Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0065%/8h= +7.2% APRpaid last 24h −0.017%

Price spread now: Katana Perps against Phoenix+0.304%110s7-day average −0.151% · you sell dearer than you buy

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

Long on Phoenix Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.148%−$15 on $10k

Price spread, last 7 days−0.426%−$43 · spread now +0.304%, 7d avg −0.151%

Together, before fees−0.573%−$57 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Katana Perps is 0.455% dearer against Phoenix than usual: you sell high and buy low: +$46 more if the spread goes back to its 7-day average of −0.151%. Mind the row above: over the last 4 days funding on this pair cost −0.148%, so the current rate has only just turned in your favour. The two prices were read 110 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix HYPE	93.805	0.0034	pay 0.0004% / 1h	53m 41s	$215K	$1.2M	10x
Short	Katana Perps HYPE-USD	94.090	0.0100	get 0.0100% / 8h	53m 41s	$29K	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Phoenix. 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 PhoenixbpFee Katana PerpsbpOrdersPrice spread, now +0.304%Rate

Funding earned: $13.75
Price spread: +0.304% → −0.151%: $45.51
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: $48.46
Costs to cover: 0.108%
Break-even: from the start

Slippage unknown: Phoenix: 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 Phoenix live order book, 5 min ago	1.06 bp	5.6 bp −$6	10.4 bp −$104	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
Hibachi HYPE/USDT-P	−0.0536%	1h	93.857	+0.056%	$199K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0487%	1h	93.772	−0.036%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.994	+0.201%	$1.2M	$3.8M	10x	as long as short
ApeX Omni HYPEUSDT	−0.0160%	1h	93.896	+0.097%	$349K	$1.1M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.965	+0.171%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.092	+0.306%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.001	+0.209%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.011	+0.220%	$28K	—	150x	as long as short
Orderly PERP_HYPE_USDC	+0.0014%	4h	94.004	+0.212%	$176K	$526K	20x	as long as short
Ondo Perps HYPE-USD.P	+0.0019%	1h	93.990	+0.197%	$703K	$905K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	+0.0020%	8h	94.060	+0.272%	$325.0M	$280.9M	75x	as long as short
Aster HYPEUSDT	+0.0031%	4h	94.023	+0.232%	$9.0M	$35.8M	300x	as long as short
Phoenix HYPElong	+0.0034%	1h	93.805	long leg	$215K	$1.2M	10x
edgeX HYPEUSDC	+0.0067%	4h	93.855	+0.053%	$5.1M	$29.7M	30x	as long as short
Phemex HYPEUSDT	+0.0069%	8h	93.934	+0.138%	$12.8M	$2.6M	50x	as long as short
Gate HYPE_USDT	+0.0070%	4h	94.061	+0.273%	$44.5M	$57.9M	75x	as long as short
MEXC HYPE_USDT	+0.0070%	4h	94.070	+0.283%	$90.8M	$80.4M	100x	as long as short
Binance HYPEUSDT	+0.0073%	4h	94.065	+0.278%	$386.5M	$887.1M	75x	as long as short
Derive HYPE-PERP	+0.0077%	1h	93.939	+0.143%	$16.4M	$6.9M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.057	+0.268%	$19.1M	$59.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.040	+0.251%	$3.1M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.977	+0.183%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.988	+0.195%	$400K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.034	+0.244%	$342K	$169K	20x	as long as short
Katana Perps HYPE-USDshort	+0.0100%	8h	94.090	+0.304%	$29K	$1.6M	10x
Nado HYPE-PERP	+0.0100%	1h	93.980	+0.186%	$5.9M	$44.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.075	+0.288%	$10.2M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.078	+0.291%	$115.6M	$316.1M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.022	+0.231%	$47.3M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.085	+0.298%	$228.0M	$102.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.068	+0.280%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.020	+0.229%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.882	+0.082%	$32.1M	$53.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.906	+0.108%	$7.6M	$45.5M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.945	+0.149%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.998	+0.205%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.018	+0.227%	$485K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.976	+0.183%	$113K	$578K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.996	+0.204%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.018	+0.227%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.993	+0.200%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.680	−0.133%	$205K	$7K	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	93.850	+0.048%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.061	+0.273%	$18.7M	$42.1M	50x	as long as short
01 Exchange HYPEUSD	+0.0104%	1h	94.004	+0.212%	$91K	$356K	20x	as long as short
Kalshi KXHYPEPERP	+0.0123%	8h	94.029	+0.239%	$1.9M	$5.1M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.060	+0.272%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0225%	4h	94.148	+0.366%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	93.993	+0.200%	$77K	$142K	15x	as long as short
BloFin HYPE-USDT	+0.0280%	4h	93.930	+0.133%	$17.0M	$12.3M	75x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.131	+0.348%	$2.8M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0292%	1h	94.089	+0.303%	$7.4M	$4.5M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	93.966	+0.172%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0577%	1h	94.098	+0.312%	$21.0M	$29.0M	50x	as long as short
Hyperliquid HYPE	+0.0638%	1h	94.059	+0.271%	$2.05B	$665.3M	10x	as long as short