Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0047%/8h= −5.1% APRpaid last 24h −0.017%

Price spread now: Derive against Katana Perps−0.083%7-day average −0.012% · you buy dearer than you sell

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

Long on Katana Perps Short on Derive

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.014%−$1 on $10k

Price spread, last 3 days (all we have)+0.042%+$4 · spread now −0.083%, 7d avg −0.012%

Together, before fees+0.029%+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Derive is 0.071% cheaper against Katana Perps than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.012%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	93.430	0.0100	pay 0.0100% / 8h	6h 49m	$37K	$1.6M	10x
Short	Derive HYPE-PERP	93.353	0.0053	get 0.0007% / 1h	49m 11s	$16.2M	$7.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now −0.083%Rate

Funding earned: −$9.83
Price spread: −0.083% → −0.012%: −$7.1
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Derive: 3 bp × 2 orders: −$6
Net: −$26.73
Costs to cover: 0.098%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; Derive: no order-book sample. 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 Derive no order-book sample	—	—	—	—	—

Katana Perps and Derive: 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	−0.1064%	1h	93.439	+0.010%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.349	−0.087%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0199%	1h	93.348	−0.088%	$22K	$21K	10x	as long as short
Backpack HYPE_USDC_PERP	−0.0149%	1h	93.452	+0.024%	$7.8M	$10.6M	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0084%	1h	93.450	+0.021%	$699K	$979K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.282	−0.158%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.438	+0.009%	$85K	$361K	20x	as long as short
Gate HYPE_USDT	−0.0072%	4h	93.423	−0.007%	$44.3M	$53.8M	75x	as long as short
Phemex HYPEUSDT	−0.0062%	8h	93.400	−0.032%	$12.7M	$2.7M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0049%	4h	93.360	−0.075%	$158K	$646K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0024%	4h	93.472	+0.045%	$8.9M	$36.2M	300x	as long as short
ApeX Omni HYPEUSDT	−0.0006%	1h	93.312	−0.126%	$337K	$1.1M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.543	+0.120%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.482	+0.055%	$22K	$333K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.429	−0.001%	$26K	—	150x	as long as short
BingX HYPE-USDT	+0.0012%	4h	93.404	−0.028%	—	$54.2M	—	as long as short
Bybit HYPEUSDT	+0.0025%	8h	93.382	−0.051%	$319.5M	$282.8M	75x	as long as short
edgeX HYPEUSDC	+0.0038%	4h	93.103	−0.350%	$5.0M	$29.8M	30x	as long as short
MEXC HYPE_USDT	+0.0042%	4h	93.395	−0.037%	$87.7M	$82.1M	100x	as long as short
Binance HYPEUSDT	+0.0044%	4h	93.407	−0.025%	$380.8M	$904.4M	75x	as long as short
Derive HYPE-PERPshort	+0.0053%	1h	93.353	−0.083%	$16.2M	$7.6M	10x
Bluefin HYPE-PERP	+0.0056%	1h	93.390	−0.043%	$79K	$173K	20x	as long as short
Phoenix HYPE	+0.0060%	1h	93.190	−0.257%	$212K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0061%	1h	93.389	−0.044%	$111K	$578K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0065%	8h	93.455	+0.027%	$115.2M	$315.8M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.382	−0.052%	$397K	$177K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.425	−0.005%	$16.5M	$62.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.426	−0.004%	$3.1M	$11.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.424	−0.006%	$64K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.553	+0.131%	$340K	$165K	20x	as long as short
Katana Perps HYPE-USDlong	+0.0100%	8h	93.430	long leg	$37K	$1.6M	10x
Nado HYPE-PERP	+0.0100%	1h	93.425	−0.005%	$6.6M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.559	+0.138%	$2.04B	$672.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.512	+0.088%	$10.0M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.421	−0.010%	$46.0M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.392	−0.041%	$226.0M	$100.7M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.281	−0.160%	$30.9M	$55.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.172	−0.277%	$7.5M	$46.9M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.459	+0.031%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.500	+0.075%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.491	+0.065%	$468K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.483	+0.057%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.388	−0.045%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.250	−0.193%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.365	−0.069%	$18.4M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.500	+0.075%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.440	+0.011%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0175%	4h	93.407	−0.025%	$17.0M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.504	+0.079%	$2.7M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0253%	1h	93.435	+0.005%	$79K	$142K	15x	as long as short
Kalshi KXHYPEPERP	+0.0258%	8h	93.590	+0.171%	$1.9M	$5.2M	2.3x	as long as short
HTX HYPE-USDT	+0.0267%	4h	93.558	+0.137%	$1.5M	$6.1M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0158%	1h	93.427	−0.003%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0499%	1h	93.502	+0.077%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0682%	1h	93.495	+0.070%	$20.9M	$29.9M	50x	as long as short