Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.002%

Price spread now: Polymarket Perps against Katana Perps−0.030%7-day average 0.000% · you buy dearer than you sell

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

Long on Katana Perps Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.003%$0 on $10k

Price spread, last 7 days+0.070%+$7 · spread now −0.030%, 7d avg 0.000%

Together, before fees+0.073%+$7 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: Polymarket Perps is 0.030% cheaper against Katana Perps than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of 0.000%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	94.100	0.0100	pay 0.0100% / 8h	51m 59s	$29K	$1.6M	10x
Short	Polymarket Perps HYPE-USD	94.072	0.0100	get 0.0013% / 1h	51m 59s	$485K	$2.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.030%Rate

Funding earned: $0.04
Price spread: −0.030% → 0.000%: −$3.02
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$14.77
Costs to cover: 0.118%
Break-even: 2352.1 days

Slippage unknown: Katana Perps: no order-book sample; Polymarket Perps: live order book, 2 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 Polymarket Perps live order book, 2 min ago	0.85 bp	5.2 bp −$5	5.7 bp −$57	11.9 bp −$1,186	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	−0.0552%	1h	93.903	−0.209%	$199K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0474%	1h	93.863	−0.252%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.972	−0.136%	$1.2M	$3.8M	10x	as long as short
ApeX Omni HYPEUSDT	−0.0160%	1h	93.896	−0.217%	$349K	$1.1M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.006	−0.100%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.092	−0.008%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.058	−0.045%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.048	−0.055%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	94.035	−0.069%	$215K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0014%	4h	94.059	−0.044%	$176K	$526K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	+0.0021%	8h	94.073	−0.029%	$324.7M	$281.1M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0022%	1h	93.990	−0.117%	$703K	$907K	10x	as long as short
Aster HYPEUSDT	+0.0031%	4h	94.071	−0.031%	$8.9M	$35.8M	300x	as long as short
Phemex HYPEUSDT	+0.0070%	8h	93.985	−0.122%	$12.8M	$2.6M	50x	as long as short
Gate HYPE_USDT	+0.0070%	4h	94.054	−0.049%	$44.5M	$57.9M	75x	as long as short
MEXC HYPE_USDT	+0.0072%	4h	94.104	+0.004%	$90.5M	$80.5M	100x	as long as short
edgeX HYPEUSDC	+0.0073%	4h	93.924	−0.187%	$5.1M	$29.7M	30x	as long as short
Binance HYPEUSDT	+0.0076%	4h	94.091	−0.010%	$386.6M	$888.2M	75x	as long as short
Derive HYPE-PERP	+0.0082%	1h	93.978	−0.130%	$16.5M	$6.9M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.101	+0.001%	$19.1M	$59.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.087	−0.014%	$3.1M	$12.2M	20x	as long as short
01 Exchange HYPEUSD	+0.0096%	1h	94.080	−0.021%	$87K	$363K	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.054	−0.049%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.063	−0.039%	$400K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.089	−0.012%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USDlong	+0.0100%	8h	94.100	long leg	$29K	$1.6M	10x
Nado HYPE-PERP	+0.0100%	1h	94.050	−0.053%	$5.9M	$44.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.084	−0.017%	$10.2M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.094	−0.006%	$116.0M	$317.6M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.073	−0.029%	$47.2M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.122	+0.023%	$228.1M	$102.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.072	−0.030%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.087	−0.014%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.882	−0.231%	$32.1M	$53.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.938	−0.172%	$7.6M	$45.5M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.059	−0.044%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.082	−0.019%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USDshort	+0.0100%	1h	94.072	−0.030%	$485K	$2.5M	20x
Bullet HYPE-USD	+0.0100%	1h	94.021	−0.084%	$113K	$578K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.031	−0.073%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.056	−0.047%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.052	−0.051%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.680	−0.446%	$205K	$7K	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.170	+0.074%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.093	−0.007%	$18.7M	$42.1M	50x	as long as short
Kalshi KXHYPEPERP	+0.0124%	8h	94.122	+0.023%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.110	+0.011%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0226%	4h	94.235	+0.143%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	94.033	−0.072%	$77K	$142K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0281%	1h	94.144	+0.047%	$7.4M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.099	−0.002%	$2.8M	$6.8M	20x	as long as short
BloFin HYPE-USDT	+0.0293%	4h	94.084	−0.017%	$17.0M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	94.031	−0.074%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0576%	1h	94.165	+0.069%	$21.1M	$29.0M	50x	as long as short
Hyperliquid HYPE	+0.0744%	1h	94.143	+0.046%	$2.05B	$666.1M	10x	as long as short