Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0107%/8h= −11.7% APRpaid last 24h −0.010%

Price spread now: Bullet against Katana Perps+0.019%7-day average +0.041% · you sell dearer than you buy

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

Long on Katana Perps Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.001%$0 on $10k

Price spread, last 4 days (all we have)+0.509%+$51 · spread now +0.019%, 7d avg +0.041%

Together, before fees+0.510%+$51 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Bullet is 0.022% cheaper against Katana Perps than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.041%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	93.380	0.0100	pay 0.0100% / 8h	5h 35m	$17K	$1.6M	10x
Short	Bullet HYPE-USD	93.398	−0.0007	pay 0.0001% / 1h	35m 25s	$112K	$577K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now +0.019%Rate

Funding earned: −$22.42
Price spread: +0.019% → +0.041%: −$2.17
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$36.39
Costs to cover: 0.118%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; Bullet: live order book, 29 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 Bullet live order book, 29 min ago	0.48 bp	7.4 bp −$7	10.8 bp −$108	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	−0.1296%	1h	93.292	−0.094%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.240	−0.150%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0099%	1h	93.300	−0.086%	$699K	$982K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.355	−0.027%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0062%	8h	93.367	−0.014%	$12.6M	$2.7M	50x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.384	+0.004%	$85K	$344K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0055%	1h	93.379	−0.001%	$22K	$21K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0044%	4h	93.361	−0.020%	$154K	$640K	20x	as long as short
Bullet HYPE-USDshort	−0.0007%	1h	93.398	+0.019%	$112K	$577K	20x
dYdX HYPE-USD	0.0000%	1h	93.361	−0.021%	$128K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.408	+0.030%	$23K	$322K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.413	+0.035%	$62K	—	150x	as long as short
Aster HYPEUSDT	+0.0020%	4h	93.375	−0.006%	$8.8M	$35.5M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.393	+0.014%	$213K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0026%	4h	93.387	+0.007%	—	$53.0M	—	as long as short
Bybit HYPEUSDT	+0.0030%	8h	93.381	+0.001%	$321.3M	$277.1M	75x	as long as short
Gate HYPE_USDT	+0.0052%	4h	93.392	+0.013%	$44.6M	$54.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0078%	8h	93.390	+0.011%	$114.1M	$302.0M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.376	−0.004%	$16.3M	$61.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.397	+0.018%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.377	−0.003%	$69K	$1.2M	50x	as long as short
MEXC HYPE_USDT	+0.0096%	4h	93.387	+0.007%	$89.9M	$80.7M	100x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.391	+0.012%	$339K	$162K	20x	as long as short
Binance HYPEUSDT	+0.0098%	4h	93.397	+0.018%	$378.8M	$876.2M	75x	as long as short
Katana Perps HYPE-USDlong	+0.0100%	8h	93.380	long leg	$17K	$1.6M	10x
Nado HYPE-PERP	+0.0100%	1h	93.377	−0.003%	$5.8M	$43.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.459	+0.085%	$2.04B	$653.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.382	+0.002%	$10.0M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.364	−0.017%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.405	+0.027%	$45.9M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.398	+0.019%	$225.8M	$96.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.377	−0.003%	$7.4M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.367	−0.014%	$31.1M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.365	−0.016%	$7.5M	$45.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.333	−0.050%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.388	+0.009%	$666K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.432	+0.056%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.425	+0.048%	$472K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.371	−0.010%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.373	−0.007%	$16.2M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.399	+0.020%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.401	+0.022%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.329	−0.054%	$18.4M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.389	+0.010%	$397K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0110%	4h	93.315	−0.070%	$5.1M	$29.7M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.420	+0.043%	$4.8M	$5.6M	50x	as long as short
HTX HYPE-USDT	+0.0194%	4h	93.546	+0.178%	$1.4M	$6.0M	75x	as long as short
Reya HYPERUSDPERP	+0.0258%	1h	93.384	+0.005%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0277%	8h	93.458	+0.084%	$1.9M	$5.0M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.426	+0.049%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0336%	4h	93.364	−0.017%	$17.0M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0360%	1h	93.481	+0.108%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.461	+0.087%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.220	−0.171%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0685%	1h	93.444	+0.068%	$20.8M	$29.9M	50x	as long as short