Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0001%/8h= +0.1% APRpaid last 24h −0.010%

Price spread now: Vest against Katana Perps+0.164%7-day average +0.021% · you sell dearer than you buy

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

Long on Katana Perps Short on Vest

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.114%−$11 on $10k

Price spread, last 4 days (all we have)+0.294%+$29 · spread now +0.164%, 7d avg +0.021%

Together, before fees+0.181%+ Points / potential airdropVest: Active · farm board+$18 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: Vest is 0.143% dearer against Katana Perps than usual: you sell high and buy low, +$14 on $10k if it goes back to its 7-day average of +0.021%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	94.720	0.0099	pay 0.0099% / 8h	4h 49m	$39K	$1.5M	10x
Short	Vest HYPE-PERP	94.875	0.0100	get 0.0013% / 1h	49m 49s	—	$80K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Vest 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 VestbpOrdersPrice spread, now +0.164%Rate

Funding earned: $0.12
Price spread: +0.164% → +0.021%: $14.27
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Vest: 1 bp × 2 orders: −$2
Net: $8.59
Costs to cover: 0.058%
Break-even: from the start

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

Katana Perps and Vest: 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 exchanges

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
Kraken Futures PF_HYPEUSD	−0.0282%	1h	94.758	+0.040%	$18.3M	$32.6M	50x	as long as short
Phemex HYPEUSDT	−0.0253%	8h	94.736	+0.017%	$12.9M	$2.2M	50x	as long as short
Bluefin HYPE-PERP	−0.0225%	1h	94.740	+0.021%	$78K	$130K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0221%	1h	94.670	−0.053%	$677K	$1.3M	10x	as long as short
Lighter HYPE	−0.0144%	1h	94.748	+0.029%	$16.5M	$55.2M	20x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	94.817	+0.102%	$102K	$349K	20x	as long as short
Aster HYPEUSDT	−0.0101%	4h	94.709	−0.011%	$9.0M	$34.5M	300x	as long as short
Gate HYPE_USDT	−0.0084%	4h	94.711	−0.010%	$55.8M	$52.6M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.894	+0.184%	$3K	$421	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0074%	4h	94.736	+0.017%	$147K	$642K	20x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International HYPE-PERP-INTX	−0.0064%	1h	94.790	+0.074%	$4.7M	$5.4M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0058%	1h	94.996	+0.291%	$22K	$17K	10x	as long as short
OKX HYPE-USDT-SWAP	−0.0042%	8h	94.539	−0.191%	$118.9M	$302.5M	50x	as long as short
Bitget HYPEUSDT	−0.0028%	4h	94.551	−0.178%	$228.9M	$85.9M	75x	as long as short
Phoenix HYPE	−0.0017%	1h	94.936	+0.228%	$198K	$1.1M	10x	as long as short
ApeX Omni HYPEUSDT	−0.0010%	1h	95.003	+0.299%	$323K	$925K	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.770	+0.053%	$128K	$96K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.808	+0.092%	$24K	$249K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.890	+0.179%	$99K	—	150x	as long as short
Bullet HYPE-USD	+0.0008%	1h	94.864	+0.152%	$114K	$585K	20x	as long as short
Derive HYPE-PERP	+0.0020%	1h	94.742	+0.024%	$16.3M	$7.0M	10x	as long as short
edgeX HYPEUSDC	+0.0025%	4h	94.997	+0.293%	$5.0M	$27.9M	30x	as long as short
Bybit HYPEUSDT	+0.0027%	8h	94.547	−0.183%	$319.2M	$262.9M	75x	as long as short
Binance HYPEUSDT	+0.0029%	4h	94.722	+0.002%	$381.9M	$848.9M	75x	as long as short
Popdex HYPEUSDT	+0.0032%	1h	94.815	+0.100%	$274K	$998K	50x	as long as short
MEXC HYPE_USDT	+0.0032%	4h	94.718	−0.002%	$89.3M	$82.4M	100x	as long as short
BingX HYPE-USDT	+0.0034%	4h	94.702	−0.019%	—	$49.7M	—	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0045%	1h	94.858	+0.146%	$7.5M	$4.2M	50x	as long as short
Backpack HYPE_USDC_PERP	+0.0055%	1h	94.731	+0.012%	$6.8M	$12.3M	20x	as long as short
SoDEX HYPE-USD	+0.0063%	1h	94.799	+0.083%	$2.1M	$335K	10x	as long as short
KuCoin HYPEUSDTM	+0.0086%	4h	94.696	−0.025%	$47.3M	$17.7M	75x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	94.905	+0.195%	$401K	$125K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0092%	8h	94.733	+0.013%	$338K	$30K	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.757	+0.039%	$3.3M	$9.8M	20x	as long as short
Katana Perps HYPE-USDlong	+0.0099%	8h	94.720	long leg	$39K	$1.5M	10x
Nado HYPE-PERP	+0.0100%	1h	94.820	+0.106%	$7.2M	$50.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.661	−0.062%	$2.10B	$642.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.767	+0.050%	$10.2M	$12.9M	20x	as long as short
Arcus HYPE-USD	+0.0100%	1h	94.799	+0.083%	$1.0M	$2.8M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.036	+0.334%	$228K	$20K	10x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.740	+0.021%	$30.0M	$52.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.002	+0.298%	$7.7M	$41.1M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.852	+0.139%	$690K	$2.6M	20x	as long as short
Vest HYPE-PERPshort	+0.0100%	1h	94.875	+0.164%	—	$80K	5x
Polymarket Perps HYPE-USD	+0.0100%	1h	94.848	+0.135%	$497K	$2.4M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.928	+0.220%	$32K	$1.4M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.853	+0.140%	$1.4M	$5.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.664	−0.059%	$18.2M	$37.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0118%	8h	94.826	+0.112%	$1.8M	$5.1M	2.3x	as long as short
BloFin HYPE-USDT	+0.0135%	4h	94.728	+0.008%	$17.5M	$11.5M	75x	as long as short
RISEx HYPE/USDC	+0.0138%	1h	94.816	+0.101%	$3.1M	$5.2M	20x	as long as short
Reya HYPERUSDPERP	+0.0268%	1h	94.796	+0.080%	$84K	$90K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	94.889	+0.179%	$1.4M	—	100x	as long as short
Hibachi HYPE/USDT-P	+0.1000%	1h	94.840	+0.127%	$214K	$277K	7x	as long as short
Injective HYPE/USDC PERP	+0.1234%	1h	95.420	+0.739%	$31K	$334K	12x	as long as short