT	−0.0036%	4h	94.013	+0.014%	$44.5M	$60.2M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0027%	4h	93.892	−0.115%	$159K	$645K	20x	as long as short
Bybit HYPEUSDT	−0.0013%	8h	94.010	+0.011%	$323.5M	$281.2M	75x	as long as short
Perpl HYPE	0.0000%	43m	93.792	−0.221%	$23K	$326K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.926	−0.079%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0008%	4h	93.994	−0.006%	$8.9M	$36.1M	300x	as long as short
Derive HYPE-PERP	+0.0009%	1h	93.884	−0.123%	$16.4M	$7.3M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.678	−0.343%	$218K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0042%	4h	94.025	+0.027%	$88.6M	$83.2M	100x	as long as short
Binance HYPEUSDT	+0.0045%	4h	94.030	+0.032%	$383.5M	$896.3M	75x	as long as short
edgeX HYPEUSDC	+0.0057%	4h	93.961	−0.041%	$5.1M	$30.0M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0074%	8h	94.021	+0.022%	$116.1M	$317.2M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.937	−0.067%	$400K	$180K	20x	as long as short
Bluefin HYPE-PERP	+0.0090%	1h	93.939	−0.065%	$76K	$171K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.030	+0.032%	$19.1M	$60.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.006	+0.006%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.849	−0.161%	$65K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.057	+0.060%	$342K	$165K	20x	as long as short
Katana Perps HYPE-USDlong	+0.0100%	8h	94.000	long leg	$29K	$1.6M	10x
Nado HYPE-PERP	+0.0100%	1h	93.805	−0.207%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.040	+0.043%	$2.05B	$676.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.034	+0.037%	$10.2M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.528	−0.502%	$204K	$12K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.039	+0.041%	$46.7M	$18.3M	75x	as long as short
Bitget HYPEUSDTshort	+0.0100%	4h	94.018	+0.019%	$227.8M	$101.0M	75x
BingX HYPE-USDT	+0.0100%	4h	94.009	+0.010%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.963	−0.039%	$7.7M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.810	−0.202%	$31.4M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.991	−0.009%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.940	−0.064%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.666	−0.355%	$677K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.816	−0.196%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.874	−0.134%	$475K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.014	+0.015%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.952	−0.051%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.990	−0.010%	$18.4M	$45.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.980	−0.021%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0168%	4h	93.581	−0.446%	$17.0M	$12.1M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.521%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.061	+0.065%	$2.7M	$6.8M	20x	as long as short
Kalshi KXHYPEPERP	+0.0227%	8h	93.872	−0.136%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	93.843	−0.167%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0156%	1h	93.911	−0.095%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0373%	4h	94.100	+0.106%	$1.5M	$6.0M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.050	+0.053%	$21.0M	$29.8M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0729%	1h	94.061	+0.065%	$7.5M	$4.6M	50x	as long as short