Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Katana Perps against Variational Omni−0.051%7-day average −0.021% · you buy dearer than you sell

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

Long on Variational Omni Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.015%−$2 on $10k

Price spread, last 7 days+0.052%+$5 · spread now −0.051%, 7d avg −0.021%

Together, before fees+0.037%+ Points / potential airdropVariational Omni: Active · farm board+$4 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 0.030% cheaper against Variational Omni than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.021%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni HYPE	93.107	0.0100	pay 0.0100% / 8h	1h 53m	$29.0M	$50.3M	—
Short	Katana Perps HYPE-USD	93.060	0.0100	get 0.0100% / 8h	1h 53m	$40K	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Variational Omni. 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 Variational OmnibpFee Katana PerpsbpOrdersPrice spread, now −0.051%Rate

Funding earned: −$0.04
Price spread: −0.051% → −0.021%: −$2.99
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$6.83
Costs to cover: 0.038%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 1 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 Variational Omni RFQ quote, 1 min ago	0.42 bp	doesn't fit	1.3 bp −$13	11.0 bp −$1,099	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
Aftermath Perps HYPEUSD	−0.0295%	1h	93.171	+0.069%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	92.986	−0.130%	$1.2M	$4.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.204	+0.104%	$3K	$331	25x	as long as short
Hibachi HYPE/USDT-P	−0.0040%	1h	93.170	+0.067%	$197K	$231K	7x	as long as short
Derive HYPE-PERP	−0.0017%	1h	92.906	−0.216%	$16.3M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.117	+0.010%	$127K	$32K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	93.050	−0.061%	$90K	$361K	20x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.186	+0.085%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.052	−0.059%	$23K	$331K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.051	−0.060%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0007%	4h	93.046	−0.066%	$8.9M	$35.9M	300x	as long as short
Ondo Perps HYPE-USD.P	+0.0020%	1h	93.160	+0.057%	$699K	$928K	10x	as long as short
Bybit HYPEUSDT	+0.0030%	8h	92.990	−0.126%	$323.7M	$286.7M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.222	+0.123%	$216K	$1.2M	10x	as long as short
Popdex HYPEUSDT	+0.0040%	1h	93.028	−0.085%	$56K	$1.2M	50x	as long as short
Gate HYPE_USDT	+0.0042%	4h	93.037	−0.075%	$44.0M	$56.7M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0043%	4h	93.008	−0.106%	$165K	$515K	20x	as long as short
Bullet HYPE-USD	+0.0090%	1h	93.006	−0.109%	$112K	$579K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.107	0.000%	$18.5M	$58.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.076	−0.033%	$3.0M	$12.0M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.069	−0.041%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USDshort	+0.0100%	8h	93.060	−0.051%	$40K	$1.6M	10x
Nado HYPE-PERP	+0.0100%	1h	93.061	−0.049%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.075	−0.034%	$2.02B	$668.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.078	−0.031%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.006	−0.109%	$383.5M	$891.5M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.899	−0.223%	$114.2M	$313.8M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.271	+0.176%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.007	−0.107%	$91.1M	$81.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.022	−0.091%	$47.0M	$19.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.920	−0.201%	$225.4M	$102.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.020	−0.094%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.104	−0.003%	$7.8M	$11.7M	20x	as long as short
Variational Omni HYPElong	+0.0100%	8h	93.107	long leg	$29.0M	$50.3M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.245	+0.148%	$7.5M	$44.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.221	+0.122%	$412K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.257	+0.161%	$674K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.084	−0.025%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.047	−0.065%	$491K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.985	−0.131%	$75K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.053	−0.058%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.928	−0.192%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	92.920	−0.201%	$12.7M	$2.6M	50x	as long as short
edgeX HYPEUSDC	+0.0103%	4h	93.179	+0.077%	$5.1M	$29.4M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.908	−0.214%	$18.3M	$41.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.924	−0.197%	$395K	$318K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	92.980	−0.136%	$4.9M	$5.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	92.990	−0.126%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.003	−0.112%	$77K	$158K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.087	−0.022%	$2.7M	$6.8M	20x	as long as short
HTX HYPE-USDT	+0.0297%	4h	93.200	+0.100%	$1.5M	$7.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0320%	1h	93.026	−0.087%	$7.4M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0158%	1h	93.034	−0.079%	$1.5M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.007	−0.107%	$17.0M	$12.4M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0467%	1h	93.036	−0.077%	$20.7M	$28.4M	50x	as long as short