Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0097%/8h= −10.7% APRpaid last 24h −0.031%

Price spread now: Katana Perps against Kraken Futures−0.090%7-day average −0.058% · you buy dearer than you sell

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

Long on Kraken Futures Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.074%−$7 on $10k

Price spread, last 4 days (all we have)+0.125%+$12 · spread now −0.090%, 7d avg −0.058%

Together, before fees+0.051%+$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Katana Perps is 0.033% cheaper against Kraken Futures than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.058%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_HYPEUSD	92.974	0.0197	pay 0.0025% / 1h	30m 07s	$20.6M	$30.5M	50x
Short	Katana Perps HYPE-USD	92.890	0.0099	get 0.0099% / 8h	3h 30m	$34K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Kraken Futures. 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 Kraken FuturesbpFee Katana PerpsbpOrdersPrice spread, now −0.090%Rate

Funding earned: −$20.45
Price spread: −0.090% → −0.058%: −$3.27
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$37.52
Costs to cover: 0.138%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 4 min ago; Katana Perps: 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 Kraken Futures live order book, 4 min ago	0.65 bp	8.2 bp −$8	8.7 bp −$87	17.9 bp −$1,789	65.1 bp −$32.6K
Sell Katana Perps no order-book sample	—	—	—	—	—

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	−0.1472%	1h	92.689	−0.307%	$193K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0300%	1h	92.877	−0.104%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.877	−0.104%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.988	+0.015%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0062%	4h	92.912	−0.067%	$145K	$681K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.981	+0.007%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.935	−0.042%	$22K	$298K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.943	−0.033%	$62K	—	150x	as long as short
Phoenix HYPE	+0.0026%	1h	92.857	−0.126%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0033%	8h	92.855	−0.128%	$315.7M	$282.6M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet HYPE-USD	+0.0036%	1h	92.907	−0.072%	$111K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	+0.0042%	1h	92.870	−0.112%	$699K	$1.1M	10x	as long as short
Phemex HYPEUSDT	+0.0047%	8h	92.954	−0.022%	$12.6M	$2.7M	50x	as long as short
01 Exchange HYPEUSD	+0.0048%	1h	92.940	−0.037%	$86K	$362K	20x	as long as short
Bitget HYPEUSDT	+0.0056%	4h	92.907	−0.072%	$225.0M	$99.2M	75x	as long as short
Popdex HYPEUSDT	+0.0072%	1h	92.917	−0.061%	$70K	$1.1M	50x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	92.814	−0.172%	$4.9M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.927	−0.050%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.922	−0.056%	$3.1M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	92.922	−0.056%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USDshort	+0.0099%	8h	92.890	−0.090%	$34K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	92.883	−0.097%	$7.4M	$46.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.950	−0.026%	$2.02B	$666.5M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	92.889	−0.091%	$8.7M	$36.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	92.939	−0.038%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.866	−0.116%	$373.4M	$905.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.860	−0.123%	$113.9M	$304.4M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	92.898	−0.082%	$45.0M	$54.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.903	−0.076%	$91.5M	$81.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.959	−0.016%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.894	−0.086%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.933	−0.044%	$7.2M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.959	−0.016%	$28.6M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.875	−0.107%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.853	−0.130%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.896	−0.084%	$668K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.970	−0.004%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.958	−0.017%	$471K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.914	−0.065%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.910	−0.069%	$16.0M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.998	+0.026%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.914	−0.065%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.072	+0.105%	$1.4M	$6.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.770	−0.219%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.893	−0.087%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.915	−0.064%	$393K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.040	+0.071%	$4.7M	$5.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0175%	8h	92.992	+0.019%	$1.8M	$5.4M	2.3x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0197%	1h	92.974	long leg	$20.6M	$30.5M	50x
Injective HYPE/USDC PERP	+0.0242%	1h	92.810	−0.176%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0265%	1h	92.913	−0.066%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.934	−0.043%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.983	+0.010%	$16.8M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0514%	1h	93.021	+0.051%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.976	+0.002%	$3.2M	$6.4M	20x	as long as short