Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0145%/8h= +15.8% APRpaid last 24h +0.099%

Price spread now: Katana Perps against Arcus+0.004%7-day average −0.025% · you sell dearer than you buy

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

Long on Arcus Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.113%+$11 on $10k

Price spread, last 7 days+0.017%+$2 · spread now +0.004%, 7d avg −0.025%

Together, before fees+0.130%+$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Katana Perps is 0.029% dearer against Arcus than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.025%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus HYPE-USD	94.396	−0.0045	get 0.0006% / 1h	11m 40s	$1.0M	$3.5M	10x
Short	Katana Perps HYPE-USD	94.400	0.0100	get 0.0100% / 8h	11m 40s	$28K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Arcus. 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 ArcusbpFee Katana PerpsbpOrdersPrice spread, now +0.004%Rate

Funding earned: $30.38
Price spread: +0.004% → −0.025%: $2.92
Slippage, 4 orders: no order book: not counted
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: $25
Costs to cover: 0.083%
Break-even: 1.2 days

Slippage unknown: Arcus: 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 Arcus live order book, 2 min ago	0.53 bp	3.1 bp −$3	4.1 bp −$41	19.2 bp −$1,919	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	−0.1672%	1h	94.413	+0.018%	$204K	$266K	7x	as long as short
Bluefin HYPE-PERP	−0.0393%	1h	94.351	−0.048%	$80K	$151K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0204%	1h	94.380	−0.017%	$711K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0186%	1h	94.400	+0.004%	$112K	$575K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0166%	1h	94.421	+0.026%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.435	+0.041%	$88K	$365K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.408	+0.013%	$3K	$331	25x	as long as short
Arcus HYPE-USDlong	−0.0045%	1h	94.396	long leg	$1.0M	$3.5M	10x
Derive HYPE-PERP	−0.0036%	1h	94.320	−0.081%	$16.4M	$7.4M	10x	as long as short
BingX HYPE-USDT	−0.0020%	4h	94.418	+0.023%	—	$52.8M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0020%	8h	94.381	−0.016%	$317.2M	$288.8M	75x	as long as short
Lighter HYPE	−0.0016%	1h	94.424	+0.030%	$16.4M	$64.6M	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0008%	4h	94.355	−0.043%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.388	−0.009%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.507	+0.118%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.527	+0.139%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.422	+0.027%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.410	+0.015%	$124K	—	150x	as long as short
Polymarket Perps HYPE-USD	+0.0014%	1h	94.443	+0.050%	$498K	$2.8M	20x	as long as short
Bitget HYPEUSDT	+0.0022%	4h	94.419	+0.024%	$226.6M	$100.1M	75x	as long as short
Phemex HYPEUSDT	+0.0035%	8h	94.376	−0.021%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0038%	8h	94.445	+0.052%	$337K	$154K	20x	as long as short
Vest HYPE-PERP	+0.0048%	1h	94.495	+0.104%	—	$190K	5x	as long as short
SoDEX HYPE-USD	+0.0054%	1h	94.375	−0.022%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.420	+0.025%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0065%	8h	94.386	−0.011%	$117.8M	$325.0M	50x	as long as short
edgeX HYPEUSDC	+0.0083%	4h	94.403	+0.008%	$5.0M	$30.8M	30x	as long as short
Gate HYPE_USDT	+0.0092%	4h	94.412	+0.017%	$50.3M	$56.8M	75x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.418	+0.023%	$3.2M	$10.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.415	+0.020%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USDshort	+0.0100%	8h	94.400	+0.004%	$28K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	94.412	+0.016%	$7.2M	$52.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.492	+0.102%	$2.08B	$688.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.420	+0.025%	$8.8M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.446	+0.053%	$10.2M	$15.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.413	+0.018%	$378.6M	$932.4M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.307	−0.094%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.436	+0.042%	$89.7M	$84.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.412	+0.017%	$46.9M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.344	−0.055%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.390	−0.006%	$29.6M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.478	+0.087%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.458	+0.066%	$350K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.454	+0.061%	$683K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.493	+0.103%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.512	+0.123%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.392	−0.004%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.364	−0.034%	$399K	$153K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.434	+0.040%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.364%	$31K	$340K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.408	+0.013%	$20.2M	$30.2M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0237%	1h	94.467	+0.075%	$7.4M	$4.3M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.447	+0.054%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.398	+0.002%	$83K	$122K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.436	+0.042%	$17.1M	$12.4M	75x	as long as short