Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Katana Perps against SunX−0.151%7-day average −0.082% · you buy dearer than you sell

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

Long on SunX 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)+0.097%+$10 · spread now −0.151%, 7d avg −0.082%

Together, before fees+0.082%+$8 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 0.069% cheaper against SunX than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.082%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX HYPE-USDT	94.142	0.0100	pay 0.0050% / 4h	3h 14m	$32K	$1.6M	20x
Short	Katana Perps HYPE-USD	94.000	0.0100	get 0.0100% / 8h	7h 14m	$29K	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against SunX. 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 SunXbpFee Katana PerpsbpOrdersPrice spread, now −0.151%Rate

Funding earned: −$0.04
Price spread: −0.151% → −0.082%: −$6.91
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$18.75
Costs to cover: 0.118%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 10 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 SunX live order book, 10 min ago	19.32 bp	24.1 bp −$24	doesn't fit	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	−0.1256%	1h	93.810	−0.353%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.914	−0.242%	$1.3M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0197%	1h	93.894	−0.264%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0124%	1h	93.940	−0.215%	$708K	$960K	10x	as long as short
Phemex HYPEUSDT	−0.0123%	8h	94.039	−0.109%	$12.8M	$2.6M	50x	as long as short
dYdX HYPE-USD	−0.0101%	1h	94.003	−0.148%	$129K	$31K	5x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	94.057	−0.090%	$85K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.002	−0.149%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0075%	1h	94.032	−0.117%	$113K	$581K	20x	as long as short
Gate HYPE_USDT	−0.0036%	4h	94.065	−0.082%	$44.5M	$60.2M	75x	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	−0.0027%	4h	94.014	−0.136%	$160K	$646K	20x	as long as short
Bybit HYPEUSDT	−0.0008%	8h	94.053	−0.095%	$323.7M	$280.9M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.034	−0.114%	$23K	$326K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.055	−0.092%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0008%	4h	94.078	−0.068%	$8.9M	$36.2M	300x	as long as short
Derive HYPE-PERP	+0.0017%	1h	93.989	−0.162%	$16.4M	$7.3M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.678	−0.493%	$218K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0042%	4h	94.083	−0.063%	$88.7M	$83.2M	100x	as long as short
Binance HYPEUSDT	+0.0045%	4h	94.088	−0.057%	$383.8M	$895.9M	75x	as long as short
edgeX HYPEUSDC	+0.0062%	4h	93.602	−0.573%	$5.1M	$30.1M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0075%	8h	94.067	−0.080%	$116.3M	$317.5M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	94.049	−0.098%	$400K	$180K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.101	−0.043%	$19.1M	$60.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.085	−0.061%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.042	−0.106%	$65K	$1.2M	50x	as long as short
Bluefin HYPE-PERP	+0.0096%	1h	94.042	−0.106%	$76K	$171K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.057	−0.091%	$342K	$165K	20x	as long as short
Katana Perps HYPE-USDshort	+0.0100%	8h	94.000	−0.151%	$29K	$1.6M	10x
Nado HYPE-PERP	+0.0100%	1h	93.993	−0.158%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.112	−0.032%	$2.05B	$676.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.034	−0.114%	$10.2M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.528	−0.652%	$204K	$12K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.071	−0.075%	$46.7M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.069	−0.078%	$227.9M	$101.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.060	−0.087%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.064	−0.083%	$7.7M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.810	−0.352%	$31.4M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.614	−0.561%	$7.5M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.656	−0.516%	$339K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.843	−0.318%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.020	−0.129%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.076	−0.070%	$476K	$2.5M	20x	as long as short
SunX HYPE-USDTlong	+0.0100%	4h	94.142	long leg	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	94.076	−0.070%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.048	−0.100%	$18.4M	$45.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.060	−0.087%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0181%	4h	94.072	−0.074%	$17.1M	$12.2M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.370%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.061	−0.086%	$2.7M	$6.8M	20x	as long as short
Kalshi KXHYPEPERP	+0.0227%	8h	94.094	−0.051%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	94.045	−0.103%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0156%	1h	94.060	−0.087%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0379%	4h	94.200	+0.062%	$1.5M	$6.0M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0622%	1h	94.165	+0.024%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.160	+0.019%	$21.0M	$29.8M	50x	as long as short