Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.004%

Price spread now: Katana Perps against Popdex+0.025%56s7-day average −0.053% · you sell dearer than you buy

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

Long on Popdex Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.005%$0 on $10k

Price spread, last 7 days−0.058%−$6 · spread now +0.025%, 7d avg −0.053%

Together, before fees−0.063%−$6 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 0.078% dearer against Popdex than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of −0.053%. The two prices were read 56 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	Popdex HYPEUSDT	93.337	0.0096	pay 0.0012% / 1h	36m 38s	$76K	$1.2M	50x
Short	Katana Perps HYPE-USD	93.360	0.0100	get 0.0100% / 8h	2h 36m	$28K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Popdex. 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 PopdexbpFee Katana PerpsbpOrdersPrice spread, now +0.025%Rate

Funding earned: $0.74
Price spread: +0.025% → −0.053%: $7.8
Slippage, 4 orders: no order book: not counted
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$1.66
Costs to cover: 0.102%
Break-even: 22.8 days

Slippage unknown: Popdex: 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 Popdex live order book, 3 min ago	0.05 bp	3.3 bp −$3	4.9 bp −$49	51.5 bp −$5,152	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	−0.1688%	1h	93.098	−0.256%	$196K	$234K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0370%	1h	93.313	−0.026%	$22K	$21K	10x	as long as short
Bullet HYPE-USD	−0.0084%	1h	93.327	−0.011%	$111K	$578K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.256	−0.087%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.347	+0.011%	$87K	$366K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0022%	4h	93.329	−0.009%	$146K	$663K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.377	+0.042%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.328	−0.009%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.370	+0.035%	$62K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	93.355	+0.019%	$1.0M	$4.0M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget HYPEUSDT	+0.0016%	4h	93.364	+0.029%	$225.7M	$98.9M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0019%	1h	93.170	−0.179%	$702K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0021%	8h	93.359	+0.024%	$317.2M	$283.7M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.305	−0.034%	$209K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0035%	8h	93.348	+0.012%	$12.6M	$2.7M	50x	as long as short
edgeX HYPEUSDC	+0.0093%	4h	93.126	−0.226%	$4.9M	$30.0M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.416	+0.085%	$340K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.382	+0.048%	$16.1M	$63.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.387	+0.054%	$3.1M	$11.4M	20x	as long as short
Popdex HYPEUSDTlong	+0.0096%	1h	93.337	long leg	$76K	$1.2M	50x
Katana Perps HYPE-USDshort	+0.0100%	8h	93.360	+0.025%	$28K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	93.332	−0.005%	$8.0M	$48.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.393	+0.060%	$2.03B	$668.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.361	+0.026%	$8.7M	$36.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.409	+0.077%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.380	+0.047%	$374.1M	$913.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.370	+0.035%	$114.5M	$309.4M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.369	+0.034%	$46.6M	$54.2M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.382	+0.048%	$89.9M	$80.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.366	+0.031%	$46.1M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.368	+0.033%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.380	+0.046%	$7.3M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.140	−0.211%	$28.5M	$56.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.194	−0.153%	$7.5M	$47.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.132	−0.220%	$342K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.228	−0.117%	$667K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.354	+0.019%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.345	+0.009%	$484K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.347	+0.011%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.320	−0.018%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.324	−0.014%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.364	+0.029%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.491	+0.165%	$1.4M	$6.4M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.344	+0.008%	$215K	$15K	10x	as long as short
Kalshi KXHYPEPERP	+0.0103%	8h	93.376	+0.042%	$1.8M	$5.7M	2.3x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.346	+0.010%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.367	+0.032%	$395K	$161K	20x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.290	−0.050%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.430	+0.100%	$4.8M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0268%	1h	93.327	−0.010%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.362	+0.027%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.342	+0.005%	$16.9M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0341%	1h	93.422	+0.091%	$20.8M	$29.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0457%	1h	93.446	+0.117%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.448	+0.119%	$3.2M	$6.2M	20x	as long as short