Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0001%/8h= +0.1% APRpaid last 24h −0.033%

Price spread now: Gate against Katana Perps−0.009%7-day average +0.033% · you buy dearer than you sell

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

Long on Katana Perps Short on Gate

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.033%−$3 on $10k

Price spread, last 7 days+0.023%+$2 · spread now −0.009%, 7d avg +0.033%

Together, before fees−0.011%−$1 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Gate is 0.041% cheaper against Katana Perps than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.033%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	92.880	0.0099	pay 0.0099% / 8h	4h 00m	$38K	$1.7M	10x
Short	Gate HYPE_USDT	92.872	0.0100	get 0.0050% / 4h	0m 45s	$44.5M	$55.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.009%Rate

Funding earned: $0.16
Price spread: −0.009% → +0.033%: −$4.11
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$22.76
Costs to cover: 0.188%
Break-even: 1018.4 days

Slippage unknown: Katana Perps: no order-book sample; Gate: 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 Gate live order book, 3 min ago	0.05 bp	10.0 bp −$10	14.3 bp −$143	29.5 bp −$2,949	52.0 bp −$26.0K

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
Arcus HYPE-USD	−0.0948%	1h	92.859	−0.023%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0424%	1h	92.753	−0.137%	$194K	$225K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0277%	1h	92.822	−0.062%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.875	−0.005%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0063%	4h	92.856	−0.026%	$157K	$653K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.865	−0.016%	$127K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	92.919	+0.042%	$86K	$361K	20x	as long as short
Perpl HYPE	0.0000%	43m	92.890	+0.011%	$22K	$302K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.898	+0.019%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0026%	8h	92.875	−0.005%	$12.5M	$2.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet HYPE-USD	+0.0031%	1h	92.850	−0.032%	$111K	$579K	20x	as long as short
BingX HYPE-USDT	+0.0036%	4h	92.859	−0.023%	—	$53.5M	—	as long as short
Ondo Perps HYPE-USD.P	+0.0042%	1h	92.810	−0.075%	$698K	$1.1M	10x	as long as short
Phoenix HYPE	+0.0043%	1h	92.755	−0.135%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0045%	8h	92.860	−0.022%	$316.7M	$281.2M	75x	as long as short
Aster HYPEUSDT	+0.0068%	4h	92.897	+0.018%	$8.7M	$36.1M	300x	as long as short
Bitget HYPEUSDT	+0.0088%	4h	92.883	+0.003%	$224.8M	$98.7M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	92.901	+0.023%	$339K	$163K	20x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	92.845	−0.038%	$4.9M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.891	+0.012%	$16.1M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.901	+0.023%	$3.1M	$11.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.903	+0.025%	$69K	$1.1M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0098%	8h	92.865	−0.016%	$113.9M	$303.6M	50x	as long as short
Katana Perps HYPE-USDlong	+0.0099%	8h	92.880	long leg	$38K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	92.864	−0.017%	$7.4M	$45.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.904	+0.026%	$2.02B	$663.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.910	+0.033%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.885	+0.005%	$373.2M	$902.0M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	−0.086%	$202K	$13K	10x	as long as short
Gate HYPE_USDTshort	+0.0100%	4h	92.872	−0.009%	$44.5M	$55.5M	75x
MEXC HYPE_USDT	+0.0100%	4h	92.888	+0.009%	$88.3M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.880	0.000%	$46.1M	$18.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.893	+0.014%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.859	−0.023%	$28.5M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.903	+0.025%	$7.5M	$46.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.856	−0.026%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.868	−0.013%	$667K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.919	+0.042%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.916	+0.039%	$469K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.871	−0.010%	$79K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.842	−0.041%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.882	+0.002%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.893	+0.014%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.016	+0.146%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.855	−0.026%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.863	−0.019%	$393K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.960	+0.086%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.950	+0.075%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0225%	8h	92.939	+0.064%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0263%	1h	92.874	−0.007%	$79K	$131K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0310%	1h	92.965	+0.092%	$7.5M	$4.5M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.867	−0.014%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0331%	1h	92.937	+0.061%	$20.6M	$30.4M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.879	−0.001%	$16.8M	$11.6M	75x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.962	+0.089%	$3.2M	$6.4M	20x	as long as short