Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0132%/8h= −14.4% APRpaid last 24h −0.024%

Price spread now: 01 Exchange against Katana Perps−0.045%7-day average +0.049% · you buy dearer than you sell

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

Long on Katana Perps Short on 01 Exchange

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 4 days (all we have)+0.093%+$9 · spread now −0.045%, 7d avg +0.049%

Together, before fees+0.077%+$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and 01 Exchange is 0.094% cheaper against Katana Perps than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.049%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	93.010	0.0100	pay 0.0100% / 8h	1h 29m	$34K	$1.6M	10x
Short	01 Exchange HYPEUSD	92.968	−0.0032	pay 0.0004% / 1h	29m 37s	$90K	$362K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now −0.045%Rate

Funding earned: −$27.68
Price spread: −0.045% → +0.049%: −$9.4
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$47.88
Costs to cover: 0.108%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; 01 Exchange: live order book, 55 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 01 Exchange live order book, 55 min ago	0.05 bp	6.1 bp −$6	10.1 bp −$101	doesn't fit	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
Aftermath Perps HYPEUSD	−0.0393%	1h	93.061	+0.055%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0256%	1h	93.000	−0.011%	$196K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	92.924	−0.092%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0123%	1h	92.870	−0.151%	$698K	$924K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.921	−0.096%	$3K	$331	25x	as long as short
01 Exchange HYPEUSDshort	−0.0032%	1h	92.968	−0.045%	$90K	$362K	20x
Popdex HYPEUSDT	−0.0016%	1h	92.906	−0.112%	$57K	$1.2M	50x	as long as short
Aster HYPEUSDT	−0.0010%	4h	92.923	−0.094%	$8.8M	$36.0M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.015	+0.006%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.924	−0.093%	$23K	$331K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	92.945	−0.069%	$20K	—	150x	as long as short
Bybit HYPEUSDT	+0.0024%	8h	92.980	−0.032%	$322.6M	$287.3M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0025%	4h	92.931	−0.085%	$171K	$518K	20x	as long as short
Bullet HYPE-USD	+0.0031%	1h	92.910	−0.108%	$111K	$579K	20x	as long as short
Derive HYPE-PERP	+0.0033%	1h	92.879	−0.141%	$16.2M	$7.1M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.118	+0.116%	$214K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0038%	4h	92.977	−0.035%	$43.8M	$58.4M	75x	as long as short
MEXC HYPE_USDT	+0.0070%	4h	92.973	−0.040%	$89.9M	$81.9M	100x	as long as short
Binance HYPEUSDT	+0.0070%	4h	92.979	−0.033%	$382.0M	$894.8M	75x	as long as short
edgeX HYPEUSDC	+0.0086%	4h	93.085	+0.081%	$5.1M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.998	−0.013%	$18.5M	$58.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.972	−0.041%	$3.1M	$12.1M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	92.948	−0.067%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USDlong	+0.0100%	8h	93.010	long leg	$34K	$1.6M	10x
Nado HYPE-PERP	+0.0100%	1h	92.913	−0.104%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.978	−0.034%	$2.02B	$671.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.003	−0.007%	$9.9M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.987	−0.025%	$113.5M	$313.8M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.030	+0.022%	$203K	$8K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.978	−0.034%	$47.0M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.008	−0.002%	$225.4M	$103.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.985	−0.027%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.921	−0.096%	$7.8M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.003	−0.007%	$28.9M	$50.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.144	+0.144%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.095	+0.091%	$412K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.014	+0.004%	$673K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.941	−0.074%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.922	−0.095%	$491K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.908	−0.110%	$75K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.936	−0.080%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.911	−0.106%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	92.936	−0.080%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.970	−0.043%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.899	−0.119%	$395K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0109%	8h	92.991	−0.020%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	92.970	−0.043%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	92.950	−0.065%	$30K	$338K	12x	as long as short
HTX HYPE-USDT	+0.0243%	4h	93.090	+0.086%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	92.885	−0.135%	$77K	$158K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.022	+0.013%	$2.7M	$6.8M	20x	as long as short
BloFin HYPE-USDT	+0.0293%	4h	92.998	−0.013%	$16.9M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0158%	1h	92.938	−0.077%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0467%	1h	93.031	+0.022%	$20.8M	$28.9M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0482%	1h	93.021	+0.012%	$7.4M	$4.6M	50x	as long as short