Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.027%

Price spread now: dYdX against Katana Perps+0.092%7-day average +0.018% · you sell dearer than you buy

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

Long on Katana Perps Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.053%−$5 on $10k

Price spread, last 4 days (all we have)−0.182%−$18 · spread now +0.092%, 7d avg +0.018%

Together, before fees−0.235%−$23 on $10k · with fees, hour by hour

The price spread pays, funding is against you. dYdX is 0.073% dearer against Katana Perps than usual: you sell high and buy low (spread +0.092% now, against its 7-day average of +0.018%): +$7 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.4 days. At the pace of the last 4 days (−0.053% in total) that is about 5.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	94.180	0.0100	pay 0.0100% / 8h	47m 35s	$29K	$1.6M	10x
Short	dYdX HYPE-USD	94.266	0	get 0.0000% / 1h	47m 35s	$128K	$30K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.092%Rate

Funding earned: −$20.96
Price spread: +0.092% → +0.018%: $7.33
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$27.43
Costs to cover: 0.138%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; dYdX: live order book, 31 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 dYdX live order book, 31 min ago	25.09 bp	30.1 bp −$30	72.2 bp −$722	306.1 bp −$30.6K	1561.5 bp −$780.8K

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	−0.0608%	1h	94.166	−0.015%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0460%	1h	94.010	−0.181%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	94.086	−0.100%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.219	+0.041%	$3K	$331	25x	as long as short
dYdX HYPE-USDshort	0.0000%	1h	94.266	+0.092%	$128K	$30K	5x
Perpl HYPE	0.0000%	43m	94.219	+0.042%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.229	+0.052%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	94.176	−0.004%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0013%	4h	94.210	+0.032%	$170K	$534K	20x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	94.158	−0.023%	$324.8M	$281.2M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0043%	4h	94.224	+0.047%	$8.9M	$35.8M	300x	as long as short
Ondo Perps HYPE-USD.P	+0.0050%	1h	94.100	−0.085%	$704K	$908K	10x	as long as short
Phemex HYPEUSDT	+0.0056%	8h	94.184	+0.004%	$12.8M	$2.6M	50x	as long as short
01 Exchange HYPEUSD	+0.0072%	1h	94.168	−0.013%	$86K	$364K	20x	as long as short
Gate HYPE_USDT	+0.0074%	4h	94.166	−0.015%	$44.3M	$58.3M	75x	as long as short
MEXC HYPE_USDT	+0.0074%	4h	94.175	−0.005%	$88.4M	$81.0M	100x	as long as short
Binance HYPEUSDT	+0.0079%	4h	94.191	+0.012%	$385.9M	$889.4M	75x	as long as short
Derive HYPE-PERP	+0.0095%	1h	94.162	−0.019%	$16.5M	$6.9M	10x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	94.085	−0.101%	$5.1M	$29.8M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.234	+0.057%	$19.1M	$59.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.214	+0.036%	$3.1M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.149	−0.033%	$64K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.176	−0.004%	$342K	$171K	20x	as long as short
Katana Perps HYPE-USDlong	+0.0100%	8h	94.180	long leg	$29K	$1.6M	10x
Nado HYPE-PERP	+0.0100%	1h	94.194	+0.014%	$5.8M	$44.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.212	+0.034%	$10.2M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.153	−0.029%	$116.1M	$319.0M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.095	−0.090%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.195	+0.016%	$47.3M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.172	−0.008%	$228.1M	$102.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.165	−0.016%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.234	+0.057%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.073	−0.113%	$32.2M	$53.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.128	−0.055%	$7.6M	$45.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.127	−0.056%	$336K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.143	−0.039%	$681K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.239	+0.063%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.231	+0.054%	$486K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	94.205	+0.027%	$113K	$577K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.202	+0.023%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.234	+0.057%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.211	+0.033%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.090	−0.096%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.138	−0.045%	$18.7M	$42.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.244	+0.068%	$401K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0126%	8h	94.279	+0.105%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.310	+0.138%	$5.0M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0232%	4h	94.343	+0.173%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	94.202	+0.024%	$77K	$142K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0280%	1h	94.307	+0.135%	$7.4M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.198	+0.019%	$2.8M	$6.9M	20x	as long as short
BloFin HYPE-USDT	+0.0303%	4h	94.117	−0.067%	$17.0M	$12.3M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0341% / S −0.0165%	1h	94.212	+0.034%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0575%	1h	94.322	+0.151%	$21.1M	$29.1M	50x	as long as short
Hyperliquid HYPE	+0.0698%	1h	94.297	+0.124%	$2.06B	$667.6M	10x	as long as short