Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Katana Perps against Phemex+0.089%7-day average −0.031% · you sell dearer than you buy

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

Long on Phemex Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.016%−$2 on $10k

Price spread, last 3 days (all we have)−0.022%−$2 · spread now +0.089%, 7d avg −0.031%

Together, before fees−0.038%−$4 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 0.120% dearer against Phemex than usual: you sell high and buy low, +$12 on $10k if it goes back to its 7-day average of −0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	92.967	0.0100	pay 0.0100% / 8h	1h 30m	$12.7M	$2.6M	50x
Short	Katana Perps HYPE-USD	93.050	0.0100	get 0.0100% / 8h	1h 30m	$34K	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Phemex. 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 PhemexbpFee Katana PerpsbpOrdersPrice spread, now +0.089%Rate

Funding earned: −$0.04
Price spread: +0.089% → −0.031%: $12
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$3.84
Costs to cover: 0.158%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 3 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 Phemex live order book, 3 min ago	4.14 bp	20.8 bp −$21	35.7 bp −$357	doesn't fit	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
Aftermath Perps HYPEUSD	−0.0392%	1h	93.095	+0.138%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0240%	1h	93.053	+0.093%	$196K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	92.986	+0.020%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0125%	1h	92.950	−0.018%	$698K	$924K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.046	+0.085%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.033	+0.071%	$90K	$362K	20x	as long as short
Popdex HYPEUSDT	−0.0016%	1h	93.026	+0.063%	$57K	$1.2M	50x	as long as short
Aster HYPEUSDT	−0.0003%	4h	92.918	−0.052%	$8.8M	$36.0M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.124	+0.168%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.063	+0.103%	$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	93.044	+0.083%	$20K	—	150x	as long as short
Bybit HYPEUSDT	+0.0024%	8h	92.870	−0.104%	$322.3M	$287.2M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0027%	4h	92.974	+0.008%	$171K	$518K	20x	as long as short
Bullet HYPE-USD	+0.0028%	1h	93.009	+0.046%	$111K	$579K	20x	as long as short
Derive HYPE-PERP	+0.0033%	1h	92.935	−0.034%	$16.2M	$7.1M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.118	+0.162%	$214K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0040%	4h	92.889	−0.084%	$43.7M	$58.4M	75x	as long as short
Binance HYPEUSDT	+0.0073%	4h	92.883	−0.091%	$381.6M	$894.6M	75x	as long as short
MEXC HYPE_USDT	+0.0076%	4h	92.885	−0.088%	$89.8M	$81.9M	100x	as long as short
edgeX HYPEUSDC	+0.0086%	4h	93.085	+0.127%	$5.1M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.999	+0.035%	$18.5M	$58.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.975	+0.009%	$3.1M	$12.1M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	93.038	+0.077%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USDshort	+0.0100%	8h	93.050	+0.089%	$34K	$1.6M	10x
Nado HYPE-PERP	+0.0100%	1h	93.025	+0.063%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.957	−0.011%	$2.02B	$671.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.042	+0.081%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.861	−0.114%	$113.6M	$313.3M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.390	+0.455%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.909	−0.062%	$46.9M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.883	−0.090%	$225.1M	$103.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.878	−0.096%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.955	−0.013%	$7.8M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.034	+0.072%	$29.0M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.144	+0.191%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.095	+0.138%	$412K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.031	+0.069%	$673K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.044	+0.083%	$492K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.964	−0.003%	$75K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.038	+0.076%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.948	−0.020%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDTlong	+0.0100%	8h	92.967	long leg	$12.7M	$2.6M	50x
Vest HYPE-PERP	+0.0100%	1h	93.058	+0.098%	—	$454K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.859	−0.116%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.013	+0.049%	$396K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0109%	8h	93.103	+0.146%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.020	+0.057%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	92.950	−0.018%	$30K	$338K	12x	as long as short
HTX HYPE-USDT	+0.0245%	4h	93.158	+0.205%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	92.999	+0.034%	$77K	$158K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.081	+0.122%	$2.7M	$6.8M	20x	as long as short
BloFin HYPE-USDT	+0.0293%	4h	92.998	+0.033%	$16.9M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0158%	1h	93.040	+0.079%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0460%	1h	93.068	+0.109%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0467%	1h	93.057	+0.097%	$20.8M	$28.9M	50x	as long as short