Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0012%/8h= −1.3% APRpaid last 24h −0.005%

Price spread now: Popdex against Katana Perps+0.004%7-day average +0.053% · you sell dearer than you buy

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

Long on Katana Perps Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.001%$0 on $10k

Price spread, last 7 days−0.014%−$1 · spread now +0.004%, 7d avg +0.053%

Together, before fees−0.014%−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Popdex is 0.048% cheaper against Katana Perps than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.053%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	94.220	0.0100	pay 0.0100% / 8h	7h 37m	$24K	$1.6M	10x
Short	Popdex HYPEUSDT	94.224	0.0088	get 0.0011% / 1h	37m 31s	$63K	$1.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now +0.004%Rate

Funding earned: −$2.48
Price spread: +0.004% → +0.053%: −$4.83
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$17.51
Costs to cover: 0.102%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; Popdex: 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 Popdex live order book, 2 min ago	1.70 bp	4.9 bp −$5	5.9 bp −$59	29.5 bp −$2,953	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	−0.1464%	1h	94.187	−0.035%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	94.137	−0.088%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0266%	1h	94.083	−0.145%	$22K	$23K	10x	as long as short
Phemex HYPEUSDT	−0.0248%	8h	94.207	−0.014%	$12.8M	$2.6M	50x	as long as short
dYdX HYPE-USD	−0.0202%	1h	94.245	+0.027%	$129K	$30K	5x	as long as short
Ondo Perps HYPE-USD.P	−0.0164%	1h	94.180	−0.042%	$705K	$937K	10x	as long as short
Bullet HYPE-USD	−0.0087%	1h	94.221	+0.001%	$112K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.238	+0.019%	$86K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.245	+0.027%	$3K	$331	25x	as long as short
Bybit HYPEUSDT	−0.0017%	8h	94.204	−0.017%	$323.7M	$280.7M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0012%	4h	94.205	−0.016%	$170K	$592K	20x	as long as short
Gate HYPE_USDT	−0.0006%	4h	94.227	+0.007%	$44.6M	$59.4M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.278	+0.062%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.232	+0.013%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0018%	4h	94.247	+0.028%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	94.173	−0.050%	$219K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0044%	4h	94.229	+0.010%	$89.2M	$82.3M	100x	as long as short
Derive HYPE-PERP	+0.0045%	1h	94.175	−0.048%	$16.4M	$7.3M	10x	as long as short
Binance HYPEUSDT	+0.0046%	4h	94.243	+0.025%	$384.7M	$893.4M	75x	as long as short
Bluefin HYPE-PERP	+0.0051%	1h	94.215	−0.005%	$76K	$171K	20x	as long as short
edgeX HYPEUSDC	+0.0058%	4h	94.030	−0.201%	$5.1M	$29.8M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0081%	8h	94.231	+0.012%	$116.3M	$319.6M	50x	as long as short
Popdex HYPEUSDTshort	+0.0088%	1h	94.224	+0.004%	$63K	$1.2M	50x
Lighter HYPE	+0.0096%	1h	94.304	+0.089%	$19.1M	$58.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.260	+0.042%	$3.1M	$12.1M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.206	−0.015%	$401K	$193K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.281	+0.065%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USDlong	+0.0100%	8h	94.220	long leg	$24K	$1.6M	10x
Nado HYPE-PERP	+0.0100%	1h	94.228	+0.009%	$6.7M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.329	+0.116%	$2.05B	$674.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.263	+0.045%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.243	+0.024%	$46.7M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.232	+0.013%	$228.6M	$101.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.236	+0.017%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.265	+0.048%	$7.8M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.010	−0.222%	$31.6M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.045	−0.186%	$7.6M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.037	−0.194%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.047	−0.184%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.247	+0.029%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.244	+0.025%	$481K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.268	+0.051%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.236	+0.017%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.120	−0.106%	$205K	$4K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.209	−0.012%	$19.2M	$44.0M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.260	+0.042%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0181%	4h	94.032	−0.200%	$17.0M	$12.3M	75x	as long as short
Kalshi KXHYPEPERP	+0.0198%	8h	94.281	+0.065%	$1.9M	$5.1M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.260	+0.042%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.272	+0.055%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.221	+0.002%	$77K	$144K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0157%	1h	94.228	+0.008%	$1.5M	—	100x	as long as short
HTX HYPE-USDT	+0.0430%	4h	94.403	+0.194%	$1.5M	$6.3M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0450%	1h	94.326	+0.113%	$7.5M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0669%	1h	94.327	+0.113%	$21.1M	$29.7M	50x	as long as short