Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0023%/8h= +2.5% APRpaid last 24h +0.064%

Price spread now: Injective against Katana Perps−0.214%7-day average +0.177% · you buy dearer than you sell

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

Long on Katana Perps Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.819%+$82 on $10k

Price spread, last 4 days (all we have)+0.097%+$10 · spread now −0.214%, 7d avg +0.177%

Together, before fees+0.916%+$92 on $10k · with fees, hour by hour

Funding pays, the price is against you. Injective is 0.391% cheaper against Katana Perps than usual: you would sell low and buy high (spread −0.214% now, against its 7-day average of +0.177%). If the spread goes back, that is −$39 on $10k: about 58 days of funding at the current rate (+$1 a day). At the pace of the last 4 days (+0.819% in total) that is about 44 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	93.610	0.0099	pay 0.0099% / 8h	2h 57m	$28K	$1.7M	10x
Short	Injective HYPE/USDC PERP	93.410	0.0122	get 0.0015% / 1h	57m 09s	$30K	$339K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.214%Rate

Funding earned: $4.73
Price spread: −0.214% → +0.177%: −$39.08
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$38.17
Costs to cover: 0.038%
Break-even: 63.5 days

Slippage unknown: Katana Perps: no order-book sample; Injective: live order book, 57 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 Injective live order book, 57 min ago	12.37 bp	3737.0 bp −$3,737	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
Hibachi HYPE/USDT-P	−0.1888%	1h	93.432	−0.190%	$196K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0356%	1h	93.413	−0.210%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.476	−0.143%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0061%	1h	93.617	+0.008%	$112K	$578K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0038%	4h	93.621	+0.012%	$146K	$663K	20x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	93.677	+0.072%	$88K	$366K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.530	−0.085%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.659	+0.053%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.668	+0.061%	$62K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	93.600	−0.011%	$1.0M	$3.9M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HYPEUSDT	+0.0017%	8h	93.599	−0.012%	$12.6M	$2.7M	50x	as long as short
Bitget HYPEUSDT	+0.0022%	4h	93.643	+0.035%	$226.6M	$99.0M	75x	as long as short
Bybit HYPEUSDT	+0.0026%	8h	93.635	+0.027%	$318.5M	$283.7M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.546	−0.068%	$209K	$1.2M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.639	+0.031%	$341K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.649	+0.042%	$16.1M	$62.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.651	+0.044%	$3.1M	$11.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.653	+0.046%	$77K	$1.1M	50x	as long as short
edgeX HYPEUSDC	+0.0097%	4h	93.351	−0.277%	$5.0M	$29.9M	30x	as long as short
Gate HYPE_USDT	+0.0098%	4h	93.632	+0.024%	$46.3M	$53.7M	75x	as long as short
Katana Perps HYPE-USDlong	+0.0099%	8h	93.610	long leg	$28K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	93.653	+0.045%	$7.0M	$47.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.686	+0.081%	$2.04B	$666.9M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.628	+0.020%	$8.8M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.612	+0.002%	$10.1M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.649	+0.042%	$375.6M	$910.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.653	+0.046%	$115.1M	$308.4M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0100%	1h	93.360	−0.267%	$703K	$1.2M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.328	−0.301%	$203K	$3K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.656	+0.049%	$92.0M	$80.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.633	+0.025%	$46.2M	$18.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.634	+0.026%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.502	−0.115%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.379	−0.247%	$28.8M	$56.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.423	−0.200%	$7.5M	$47.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.617	+0.007%	$343K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.465	−0.155%	$668K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.654	+0.047%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.650	+0.043%	$491K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.618	+0.009%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.619	+0.010%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.673	+0.067%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.641	+0.033%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.800	+0.203%	$1.4M	$6.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.615	+0.006%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.645	+0.037%	$396K	$161K	20x	as long as short
Injective HYPE/USDC PERPshort	+0.0122%	1h	93.410	−0.214%	$30K	$339K	12x
Kalshi KXHYPEPERP	+0.0141%	8h	93.635	+0.027%	$1.8M	$5.6M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.700	+0.096%	$4.8M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0267%	1h	93.628	+0.019%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.654	+0.047%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0340%	1h	93.718	+0.115%	$20.9M	$29.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.642	+0.034%	$16.9M	$11.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0455%	1h	93.735	+0.134%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.691	+0.087%	$3.2M	$6.3M	20x	as long as short