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= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Variational Omni against Katana Perps−0.298%7-day average +0.020% · you buy dearer than you sell

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

Long on Katana Perps Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.016%+$2 on $10k

Price spread, last 7 days+0.332%+$33 · spread now −0.298%, 7d avg +0.020%

Together, before fees+0.347%+ Points / potential airdropVariational Omni: Active · farm board+$35 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: Variational Omni is 0.317% cheaper against Katana Perps than usual: you would sell low and buy high, −$32 on $10k if it goes back to its 7-day average of +0.020%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	93.890	0.0100	pay 0.0100% / 8h	6h 26m	$21K	$1.6M	10x
Short	Variational Omni HYPE	93.610	0.0100	get 0.0100% / 8h	6h 26m	$31.0M	$54.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Katana Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now −0.298%Rate

Funding earned: $0.04
Price spread: −0.298% → +0.020%: −$31.74
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$35.5
Costs to cover: 0.038%
Break-even: 5642.0 days

Slippage unknown: Katana Perps: no order-book sample; Variational Omni: RFQ quote, 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 Variational Omni RFQ quote, 2 min ago	0.44 bp	doesn't fit	5.4 bp −$54	17.8 bp −$1,777	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 54 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	−0.0920%	1h	93.818	−0.077%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.807	−0.088%	$1.2M	$3.8M	10x	as long as short
Phemex HYPEUSDT	−0.0156%	8h	93.853	−0.039%	$12.7M	$2.7M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0140%	1h	93.712	−0.190%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0083%	1h	93.910	+0.021%	$701K	$938K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.973	+0.088%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0056%	4h	93.869	−0.022%	$157K	$648K	20x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.919	+0.031%	$85K	$350K	20x	as long as short
Backpack HYPE_USDC_PERP	−0.0044%	1h	93.821	−0.073%	$7.8M	$10.3M	20x	as long as short
Gate HYPE_USDT	−0.0036%	4h	93.857	−0.035%	$44.4M	$54.9M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	−0.0002%	4h	93.852	−0.040%	—	$53.7M	—	as long as short
Aster HYPEUSDT	0.0000%	4h	93.906	+0.017%	$8.9M	$35.9M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.946	+0.060%	$129K	$31K	5x	as long as short
Bybit HYPEUSDT	0.0000%	8h	93.860	−0.032%	$322.3M	$281.3M	75x	as long as short
Perpl HYPE	0.0000%	43m	93.929	+0.041%	$22K	$326K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.910	+0.021%	$26K	—	150x	as long as short
Phoenix HYPE	+0.0060%	1h	93.904	+0.015%	$211K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0064%	4h	93.844	−0.049%	$87.8M	$82.9M	100x	as long as short
Bullet HYPE-USD	+0.0064%	1h	93.922	+0.034%	$112K	$578K	20x	as long as short
Binance HYPEUSDT	+0.0068%	4h	93.866	−0.026%	$382.1M	$894.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0068%	8h	93.865	−0.027%	$115.4M	$309.3M	50x	as long as short
edgeX HYPEUSDC	+0.0071%	4h	93.800	−0.095%	$5.1M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	94.013	+0.131%	$341K	$164K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.887	−0.003%	$16.4M	$62.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.878	−0.013%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.903	+0.014%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.891	+0.002%	$399K	$177K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.843	−0.050%	$16.3M	$7.7M	10x	as long as short
Katana Perps HYPE-USDlong	+0.0100%	8h	93.890	long leg	$21K	$1.6M	10x
Nado HYPE-PERP	+0.0100%	1h	93.963	+0.078%	$5.8M	$45.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.978	+0.094%	$2.05B	$672.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.988	+0.105%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.886	−0.004%	$46.5M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.814	−0.081%	$227.1M	$98.7M	75x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	93.610	−0.298%	$31.0M	$54.8M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.824	−0.070%	$7.6M	$47.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.834	−0.060%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.837	−0.056%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.972	+0.087%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.958	+0.072%	$474K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.829	−0.065%	$79K	$172K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.969	+0.084%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.859	−0.033%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.348	−0.578%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.782	−0.115%	$18.3M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.960	+0.075%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.920	+0.032%	$31K	$339K	12x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.978	+0.093%	$3.2M	$7.0M	20x	as long as short
HTX HYPE-USDT	+0.0218%	4h	94.130	+0.256%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0255%	1h	93.901	+0.012%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0272%	8h	93.955	+0.069%	$1.9M	$4.9M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0156%	1h	93.921	+0.033%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0357%	1h	93.959	+0.073%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0679%	1h	93.949	+0.063%	$21.0M	$29.8M	50x	as long as short