Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.012%

Price spread now: Katana Perps against Nado−0.011%7-day average −0.050% · you buy dearer than you sell

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

Long on Nado Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.002%$0 on $10k

Price spread, last 7 days−0.025%−$3 · spread now −0.011%, 7d avg −0.050%

Together, before fees−0.028%+ Points / potential airdropNado: Active · farm board−$3 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 0.039% dearer against Nado than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.050%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado HYPE-PERP	93.360	0.0100	pay 0.0012% / 1h	34m 21s	$7.4M	$50.9M	10x
Short	Katana Perps HYPE-USD	93.350	0.0100	get 0.0100% / 8h	1h 34m	$21K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Nado. 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 NadobpFee Katana PerpsbpOrdersPrice spread, now −0.011%Rate

Funding earned: −$0.09
Price spread: −0.011% → −0.050%: $3.87
Slippage, 4 orders: no order book: not counted
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$7.02
Costs to cover: 0.108%
Break-even: never at this rate

Slippage unknown: Nado: live order book, 5 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 Nado live order book, 5 min ago	0.05 bp	3.9 bp −$4	5.7 bp −$57	27.6 bp −$2,763	doesn't fit
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	−0.1040%	1h	93.327	−0.036%	$198K	$240K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0185%	1h	93.490	+0.139%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0088%	1h	93.330	−0.033%	$703K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0083%	1h	93.356	−0.005%	$110K	$579K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.362	+0.002%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.405	+0.048%	$86K	$369K	20x	as long as short
Bluefin HYPE-PERP	−0.0033%	1h	93.387	+0.028%	$79K	$155K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0021%	4h	93.357	−0.004%	$145K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.345	−0.016%	$128K	$28K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.442	+0.087%	$1.8M	$5.6M	2.3x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.338	−0.024%	$20K	$289K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.368	+0.007%	$83K	—	150x	as long as short
BingX HYPE-USDT	+0.0002%	4h	93.368	+0.008%	—	$53.6M	—	as long as short
Bybit HYPEUSDT	+0.0002%	8h	93.360	−0.001%	$315.0M	$287.9M	75x	as long as short
Derive HYPE-PERP	+0.0007%	1h	93.302	−0.062%	$16.2M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0017%	1h	93.482	+0.130%	$209K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0042%	4h	93.371	+0.011%	$225.0M	$99.8M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0076%	8h	93.425	+0.069%	$334K	$161K	20x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.460	+0.107%	$5.0M	$30.6M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.364	+0.004%	$1.0M	$4.0M	10x	as long as short
Popdex HYPEUSDT	+0.0088%	1h	93.374	+0.014%	$80K	$1.2M	50x	as long as short
Phemex HYPEUSDT	+0.0091%	8h	93.382	+0.023%	$12.7M	$2.8M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.397	+0.039%	$16.1M	$63.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.395	+0.037%	$3.1M	$11.1M	20x	as long as short
Katana Perps HYPE-USDshort	+0.0100%	8h	93.350	−0.011%	$21K	$1.7M	10x
Nado HYPE-PERPlong	+0.0100%	1h	93.360	long leg	$7.4M	$50.9M	10x
Hyperliquid HYPE	+0.0100%	1h	93.446	+0.092%	$2.04B	$681.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.393	+0.035%	$8.8M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.420	+0.064%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.386	+0.027%	$373.9M	$930.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.385	+0.026%	$115.3M	$314.7M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.372	+0.012%	$48.4M	$55.3M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.374	+0.014%	$89.3M	$83.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.373	+0.013%	$46.2M	$18.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.387	+0.028%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.339	−0.023%	$28.7M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.507	+0.157%	$7.5M	$48.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.469	+0.116%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.396	+0.038%	$676K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.436	+0.081%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.394	+0.036%	$469K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.385	+0.026%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.344	−0.018%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.504	+0.154%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.507	+0.157%	$216K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.349	−0.012%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.384	+0.025%	$395K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.440	+0.085%	$4.7M	$6.1M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0152% / S +0.0022%	1h	93.385	+0.026%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.290	−0.076%	$30K	$339K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0264%	1h	93.435	+0.080%	$7.4M	$4.2M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.348	−0.013%	$77K	$129K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.358	−0.003%	$16.9M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0416%	1h	93.416	+0.060%	$20.8M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.421	+0.064%	$3.2M	$6.4M	20x	as long as short