Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.009%

Price spread now: Katana Perps against MEXC−0.129%7-day average −0.053% · you buy dearer than you sell

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

Long on MEXC Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.007%−$1 on $10k

Price spread, last 7 days+0.092%+$9 · spread now −0.129%, 7d avg −0.053%

Together, before fees+0.085%+$8 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: Katana Perps is 0.077% cheaper against MEXC than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of −0.053%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC HYPE_USDT	94.983	0.0100	pay 0.0050% / 4h	3h 49m	$94.0M	$85.0M	100x
Short	Katana Perps HYPE-USD	94.860	0.0100	get 0.0100% / 8h	7h 49m	$28K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against MEXC. 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 MEXCbpFee Katana PerpsbpOrdersPrice spread, now −0.129%Rate

Funding earned: −$0.04
Price spread: −0.129% → −0.053%: −$7.68
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$15.52
Costs to cover: 0.078%
Break-even: never at this rate

Slippage unknown: MEXC: 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 MEXC live order book, 4 min ago	0.10 bp	2.1 bp −$2	4.2 bp −$42	13.3 bp −$1,328	41.7 bp −$20.9K
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	−0.1376%	1h	94.787	−0.207%	$208K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0361%	1h	94.867	−0.122%	$80K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0316%	1h	94.776	−0.218%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0182%	1h	94.898	−0.089%	$113K	$576K	20x	as long as short
Phemex HYPEUSDT	−0.0141%	8h	94.854	−0.136%	$12.9M	$2.9M	50x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.846	−0.144%	$1.0M	$3.5M	10x	as long as short
01 Exchange HYPEUSD	−0.0096%	1h	94.930	−0.056%	$89K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.836	−0.155%	$3K	$331	25x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.931	−0.055%	$20.3M	$30.3M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0047%	1h	94.740	−0.256%	$715K	$1.2M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0006%	4h	94.892	−0.096%	$148K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.808	−0.185%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	95.028	+0.047%	$1.9M	$5.5M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.851	−0.139%	$19K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.859	−0.130%	$85K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.810	−0.182%	$208K	$1.2M	10x	as long as short
Bitget HYPEUSDT	+0.0012%	4h	94.775	−0.219%	$227.4M	$100.0M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.940	−0.045%	$4.7M	$6.2M	50x	as long as short
Derive HYPE-PERP	+0.0022%	1h	94.691	−0.307%	$16.4M	$7.4M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0051%	8h	94.856	−0.134%	$339K	$154K	20x	as long as short
Vest HYPE-PERP	+0.0063%	1h	94.941	−0.045%	—	$190K	5x	as long as short
OKX HYPE-USDT-SWAP	+0.0063%	8h	94.784	−0.210%	$118.4M	$328.7M	50x	as long as short
SoDEX HYPE-USD	+0.0087%	1h	94.895	−0.093%	$2.1M	$1.9M	10x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	94.791	−0.202%	$5.0M	$30.7M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.896	−0.092%	$16.3M	$61.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.898	−0.089%	$3.2M	$10.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.895	−0.093%	$147K	$1.3M	50x	as long as short
Katana Perps HYPE-USDshort	+0.0100%	8h	94.860	−0.129%	$28K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	94.875	−0.114%	$7.3M	$52.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.864	−0.125%	$2.09B	$691.2M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.938	−0.047%	$9.6M	$37.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.871	−0.118%	$10.2M	$14.8M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.869	−0.120%	$381.7M	$935.3M	75x	as long as short
Bybit HYPEUSDT	+0.0100%	8h	94.760	−0.235%	$317.3M	$291.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.685	−0.314%	$219K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.944	−0.041%	$51.1M	$53.8M	75x	as long as short
MEXC HYPE_USDTlong	+0.0100%	4h	94.983	long leg	$94.0M	$85.0M	100x
KuCoin HYPEUSDTM	+0.0100%	4h	94.966	−0.018%	$47.0M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.959	−0.025%	—	$53.4M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.862	−0.127%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.809	−0.183%	$30.0M	$55.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.848	−0.142%	$7.7M	$44.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.799	−0.194%	$352K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.833	−0.158%	$694K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.962	−0.022%	$501K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.022	+0.041%	$33K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.046	+0.066%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.925	−0.061%	$18.5M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.886	−0.102%	$401K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.896	−0.092%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.060	+0.081%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0234%	1h	94.991	+0.008%	$7.5M	$4.3M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.897	−0.091%	$83K	$115K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0327% / S −0.0152%	1h	94.957	−0.028%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.810	−0.182%	$17.2M	$12.5M	75x	as long as short