Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.040%

Price spread now: HTX against Katana Perps+0.147%7-day average +0.068% · you sell dearer than you buy

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

Long on Katana Perps Short on HTX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.060%+$6 on $10k

Price spread, last 4 days (all we have)−0.197%−$20 · spread now +0.147%, 7d avg +0.068%

Together, before fees−0.136%−$14 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: HTX is 0.078% dearer against Katana Perps than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of +0.068%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	94.100	0.0100	pay 0.0100% / 8h	20m 19s	$28K	$1.7M	10x
Short	HTX HYPE-USDT	94.238	0.0100	get 0.0050% / 4h	20m 19s	$1.4M	$6.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.147%Rate

Funding earned: $0.08
Price spread: +0.147% → +0.068%: $7.82
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee HTX: 6 bp × 2 orders: −$12
Net: −$7.9
Costs to cover: 0.158%
Break-even: 738.6 days

Slippage unknown: Katana Perps: no order-book sample; HTX: 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 HTX live order book, 4 min ago	0.05 bp	10.3 bp −$10	13.7 bp −$137	44.9 bp −$4,487	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	−0.1712%	1h	94.057	−0.046%	$202K	$255K	7x	as long as short
Bluefin HYPE-PERP	−0.0413%	1h	94.235	+0.143%	$80K	$152K	20x	as long as short
Bullet HYPE-USD	−0.0224%	1h	94.218	+0.125%	$111K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0223%	1h	93.910	−0.202%	$710K	$1.2M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0145%	1h	94.169	+0.073%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	94.209	+0.116%	$87K	$367K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.016	−0.089%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0080%	1h	93.964	−0.145%	$16.4M	$7.5M	10x	as long as short
Lighter HYPE	−0.0048%	1h	94.103	+0.003%	$16.3M	$64.5M	20x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.129	+0.031%	$1.0M	$3.6M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	−0.0020%	4h	94.219	+0.126%	—	$52.9M	—	as long as short
Bybit HYPEUSDT	−0.0019%	8h	94.230	+0.138%	$316.8M	$289.3M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0010%	4h	94.221	+0.129%	$147K	$686K	20x	as long as short
Polymarket Perps HYPE-USD	−0.0006%	1h	94.233	+0.141%	$497K	$2.8M	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.061	−0.042%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.151	+0.054%	$1.8M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.232	+0.140%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.169	+0.074%	$19K	$288K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.128	+0.030%	$124K	—	150x	as long as short
Paradex HYPE-USD-PERP	+0.0030%	8h	94.140	+0.043%	$336K	$154K	20x	as long as short
Bitget HYPEUSDT	+0.0030%	4h	94.232	+0.140%	$226.4M	$100.1M	75x	as long as short
SoDEX HYPE-USD	+0.0034%	1h	94.062	−0.040%	$2.0M	$1.9M	10x	as long as short
Vest HYPE-PERP	+0.0037%	1h	94.195	+0.101%	—	$190K	5x	as long as short
Phemex HYPEUSDT	+0.0050%	8h	94.077	−0.024%	$12.8M	$2.9M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.010	−0.096%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0065%	8h	94.243	+0.152%	$117.5M	$324.1M	50x	as long as short
Gate HYPE_USDT	+0.0092%	4h	94.221	+0.129%	$50.0M	$56.8M	75x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	93.993	−0.114%	$5.0M	$30.7M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.103	+0.003%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.175	+0.080%	$81K	$1.2M	50x	as long as short
Katana Perps HYPE-USDlong	+0.0100%	8h	94.100	long leg	$28K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	94.134	+0.037%	$7.2M	$53.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.268	+0.179%	$2.07B	$687.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.207	+0.114%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.153	+0.056%	$10.1M	$15.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.237	+0.146%	$377.4M	$933.6M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.240	+0.149%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.221	+0.129%	$89.1M	$83.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.152	+0.055%	$46.8M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.064	−0.038%	$7.5M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.079	−0.023%	$29.4M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.122	+0.023%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.028	−0.077%	$369K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.093	−0.007%	$680K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.101	+0.001%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDTshort	+0.0100%	4h	94.238	+0.147%	$1.4M	$6.8M	75x
Extended HYPE-USD	+0.0104%	1h	94.093	−0.008%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.233	+0.141%	$398K	$154K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.153	+0.056%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.680%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0196%	1h	94.179	+0.084%	$7.4M	$4.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.124	+0.026%	$20.2M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.165	+0.069%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.199	+0.106%	$85K	$123K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.094	−0.006%	$17.1M	$12.3M	75x	as long as short