Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0033%/8h= −3.7% APRpaid last 24h −0.070%

Price spread now: Katana Perps against RISEx+0.104%59s7-day average −0.046% · you sell dearer than you buy

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

Long on RISEx Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.155%−$15 on $10k

Price spread, last 7 days−0.137%−$14 · spread now +0.104%, 7d avg −0.046%

Together, before fees−0.292%−$29 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Katana Perps is 0.149% dearer against RISEx than usual: you sell high and buy low (spread +0.104% now, against its 7-day average of −0.046%): +$15 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 15 days. At the pace of the last 4 days (−0.155% in total) that is about 3.6 days. The two prices were read 59 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	RISEx HYPE/USDC	94.782	0.0133	pay 0.0017% / 1h	47m 23s	$3.1M	$6.4M	20x
Short	Katana Perps HYPE-USD	94.880	0.0100	get 0.0100% / 8h	7h 47m	$40K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against RISEx. 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 RISExbpFee Katana PerpsbpOrdersPrice spread, now +0.104%Rate

Funding earned: −$7
Price spread: +0.104% → −0.046%: $14.91
Slippage, 4 orders: no order book: not counted
Fee RISEx: 3 bp × 2 orders: −$6
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$1.89
Costs to cover: 0.098%
Break-even: from the start

Slippage unknown: RISEx: live order book, 2 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 RISEx live order book, 2 min ago	0.05 bp	4.6 bp −$5	7.5 bp −$75	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	−0.1320%	1h	94.754	−0.029%	$208K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0367%	1h	94.856	+0.078%	$80K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0310%	1h	94.816	+0.036%	$22K	$20K	10x	as long as short
Phemex HYPEUSDT	−0.0254%	8h	94.821	+0.041%	$12.9M	$2.9M	50x	as long as short
Bullet HYPE-USD	−0.0165%	1h	94.853	+0.075%	$112K	$577K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.877	+0.100%	$1.0M	$3.5M	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.913	+0.138%	$89K	$365K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.908	+0.133%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0048%	1h	94.900	+0.125%	$715K	$1.3M	10x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.832	+0.053%	$19.3M	$34.9M	50x	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	−0.0006%	4h	94.829	+0.050%	$148K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.913	+0.139%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.894	+0.118%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.773	−0.010%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.880	+0.104%	$95K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.846	+0.068%	$211K	$1.2M	10x	as long as short
Bitget HYPEUSDT	+0.0014%	4h	94.864	+0.087%	$227.8M	$99.9M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.870	+0.093%	$4.8M	$6.4M	50x	as long as short
Derive HYPE-PERP	+0.0051%	1h	94.682	−0.105%	$16.4M	$7.4M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0054%	8h	94.887	+0.111%	$339K	$154K	20x	as long as short
Vest HYPE-PERP	+0.0059%	1h	94.936	+0.163%	—	$190K	5x	as long as short
OKX HYPE-USDT-SWAP	+0.0062%	8h	94.852	+0.074%	$118.5M	$329.3M	50x	as long as short
SoDEX HYPE-USD	+0.0065%	1h	94.862	+0.085%	$2.1M	$2.0M	10x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	94.770	−0.012%	$5.0M	$30.8M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.857	+0.079%	$16.3M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.858	+0.080%	$3.2M	$10.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.891	+0.115%	$147K	$1.3M	50x	as long as short
Katana Perps HYPE-USDshort	+0.0100%	8h	94.880	+0.104%	$40K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	94.895	+0.119%	$7.3M	$52.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.985	+0.214%	$2.09B	$692.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.847	+0.069%	$9.6M	$37.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.916	+0.141%	$10.2M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.880	+0.104%	$381.7M	$937.8M	75x	as long as short
Bybit HYPEUSDT	+0.0100%	8h	94.851	+0.073%	$317.7M	$292.8M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.690	−0.097%	$221K	$14K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.850	+0.072%	$51.1M	$54.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.859	+0.081%	$93.9M	$85.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.850	+0.072%	$47.3M	$19.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.842	+0.064%	—	$53.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.779	−0.003%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.809	+0.029%	$30.0M	$55.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.757	−0.026%	$7.7M	$44.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.688	−0.099%	$351K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.762	−0.021%	$695K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.936	+0.163%	$501K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.942	+0.169%	$33K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.997	+0.227%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.816	+0.036%	$18.5M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.866	+0.089%	$401K	$153K	20x	as long as short
RISEx HYPE/USDClong	+0.0133%	1h	94.782	long leg	$3.1M	$6.4M	20x
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.410%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0203%	1h	94.942	+0.169%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.827	+0.048%	$83K	$115K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0327% / S −0.0152%	1h	94.836	+0.057%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.895	+0.119%	$17.2M	$12.7M	75x	as long as short