Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0017%/8h= −1.9% APRpaid last 24h −0.007%

Price spread now: edgeX against Katana Perps−0.112%55s7-day average +0.014% · you buy dearer than you sell

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

Long on Katana Perps Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.022%+$2 on $10k

Price spread, last 7 days+0.112%+$11 · spread now −0.112%, 7d avg +0.014%

Together, before fees+0.134%+ Points / potential airdropedgeX: Active · farm board+$13 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 edgeX is 0.126% cheaper against Katana Perps than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of +0.014%). Swap the legs. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	93.440	0.0099	pay 0.0099% / 8h	3h 00m	$28K	$1.8M	10x
Short	edgeX HYPEUSDC	93.336	0.0082	get 0.0041% / 4h	3h 00m	$5.0M	$29.9M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.112%Rate

Funding earned: −$3.65
Price spread: −0.112% → +0.014%: −$12.59
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$29.03
Costs to cover: 0.128%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; edgeX: live order book, 4 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 edgeX live order book, 4 min ago	0.32 bp	4.8 bp −$5	5.1 bp −$51	174.4 bp −$17.4K	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	−0.1872%	1h	93.287	−0.164%	$196K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0343%	1h	93.316	−0.133%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	93.416	−0.026%	$1.0M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.405	−0.037%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0041%	4h	93.437	−0.003%	$146K	$663K	20x	as long as short
Bullet HYPE-USD	−0.0016%	1h	93.424	−0.017%	$112K	$578K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0011%	1h	93.370	−0.075%	$703K	$1.2M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.405	−0.037%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.440	0.000%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.480	+0.043%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange HYPEUSD	+0.0016%	1h	93.474	+0.036%	$88K	$366K	20x	as long as short
Phemex HYPEUSDT	+0.0020%	8h	93.444	+0.004%	$12.6M	$2.7M	50x	as long as short
Bitget HYPEUSDT	+0.0024%	4h	93.470	+0.032%	$226.2M	$99.0M	75x	as long as short
Bybit HYPEUSDT	+0.0025%	8h	93.465	+0.027%	$318.1M	$283.6M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.446	+0.006%	$209K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0058%	4h	93.465	+0.027%	$45.9M	$55.2M	75x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.448	+0.009%	$77K	$1.1M	50x	as long as short
edgeX HYPEUSDCshort	+0.0082%	4h	93.336	−0.112%	$5.0M	$29.9M	30x
Paradex HYPE-USD-PERP	+0.0095%	8h	93.463	+0.024%	$340K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.482	+0.045%	$16.1M	$63.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.480	+0.043%	$3.1M	$11.7M	20x	as long as short
Katana Perps HYPE-USDlong	+0.0099%	8h	93.440	long leg	$28K	$1.8M	10x
Nado HYPE-PERP	+0.0100%	1h	93.447	+0.008%	$7.5M	$47.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.507	+0.072%	$2.04B	$666.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.474	+0.036%	$8.7M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.452	+0.013%	$10.1M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.479	+0.042%	$375.0M	$909.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.478	+0.041%	$114.9M	$306.8M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.328	−0.120%	$203K	$3K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.470	+0.032%	$91.8M	$81.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.472	+0.034%	$46.2M	$18.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.465	+0.027%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.502	+0.066%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.379	−0.066%	$28.8M	$56.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.407	−0.035%	$7.5M	$47.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.335	−0.112%	$342K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.397	−0.046%	$667K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.480	+0.043%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.472	+0.034%	$490K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.470	+0.032%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.440	0.000%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.443	+0.003%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.484	+0.047%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.600	+0.171%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.433	−0.007%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.478	+0.041%	$395K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.560	+0.128%	$4.8M	$5.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0145%	8h	93.554	+0.122%	$1.8M	$5.5M	2.3x	as long as short
Kraken Futures PF_HYPEUSD	+0.0196%	1h	93.533	+0.100%	$20.9M	$29.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.170	−0.289%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0267%	1h	93.450	+0.010%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.475	+0.038%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.430	−0.011%	$16.8M	$11.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0434%	1h	93.571	+0.140%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	93.511	+0.076%	$3.2M	$6.3M	20x	as long as short