Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0172%/8h= +18.8% APRpaid last 24h +0.040%

Price spread now: Reya against Katana Perps−0.039%7-day average +0.006% · you buy dearer than you sell

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

Long on Katana Perps Short on Reya

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.024%+$2 on $10k

Price spread, last 4 days (all we have)+0.557%+$56 · spread now −0.039%, 7d avg +0.006%

Together, before fees+0.581%+ Points / potential airdropReya: Active · farm board+$58 on $10k · with fees, hour by hour

Funding pays, the price is against you. Reya is 0.045% cheaper against Katana Perps than usual: you would sell low and buy high (spread −0.039% now, against its 7-day average of +0.006%). If the spread goes back, that is −$5 on $10k: about 21 hours of funding at the current rate (+$5 a day). At the pace of the last 4 days (+0.024% in total) that is about 6.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	94.560	0.0100	pay 0.0100% / 8h	7h 38m	$40K	$1.7M	10x
Short	Reya HYPERUSDPERP	94.523	0.0271	get 0.0034% / 1h	38m 44s	$85K	$117K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.039%Rate

Funding earned: $36.06
Price spread: −0.039% → +0.006%: −$4.51
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Reya: 3 bp × 2 orders: −$6
Net: $21.75
Costs to cover: 0.098%
Break-even: 2.8 days

Slippage unknown: Katana Perps: no order-book sample; Reya: no order-book sample. 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 Reya no order-book sample	—	—	—	—	—

Katana Perps and Reya: 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	−0.1016%	1h	94.453	−0.114%	$207K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0633%	1h	94.510	−0.053%	$80K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0308%	1h	94.738	+0.188%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0188%	1h	94.570	+0.010%	$112K	$578K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0130%	1h	94.530	−0.032%	$704K	$1.3M	10x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.557	−0.003%	$1.0M	$3.5M	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.606	+0.049%	$90K	$367K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.556	−0.004%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0072%	4h	94.488	−0.076%	$51.3M	$54.8M	75x	as long as short
Phemex HYPEUSDT	−0.0057%	8h	94.539	−0.022%	$12.9M	$2.9M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.509	−0.053%	$19.0M	$35.3M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	94.547	−0.014%	$147K	$682K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.566	+0.007%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.609	+0.052%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.556	−0.004%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.588	+0.030%	$95K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.747	+0.198%	$210K	$1.2M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.550	−0.011%	$4.7M	$6.4M	50x	as long as short
Bitget HYPEUSDT	+0.0020%	4h	94.559	−0.001%	$227.1M	$99.7M	75x	as long as short
Bybit HYPEUSDT	+0.0040%	8h	94.530	−0.032%	$318.1M	$296.5M	75x	as long as short
Derive HYPE-PERP	+0.0045%	1h	94.501	−0.062%	$16.3M	$7.5M	10x	as long as short
Vest HYPE-PERP	+0.0050%	1h	94.626	+0.070%	—	$190K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0050%	8h	94.564	+0.004%	$338K	$154K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0054%	8h	94.536	−0.025%	$117.8M	$329.2M	50x	as long as short
SoDEX HYPE-USD	+0.0075%	1h	94.523	−0.039%	$2.1M	$2.0M	10x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	94.574	+0.015%	$5.0M	$30.8M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.544	−0.017%	$16.2M	$62.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.542	−0.019%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.573	+0.014%	$148K	$1.3M	50x	as long as short
Katana Perps HYPE-USDlong	+0.0100%	8h	94.560	long leg	$40K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	94.569	+0.009%	$7.3M	$52.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.644	+0.089%	$2.08B	$685.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.528	−0.034%	$9.7M	$37.6M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.594	+0.036%	$10.2M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.540	−0.021%	$380.7M	$939.4M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.690	+0.138%	$221K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.569	+0.010%	$93.8M	$85.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.558	−0.002%	$47.2M	$19.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.504	−0.059%	—	$53.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.470	−0.095%	$7.6M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.549	−0.011%	$30.0M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.786	+0.239%	$7.7M	$44.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.537	−0.024%	$345K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.511	−0.052%	$693K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.648	+0.093%	$499K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.624	+0.068%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.712	+0.161%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.491	−0.073%	$18.4M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.574	+0.015%	$400K	$153K	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0131%	1h	94.609	+0.052%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.613	+0.056%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	94.530	−0.032%	$31K	$340K	12x	as long as short
Reya HYPERUSDPERPshort	+0.0271%	1h	94.523	−0.039%	$85K	$117K	15x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0152%	1h	94.603	+0.045%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.502	−0.061%	$17.2M	$12.6M	75x	as long as short