Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0180%/8h= +19.8% APRpaid last 24h +0.066%

Price spread now: BloFin against Katana Perps−0.099%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 BloFin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.266%+$27 on $10k

Price spread, last 3 days (all we have)−0.009%−$1 · spread now −0.099%, 7d avg +0.026%

Together, before fees+0.257%+$26 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.124% cheaper against Katana Perps than usual: you would sell low and buy high (spread −0.099% now, against its 7-day average of +0.026%). If the spread goes back, that is −$12 on $10k: about 2.3 days of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	93.090	0.0100	pay 0.0100% / 8h	1h 28m	$34K	$1.6M	10x
Short	BloFin HYPE-USDT	92.998	0.0280	get 0.0140% / 4h	1h 28m	$16.9M	$12.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.099%Rate

Funding earned: $37.89
Price spread: −0.099% → +0.026%: −$12.44
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee BloFin: 6 bp × 2 orders: −$12
Net: $9.65
Costs to cover: 0.158%
Break-even: 5.2 days

Slippage unknown: Katana Perps: no order-book sample; BloFin: live order book, 6 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 BloFin live order book, 6 min ago	0.86 bp	6.9 bp −$7	8.1 bp −$81	15.9 bp −$1,589	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
Aftermath Perps HYPEUSD	−0.0404%	1h	93.039	−0.054%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0256%	1h	92.965	−0.134%	$196K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.049	−0.044%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0120%	1h	93.000	−0.097%	$698K	$927K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.057	−0.035%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	93.092	+0.002%	$90K	$362K	20x	as long as short
Popdex HYPEUSDT	−0.0016%	1h	93.090	0.000%	$58K	$1.2M	50x	as long as short
Aster HYPEUSDT	−0.0007%	4h	93.017	−0.079%	$8.8M	$36.0M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.108	+0.019%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.042	−0.052%	$23K	$331K	10x	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	93.056	−0.037%	$20K	—	150x	as long as short
Bybit HYPEUSDT	+0.0024%	8h	92.961	−0.139%	$322.4M	$287.2M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0025%	4h	93.001	−0.096%	$171K	$518K	20x	as long as short
Derive HYPE-PERP	+0.0033%	1h	92.972	−0.126%	$16.2M	$7.1M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.033	−0.061%	$213K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0044%	4h	93.050	−0.043%	$43.8M	$58.4M	75x	as long as short
Bullet HYPE-USD	+0.0047%	1h	93.047	−0.046%	$111K	$580K	20x	as long as short
Binance HYPEUSDT	+0.0067%	4h	93.011	−0.084%	$381.6M	$895.1M	75x	as long as short
MEXC HYPE_USDT	+0.0070%	4h	92.979	−0.119%	$89.9M	$81.9M	100x	as long as short
edgeX HYPEUSDC	+0.0086%	4h	93.085	−0.005%	$5.1M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.034	−0.060%	$18.5M	$58.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.019	−0.076%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.007	−0.089%	$396K	$318K	20x	as long as short
StandX HYPE-USD	+0.0096%	1h	93.000	−0.097%	$673K	$2.5M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	93.093	+0.003%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USDlong	+0.0100%	8h	93.090	long leg	$34K	$1.6M	10x
Nado HYPE-PERP	+0.0100%	1h	93.095	+0.005%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.099	+0.010%	$2.02B	$673.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.127	+0.040%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.963	−0.136%	$113.6M	$313.9M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.030	−0.064%	$203K	$8K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.001	−0.096%	$46.9M	$19.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.979	−0.119%	$225.3M	$103.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.020	−0.075%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.037	−0.057%	$7.8M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.003	−0.093%	$28.9M	$50.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.981	−0.117%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.095	+0.005%	$412K	$1.0M	50x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.080	−0.011%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.102	+0.013%	$492K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.030	−0.064%	$75K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.064	−0.028%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.999	−0.098%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	92.990	−0.107%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.989	−0.109%	$18.2M	$42.1M	50x	as long as short
Kalshi KXHYPEPERP	+0.0110%	8h	93.092	+0.002%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.020	−0.075%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	92.880	−0.226%	$30K	$338K	12x	as long as short
HTX HYPE-USDT	+0.0241%	4h	93.250	+0.172%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.029	−0.066%	$77K	$158K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.151	+0.065%	$2.7M	$6.8M	20x	as long as short
BloFin HYPE-USDTshort	+0.0280%	4h	92.998	−0.099%	$16.9M	$12.5M	75x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0158%	1h	93.060	−0.032%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0363%	1h	93.106	+0.017%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0466%	1h	93.117	+0.029%	$20.8M	$28.9M	50x	as long as short