Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0180%/8h= +19.7% APRpaid last 24h +0.030%

Price spread now: Katana Perps against 01 Exchange−0.040%7-day average −0.048% · you buy dearer than you sell

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

Long on 01 Exchange Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.027%+$3 on $10k

Price spread, last 4 days (all we have)−0.018%−$2 · spread now −0.040%, 7d avg −0.048%

Together, before fees+0.009%+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.048%, 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	01 Exchange HYPEUSD	93.297	−0.0080	get 0.0010% / 1h	50m 43s	$85K	$360K	20x
Short	Katana Perps HYPE-USD	93.260	0.0100	get 0.0100% / 8h	6h 50m	$37K	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against 01 Exchange. 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 01 ExchangebpFee Katana PerpsbpOrdersPrice spread, now −0.040%Rate

Funding earned: $37.76
Price spread: −0.040% → −0.048%: $0.84
Slippage, 4 orders: no order book: not counted
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: $27.79
Costs to cover: 0.108%
Break-even: 1.8 days

Slippage unknown: 01 Exchange: live order book, 18 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 01 Exchange live order book, 18 min ago	0.16 bp	7.0 bp −$7	11.4 bp −$114	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	−0.1072%	1h	93.160	−0.147%	$196K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.319	+0.024%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0206%	1h	93.279	−0.019%	$22K	$21K	10x	as long as short
Backpack HYPE_USDC_PERP	−0.0173%	1h	93.365	+0.073%	$7.8M	$10.6M	20x	as long as short
ApeX Omni HYPEUSDT	−0.0108%	1h	93.152	−0.155%	$337K	$1.1M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0099%	1h	93.340	+0.046%	$699K	$974K	10x	as long as short
Gate HYPE_USDT	−0.0082%	4h	93.433	+0.146%	$44.2M	$53.7M	75x	as long as short
01 Exchange HYPEUSDlong	−0.0080%	1h	93.297	long leg	$85K	$360K	20x
Hotstuff HYPE-PERP	−0.0080%	1h	93.282	−0.016%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0048%	4h	93.300	+0.003%	$158K	$646K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0024%	4h	93.406	+0.117%	$8.9M	$36.2M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.462	+0.177%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.313	+0.017%	$22K	$333K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.341	+0.047%	$26K	—	150x	as long as short
BingX HYPE-USDT	+0.0014%	4h	93.437	+0.150%	—	$54.2M	—	as long as short
Phemex HYPEUSDT	+0.0025%	8h	93.369	+0.077%	$12.7M	$2.7M	50x	as long as short
Bybit HYPEUSDT	+0.0027%	8h	93.408	+0.119%	$319.7M	$282.6M	75x	as long as short
Bluefin HYPE-PERP	+0.0031%	1h	93.305	+0.009%	$79K	$173K	20x	as long as short
MEXC HYPE_USDT	+0.0038%	4h	93.432	+0.145%	$87.8M	$81.8M	100x	as long as short
edgeX HYPEUSDC	+0.0038%	4h	93.103	−0.208%	$5.0M	$29.8M	30x	as long as short
Binance HYPEUSDT	+0.0044%	4h	93.447	+0.161%	$380.0M	$904.2M	75x	as long as short
Derive HYPE-PERP	+0.0053%	1h	93.295	−0.002%	$16.2M	$7.6M	10x	as long as short
Phoenix HYPE	+0.0060%	1h	93.190	−0.115%	$212K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0067%	8h	93.425	+0.137%	$115.3M	$315.6M	50x	as long as short
Bullet HYPE-USD	+0.0068%	1h	93.318	+0.023%	$111K	$578K	20x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.335	+0.040%	$397K	$177K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.448	+0.162%	$16.5M	$62.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.465	+0.180%	$3.1M	$11.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.315	+0.019%	$64K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.480	+0.196%	$340K	$165K	20x	as long as short
Katana Perps HYPE-USDshort	+0.0100%	8h	93.260	−0.040%	$37K	$1.6M	10x
Nado HYPE-PERP	+0.0100%	1h	93.280	−0.018%	$6.5M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.521	+0.240%	$2.04B	$672.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.461	+0.176%	$10.0M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.462	+0.177%	$46.0M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.442	+0.155%	$226.2M	$100.7M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.281	−0.018%	$30.9M	$55.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.172	−0.134%	$7.5M	$46.9M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.159	−0.148%	$665K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.322	+0.026%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.322	+0.027%	$467K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.422	+0.134%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.373	+0.081%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.250	−0.050%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.384	+0.094%	$18.3M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.390	+0.100%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.170	−0.136%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0158%	4h	93.376	+0.085%	$17.0M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.346	+0.052%	$2.7M	$6.8M	20x	as long as short
Reya HYPERUSDPERP	+0.0253%	1h	93.289	−0.009%	$79K	$142K	15x	as long as short
Kalshi KXHYPEPERP	+0.0254%	8h	93.375	+0.084%	$1.9M	$5.2M	2.3x	as long as short
HTX HYPE-USDT	+0.0274%	4h	93.500	+0.218%	$1.5M	$6.1M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0158%	1h	93.337	+0.043%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0650%	1h	93.473	+0.189%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0682%	1h	93.469	+0.184%	$20.9M	$29.9M	50x	as long as short