Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0172%/8h= −18.8% APRpaid last 24h −0.039%

Price spread now: Katana Perps against Reya−0.021%7-day average −0.005% · you buy dearer than you sell

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

Long on Reya Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.031%−$3 on $10k

Price spread, last 4 days (all we have)−1.141%−$114 · spread now −0.021%, 7d avg −0.005%

Together, before fees−1.172%+ Points / potential airdropReya: Active · farm board−$117 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.005%, so right now this pair is about funding alone: −$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya HYPERUSDPERP	94.349	0.0272	pay 0.0034% / 1h	39m 05s	$84K	$124K	15x
Short	Katana Perps HYPE-USD	94.330	0.0100	get 0.0100% / 8h	39m 05s	$30K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Reya. 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 ReyabpFee Katana PerpsbpOrdersPrice spread, now −0.021%Rate

Funding earned: −$36.14
Price spread: −0.021% → −0.005%: −$1.51
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$47.44
Costs to cover: 0.098%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; 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 Reya no order-book sample	—	—	—	—	—
Sell Katana Perps no order-book sample	—	—	—	—	—

Reya and 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	−0.1536%	1h	94.127	−0.236%	$201K	$252K	7x	as long as short
Bluefin HYPE-PERP	−0.0375%	1h	94.346	−0.004%	$80K	$154K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0199%	1h	94.210	−0.148%	$712K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0178%	1h	94.371	+0.023%	$112K	$576K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0145%	1h	94.442	+0.098%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.334	−0.016%	$87K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.383	+0.036%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.271	−0.083%	$1.0M	$3.6M	10x	as long as short
Bybit HYPEUSDT	−0.0015%	8h	94.292	−0.061%	$317.1M	$289.3M	75x	as long as short
Derive HYPE-PERP	−0.0008%	1h	94.322	−0.029%	$16.5M	$7.5M	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	0.0000%	4h	94.324	−0.027%	$146K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.308	−0.044%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.433	+0.089%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.440	+0.096%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.367	+0.018%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.342	−0.007%	$123K	—	150x	as long as short
Bitget HYPEUSDT	+0.0038%	4h	94.313	−0.039%	$226.7M	$99.7M	75x	as long as short
Lighter HYPE	+0.0040%	1h	94.362	+0.014%	$16.3M	$64.1M	20x	as long as short
Phemex HYPEUSDT	+0.0045%	8h	94.331	−0.019%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0051%	8h	94.279	−0.075%	$337K	$156K	20x	as long as short
BingX HYPE-USDT	+0.0055%	4h	94.334	−0.016%	—	$53.1M	—	as long as short
Polymarket Perps HYPE-USD	+0.0062%	1h	94.386	+0.039%	$495K	$2.8M	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.360	+0.011%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0081%	8h	94.299	−0.053%	$117.6M	$324.6M	50x	as long as short
edgeX HYPEUSDC	+0.0093%	4h	94.370	+0.022%	$5.0M	$30.6M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.352	+0.003%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.322	−0.029%	$81K	$1.2M	50x	as long as short
Katana Perps HYPE-USDshort	+0.0100%	8h	94.330	−0.021%	$30K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	94.367	+0.019%	$7.4M	$52.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.430	+0.085%	$2.08B	$688.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.313	−0.039%	$8.8M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.300	−0.052%	$10.2M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.316	−0.035%	$378.0M	$934.6M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.280	−0.074%	$218K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.317	−0.034%	$49.7M	$56.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.351	+0.002%	$90.7M	$82.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.372	+0.024%	$46.8M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.306	−0.046%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.327	−0.024%	$29.5M	$54.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.408	+0.062%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.340	−0.010%	$369K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.414	+0.069%	$683K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.413	+0.067%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.340	−0.010%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.479	+0.137%	$1.4M	$6.8M	75x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.431	+0.086%	—	$190K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.306	−0.046%	$18.3M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.369	+0.021%	$399K	$159K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0021%	1h	94.395	+0.048%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0163%	1h	94.428	+0.083%	$7.4M	$4.3M	50x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.280	−0.074%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.408	+0.063%	$20.2M	$30.3M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.332	−0.019%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERPlong	+0.0272%	1h	94.349	long leg	$84K	$124K	15x
BloFin HYPE-USDT	+0.0340%	4h	94.373	+0.025%	$17.1M	$12.4M	75x	as long as short