Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0074%/8h= −8.1% APRpaid last 24h +0.011%

Price spread now: Phoenix against Katana Perps−0.421%50s7-day average +0.149% · you buy dearer than you sell

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

Long on Katana Perps Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.140%+$14 on $10k

Price spread, last 7 days+0.592%+$59 · spread now −0.421%, 7d avg +0.149%

Together, before fees+0.732%+$73 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phoenix is 0.570% cheaper against Katana Perps than usual: you would sell low and buy high (−$57 if the spread goes back to its 7-day average of +0.149%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.140%, so the current rate has only just turned against you. The two prices were read 50 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	94.020	0.0100	pay 0.0100% / 8h	2h 17m	$28K	$1.7M	10x
Short	Phoenix HYPE	93.624	0.0026	get 0.0003% / 1h	17m 53s	$208K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.421%Rate

Funding earned: −$15.51
Price spread: −0.421% → +0.149%: −$56.98
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$83.3
Costs to cover: 0.108%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; Phoenix: 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 Phoenix live order book, 5 min ago	1.07 bp	5.6 bp −$6	9.6 bp −$96	122.7 bp −$12.3K	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	−0.1376%	1h	93.862	−0.168%	$199K	$239K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0415%	1h	93.610	−0.436%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.007	−0.014%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0035%	1h	94.114	+0.100%	$112K	$580K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0018%	4h	94.120	+0.106%	$147K	$674K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.993	−0.029%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	94.049	+0.031%	$88K	$365K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.054	+0.036%	$23K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.160	+0.149%	$63K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	93.989	−0.033%	$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	+0.0016%	4h	94.137	+0.124%	$227.0M	$99.2M	75x	as long as short
Bybit HYPEUSDT	+0.0020%	8h	94.080	+0.064%	$319.2M	$283.7M	75x	as long as short
Phemex HYPEUSDT	+0.0025%	8h	94.054	+0.036%	$12.8M	$2.8M	50x	as long as short
Phoenix HYPEshort	+0.0026%	1h	93.624	−0.421%	$208K	$1.2M	10x
Ondo Perps HYPE-USD.P	+0.0049%	1h	93.930	−0.096%	$704K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	93.626	−0.419%	$5.0M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	94.061	+0.044%	$342K	$158K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.155	+0.144%	$16.3M	$63.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.130	+0.117%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.023	+0.003%	$71K	$1.2M	50x	as long as short
Katana Perps HYPE-USDlong	+0.0100%	8h	94.020	long leg	$28K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	94.007	−0.014%	$7.8M	$48.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.172	+0.162%	$2.06B	$674.1M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.127	+0.114%	$8.8M	$36.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.058	+0.040%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.103	+0.088%	$377.8M	$918.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.087	+0.071%	$116.3M	$314.8M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.358	−0.704%	$216K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.132	+0.119%	$47.4M	$54.7M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.132	+0.119%	$90.6M	$81.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.157	+0.146%	$46.5M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.087	+0.071%	—	$53.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.122	+0.108%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.699	−0.342%	$28.6M	$56.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.275	−0.792%	$7.5M	$47.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.227	−0.843%	$342K	$997K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.924	−0.102%	$672K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.082	+0.066%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.046	+0.028%	$482K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.159	+0.148%	$80K	$165K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	94.129	+0.116%	$16.2M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.208	+0.200%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.143	+0.131%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.250	+0.245%	$1.4M	$6.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.104	+0.089%	$18.3M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.160	+0.149%	$398K	$158K	20x	as long as short
Kalshi KXHYPEPERP	+0.0119%	8h	94.134	+0.121%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	94.080	+0.064%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.180	+0.170%	$4.7M	$5.9M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0217%	1h	94.228	+0.221%	$7.5M	$4.1M	50x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.041	+0.023%	$80K	$127K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	94.127	+0.114%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0338%	1h	94.230	+0.224%	$21.1M	$29.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.930	−0.096%	$16.9M	$12.0M	75x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	94.085	+0.069%	$3.2M	$6.3M	20x	as long as short