Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0179%/8h= +19.6% APRpaid last 24h +0.045%

Price spread now: Deribit against Katana Perps+0.014%7-day average +0.063% · you sell dearer than you buy

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

Long on Katana Perps Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.023%+$2 on $10k

Price spread, last 4 days (all we have)−0.017%−$2 · spread now +0.014%, 7d avg +0.063%

Together, before fees+0.006%+$1 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.049% cheaper against Katana Perps than usual: you would sell low and buy high (spread +0.014% now, against its 7-day average of +0.063%). If the spread goes back, that is −$5 on $10k: about 22 hours of funding at the current rate (+$5 a day). At the pace of the last 4 days (+0.023% in total) that is about 8.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	94.640	0.0100	pay 0.0100% / 8h	7h 56m	$28K	$1.7M	10x
Short	Deribit HYPE_USDC-PERPETUAL	94.653	0.0279	get 0.0035% / 1h	56m 11s	$7.5M	$4.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.014%Rate

Funding earned: $37.63
Price spread: +0.014% → +0.063%: −$4.93
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $21.9
Costs to cover: 0.108%
Break-even: 2.9 days

Slippage unknown: Katana Perps: no order-book sample; Deribit: live order book, 3 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 Deribit live order book, 3 min ago	0.79 bp	8.9 bp −$9	17.4 bp −$174	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	−0.1448%	1h	94.686	+0.048%	$207K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0328%	1h	94.533	−0.113%	$80K	$151K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0285%	1h	94.576	−0.067%	$22K	$20K	10x	as long as short
Phemex HYPEUSDT	−0.0168%	8h	94.583	−0.060%	$12.9M	$2.9M	50x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.634	−0.006%	$1.0M	$3.5M	10x	as long as short
Bullet HYPE-USD	−0.0097%	1h	94.571	−0.073%	$112K	$575K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.668	+0.030%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0074%	1h	94.630	−0.011%	$714K	$1.2M	10x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	94.630	−0.011%	$87K	$364K	20x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.607	−0.035%	$20.3M	$30.3M	50x	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	−0.0006%	4h	94.575	−0.069%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.744	+0.110%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.740	+0.106%	$1.9M	$5.5M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.723	+0.088%	$210K	$1.2M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.648	+0.008%	$19K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.597	−0.045%	$124K	—	150x	as long as short
Bitget HYPEUSDT	+0.0014%	4h	94.500	−0.148%	$226.8M	$100.5M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.570	−0.074%	$4.7M	$6.2M	50x	as long as short
Derive HYPE-PERP	+0.0022%	1h	94.691	+0.054%	$16.4M	$7.4M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0049%	8h	94.758	+0.124%	$339K	$154K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0063%	8h	94.534	−0.112%	$117.8M	$326.3M	50x	as long as short
Vest HYPE-PERP	+0.0073%	1h	94.718	+0.082%	—	$190K	5x	as long as short
SoDEX HYPE-USD	+0.0076%	1h	94.556	−0.089%	$2.1M	$1.9M	10x	as long as short
Lighter HYPE	+0.0080%	1h	94.553	−0.091%	$16.2M	$61.7M	20x	as long as short
edgeX HYPEUSDC	+0.0092%	4h	94.580	−0.064%	$5.0M	$30.6M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.555	−0.090%	$3.2M	$10.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.613	−0.029%	$121K	$1.2M	50x	as long as short
Katana Perps HYPE-USDlong	+0.0100%	8h	94.640	long leg	$28K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	94.635	−0.005%	$7.3M	$53.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.717	+0.081%	$2.08B	$690.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.595	−0.047%	$9.6M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.742	+0.108%	$10.2M	$14.8M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.554	−0.091%	$379.7M	$933.7M	75x	as long as short
Bybit HYPEUSDT	+0.0100%	8h	94.535	−0.111%	$317.7M	$288.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.685	+0.047%	$219K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.564	−0.080%	$50.7M	$53.6M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.550	−0.095%	$93.3M	$84.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.577	−0.067%	$46.8M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.509	−0.138%	—	$53.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.490	−0.158%	$7.5M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.532	−0.114%	$29.7M	$55.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.625	−0.016%	$7.6M	$44.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.574	−0.070%	$351K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.715	+0.079%	$696K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.705	+0.069%	$499K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.691	+0.054%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.750	+0.116%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.531	−0.115%	$18.4M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.667	+0.029%	$400K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.655	+0.016%	$3.2M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	94.840	+0.211%	$31K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.574	−0.070%	$83K	$118K	15x	as long as short
Deribit HYPE_USDC-PERPETUALshort	+0.0279%	1h	94.653	+0.014%	$7.5M	$4.4M	50x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0326% / S −0.0152%	1h	94.636	−0.004%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.728	+0.093%	$15.8M	$12.4M	75x	as long as short