Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0001%/8h= +0.2% APRpaid last 24h −0.008%

Price spread now: KuCoin against Katana Perps0.000%7-day average +0.048% · you sell dearer than you buy

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

Long on Katana Perps Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.008%+$1 on $10k

Price spread, last 7 days+0.023%+$2 · spread now 0.000%, 7d avg +0.048%

Together, before fees+0.031%+$3 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: KuCoin is 0.048% cheaper against Katana Perps than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of +0.048%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	95.000	0.0099	pay 0.0099% / 8h	6h 17m	$39K	$1.5M	10x
Short	KuCoin HYPEUSDTM	95.000	0.0100	get 0.0050% / 4h	2h 17m	$48.0M	$17.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now 0.000%Rate

Funding earned: $0.29
Price spread: 0.000% → +0.048%: −$4.75
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$20.26
Costs to cover: 0.158%
Break-even: 492.8 days

Slippage unknown: Katana Perps: no order-book sample; KuCoin: live order book, 5 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 KuCoin live order book, 5 min ago	0.68 bp	12.6 bp −$13	15.6 bp −$156	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 54 exchanges

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	−0.1424%	1h	94.932	−0.072%	$211K	$261K	7x	as long as short
Bluefin HYPE-PERP	−0.0539%	1h	94.980	−0.021%	$79K	$138K	20x	as long as short
Kraken Futures PF_HYPEUSD	−0.0376%	1h	95.014	+0.014%	$18.6M	$35.5M	50x	as long as short
Bullet HYPE-USD	−0.0332%	1h	95.011	+0.011%	$114K	$581K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0242%	1h	94.930	−0.074%	$691K	$1.3M	10x	as long as short
Phemex HYPEUSDT	−0.0207%	8h	94.966	−0.036%	$13.0M	$2.8M	50x	as long as short
Arcus HYPE-USD	−0.0159%	1h	95.002	+0.002%	$1.1M	$2.5M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0154%	1h	94.993	−0.007%	$22K	$17K	10x	as long as short
01 Exchange HYPEUSD	−0.0144%	1h	95.022	+0.023%	$92K	$348K	20x	as long as short
Vest HYPE-PERP	−0.0081%	1h	95.064	+0.067%	—	$80K	5x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hotstuff HYPE-PERP	−0.0080%	1h	95.007	+0.007%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0074%	4h	95.014	+0.015%	$54.2M	$54.6M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0025%	4h	94.963	−0.039%	$148K	$646K	20x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0024%	1h	95.090	+0.095%	$4.7M	$5.6M	50x	as long as short
SoDEX HYPE-USD	−0.0008%	1h	94.995	−0.005%	$2.1M	$378K	10x	as long as short
Bulk HYPE-USD	−0.0008%	1h	95.000	0.000%	$231K	$12K	10x	as long as short
Aster HYPEUSDT	−0.0002%	4h	94.991	−0.009%	$9.0M	$34.1M	300x	as long as short
OKX HYPE-USDT-SWAP	−0.0002%	8h	95.011	+0.012%	$118.9M	$311.8M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	95.014	+0.015%	$130K	$92K	5x	as long as short
Perpl HYPE	0.0000%	43m	95.028	+0.030%	$24K	$263K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.050	+0.053%	$99K	—	150x	as long as short
BingX HYPE-USDT	+0.0002%	4h	95.024	+0.025%	—	$49.2M	—	as long as short
Phoenix HYPE	+0.0017%	1h	94.881	−0.125%	$200K	$1.0M	10x	as long as short
Lighter HYPE	+0.0024%	1h	94.986	−0.015%	$16.2M	$61.1M	20x	as long as short
Bitget HYPEUSDT	+0.0032%	4h	95.012	+0.013%	$228.3M	$89.4M	75x	as long as short
Bybit HYPEUSDT	+0.0036%	8h	95.030	+0.032%	$320.5M	$272.0M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0063%	8h	95.012	+0.012%	$339K	$36K	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0066%	1h	95.081	+0.085%	$7.5M	$4.3M	50x	as long as short
edgeX HYPEUSDC	+0.0090%	4h	94.908	−0.097%	$5.0M	$29.9M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.015	+0.016%	$3.2M	$10.0M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	95.008	+0.008%	$270K	$1.1M	50x	as long as short
Katana Perps HYPE-USDlong	+0.0099%	8h	95.000	long leg	$39K	$1.5M	10x
Nado HYPE-PERP	+0.0100%	1h	95.010	+0.011%	$7.3M	$53.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.118	+0.124%	$2.11B	$657.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.035	+0.037%	$10.2M	$13.6M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	95.021	+0.022%	$381.8M	$875.9M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	95.004	+0.004%	$89.2M	$87.6M	100x	as long as short
KuCoin HYPEUSDTMshort	+0.0100%	4h	95.000	0.000%	$48.0M	$17.8M	75x
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.091	+0.096%	$7.8M	$10.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.906	−0.099%	$29.8M	$54.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.989	−0.011%	$7.7M	$41.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.974	−0.027%	$348K	$965K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.073	+0.077%	$692K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.042	+0.044%	$499K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.057	+0.060%	$32K	$1.4M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.119	+0.125%	$1.4M	$6.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.950	−0.053%	$18.2M	$40.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.997	−0.003%	$402K	$130K	20x	as long as short
Kalshi KXHYPEPERP	+0.0110%	8h	95.120	+0.126%	$1.8M	$5.2M	2.3x	as long as short
RISEx HYPE/USDC	+0.0166%	1h	95.046	+0.049%	$3.2M	$5.5M	20x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.976	−0.026%	$85K	$99K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.011	+0.012%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	95.018	+0.019%	$17.3M	$11.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0850%	1h	95.480	+0.505%	$31K	$335K	12x	as long as short