Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.038%

Price spread now: Hyperliquid against Katana Perps−0.163%51s7-day average +0.058% · you buy dearer than you sell

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

Long on Katana Perps Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.080%+$8 on $10k

Price spread, last 7 days+0.195%+$19 · spread now −0.163%, 7d avg +0.058%

Together, before fees+0.274%+ Points / potential airdropHyperliquid: Season 2 · farm board+$27 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: Hyperliquid is 0.220% cheaper against Katana Perps than usual: you would sell low and buy high, −$22 on $10k if it goes back to its 7-day average of +0.058%. The two prices were read 51 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	92.810	0.0100	pay 0.0100% / 8h	4h 52m	$14K	$1.6M	10x
Short	Hyperliquid HYPE	92.659	0.0100	get 0.0013% / 1h	52m 40s	$2.02B	$657.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −0.163%Rate

Funding earned: $0.04
Price spread: −0.163% → +0.058%: −$22.03
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$34.78
Costs to cover: 0.128%
Break-even: 5528.4 days

Slippage unknown: Katana Perps: no order-book sample; Hyperliquid: live order book, 11 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 Hyperliquid live order book, 11 min ago	2.64 bp	7.1 bp −$7	doesn't fit	doesn't fit	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
Arcus HYPE-USD	−0.0948%	1h	92.680	−0.140%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0776%	1h	92.787	−0.025%	$195K	$227K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0109%	1h	92.767	−0.047%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	92.816	+0.006%	$86K	$351K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.803	−0.008%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0063%	4h	92.745	−0.070%	$158K	$663K	20x	as long as short
Bullet HYPE-USD	−0.0057%	1h	92.785	−0.027%	$111K	$579K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0054%	1h	92.720	−0.097%	$699K	$1.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.691	−0.128%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.840	+0.032%	$23K	$309K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.806	−0.005%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0006%	8h	92.719	−0.098%	$12.5M	$2.7M	50x	as long as short
Aster HYPEUSDT	+0.0006%	4h	92.674	−0.147%	$8.7M	$36.2M	300x	as long as short
Derive HYPE-PERP	+0.0010%	1h	92.729	−0.087%	$16.1M	$7.5M	10x	as long as short
BingX HYPE-USDT	+0.0031%	4h	92.601	−0.225%	—	$53.2M	—	as long as short
Bybit HYPEUSDT	+0.0038%	8h	92.579	−0.249%	$317.7M	$279.1M	75x	as long as short
Phoenix HYPE	+0.0043%	1h	92.855	+0.048%	$211K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0050%	4h	92.603	−0.223%	$44.5M	$54.5M	75x	as long as short
ApeX Omni HYPEUSDT	+0.0068%	1h	92.356	−0.489%	$337K	$1.0M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0073%	8h	92.578	−0.250%	$113.1M	$300.8M	50x	as long as short
MEXC HYPE_USDT	+0.0084%	4h	92.596	−0.231%	$87.8M	$80.1M	100x	as long as short
Binance HYPEUSDT	+0.0084%	4h	92.585	−0.242%	$372.4M	$892.2M	75x	as long as short
Popdex HYPEUSDT	+0.0088%	1h	92.802	−0.009%	$68K	$1.2M	50x	as long as short
edgeX HYPEUSDC	+0.0090%	4h	92.792	−0.020%	$5.1M	$29.2M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0093%	8h	92.623	−0.201%	$338K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.597	−0.229%	$16.0M	$62.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.595	−0.232%	$3.1M	$11.6M	20x	as long as short
Katana Perps HYPE-USDlong	+0.0100%	8h	92.810	long leg	$14K	$1.6M	10x
Nado HYPE-PERP	+0.0100%	1h	92.787	−0.024%	$5.8M	$43.1M	10x	as long as short
Hyperliquid HYPEshort	+0.0100%	1h	92.659	−0.163%	$2.02B	$657.8M	10x
Pacifica HYPE	+0.0100%	1h	92.620	−0.205%	$10.0M	$14.9M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	−0.011%	$202K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.604	−0.222%	$45.9M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.592	−0.235%	$224.0M	$97.5M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.698	−0.121%	$7.4M	$10.0M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.820	+0.010%	$28.4M	$57.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.596	−0.230%	$7.5M	$45.7M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.854	+0.047%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.840	+0.033%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.832	+0.024%	$469K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.839	+0.031%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.757	−0.057%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.873	+0.068%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.571	−0.257%	$18.1M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.787	−0.025%	$392K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.205%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.840	+0.032%	$4.7M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0260%	1h	92.801	−0.010%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0263%	8h	92.857	+0.051%	$1.8M	$5.4M	2.3x	as long as short
BloFin HYPE-USDT	+0.0325%	4h	92.787	−0.025%	$16.8M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0153%	1h	92.813	+0.004%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0332%	1h	92.793	−0.019%	$20.7M	$30.3M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0450%	1h	92.865	+0.059%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.883	+0.079%	$3.2M	$6.4M	20x	as long as short
Bluefin HYPE-PERP	+0.2119%	1h	92.750	−0.065%	$79K	$169K	20x	as long as short