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= +0.1% APRpaid last 24h −0.009%

Price spread now: MEXC against Katana Perps+0.066%7-day average +0.054% · you sell dearer than you buy

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

Long on Katana Perps Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.012%+$1 on $10k

Price spread, last 7 days0.000%$0 · spread now +0.066%, 7d avg +0.054%

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

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	94.110	0.0100	pay 0.0100% / 8h	2h 13m	$28K	$1.7M	10x
Short	MEXC HYPE_USDT	94.172	0.0100	get 0.0050% / 4h	2h 13m	$90.4M	$81.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.066%Rate

Funding earned: $0.1
Price spread: +0.066% → +0.054%: $1.19
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$6.52
Costs to cover: 0.078%
Break-even: 469.1 days

Slippage unknown: Katana Perps: no order-book sample; MEXC: 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 MEXC live order book, 5 min ago	0.05 bp	2.1 bp −$2	3.0 bp −$30	13.7 bp −$1,368	37.8 bp −$18.9K

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	−0.1328%	1h	94.084	−0.028%	$199K	$239K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0393%	1h	93.908	−0.215%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.111	+0.001%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0018%	1h	94.145	+0.037%	$112K	$580K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0016%	4h	94.127	+0.018%	$147K	$678K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.106	−0.005%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	94.156	+0.049%	$86K	$372K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.127	+0.018%	$23K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.156	+0.049%	$63K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	94.122	+0.013%	$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
Bitget HYPEUSDT	+0.0020%	4h	94.157	+0.050%	$227.1M	$99.3M	75x	as long as short
Bybit HYPEUSDT	+0.0024%	8h	94.128	+0.019%	$319.3M	$284.1M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	94.174	+0.068%	$209K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0026%	8h	94.175	+0.069%	$12.8M	$2.8M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0070%	1h	94.080	−0.032%	$709K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	94.117	+0.008%	$5.0M	$30.2M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	94.183	+0.078%	$342K	$158K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.164	+0.058%	$16.3M	$63.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.190	+0.085%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.140	+0.032%	$72K	$1.2M	50x	as long as short
Katana Perps HYPE-USDlong	+0.0100%	8h	94.110	long leg	$28K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	94.124	+0.014%	$7.2M	$48.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.253	+0.152%	$2.06B	$675.9M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.158	+0.051%	$8.8M	$36.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.174	+0.068%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.161	+0.054%	$378.0M	$919.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.154	+0.047%	$116.3M	$315.3M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.358	−0.799%	$216K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.160	+0.053%	$48.0M	$55.3M	75x	as long as short
MEXC HYPE_USDTshort	+0.0100%	4h	94.172	+0.066%	$90.4M	$81.9M	100x
KuCoin HYPEUSDTM	+0.0100%	4h	94.176	+0.070%	$46.5M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.154	+0.047%	—	$53.6M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.192	+0.087%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.099	−0.011%	$28.9M	$56.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.979	−0.139%	$7.7M	$48.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.161	+0.054%	$345K	$994K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.124	+0.015%	$673K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.191	+0.086%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.144	+0.036%	$484K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.176	+0.070%	$80K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	94.152	+0.045%	$16.2M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.213	+0.109%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.182	+0.077%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.267	+0.167%	$1.4M	$6.6M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.130	+0.021%	$18.3M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.175	+0.069%	$398K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0120%	8h	94.190	+0.085%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	94.180	+0.074%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.160	+0.053%	$4.7M	$6.1M	50x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.108	−0.002%	$80K	$127K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	94.146	+0.038%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0334%	1h	94.260	+0.159%	$7.5M	$4.1M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0338%	1h	94.263	+0.163%	$21.0M	$29.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.105	−0.005%	$16.8M	$12.0M	75x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	94.205	+0.101%	$3.2M	$6.3M	20x	as long as short