Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0001%/8h= −0.1% APRpaid last 24h −0.014%

Price spread now: Katana Perps against Bluefin+0.043%7-day average −0.013% · you sell dearer than you buy

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

Long on Bluefin Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.032%+$3 on $10k

Price spread, last 4 days (all we have)+0.040%+$4 · spread now +0.043%, 7d avg −0.013%

Together, before fees+0.073%+$7 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 0.055% dearer against Bluefin than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.013%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin HYPE-PERP	93.220	0.0100	pay 0.0013% / 1h	17m 03s	$79K	$167K	20x
Short	Katana Perps HYPE-USD	93.260	0.0099	get 0.0099% / 8h	3h 17m	$40K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Bluefin. 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 BluefinbpFee Katana PerpsbpOrdersPrice spread, now +0.043%Rate

Funding earned: −$0.12
Price spread: +0.043% → −0.013%: $5.54
Slippage, 4 orders: no order book: not counted
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$5.38
Costs to cover: 0.108%
Break-even: never at this rate

Slippage unknown: Bluefin: live order book, 37 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 Bluefin live order book, 37 min ago	5.54 bp	16.6 bp −$17	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	−0.1744%	1h	92.865	−0.380%	$194K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0303%	1h	92.926	−0.315%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	93.202	−0.019%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.219	−0.001%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0053%	4h	93.214	−0.006%	$146K	$674K	20x	as long as short
Bullet HYPE-USD	−0.0007%	1h	93.222	+0.003%	$112K	$577K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.254	+0.037%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.236	+0.017%	$22K	$293K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.234	+0.015%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0016%	1h	93.160	−0.064%	$697K	$1.1M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HYPEUSDT	+0.0021%	8h	93.229	+0.010%	$12.6M	$2.7M	50x	as long as short
01 Exchange HYPEUSD	+0.0024%	1h	93.253	+0.035%	$87K	$365K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	92.923	−0.319%	$208K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0031%	8h	93.128	−0.099%	$317.6M	$284.3M	75x	as long as short
Bitget HYPEUSDT	+0.0042%	4h	93.159	−0.065%	$225.4M	$99.1M	75x	as long as short
Popdex HYPEUSDT	+0.0048%	1h	93.215	−0.005%	$76K	$1.1M	50x	as long as short
Gate HYPE_USDT	+0.0076%	4h	93.184	−0.039%	$45.4M	$54.6M	75x	as long as short
edgeX HYPEUSDC	+0.0093%	4h	92.807	−0.443%	$4.9M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.237	+0.018%	$16.0M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.231	+0.012%	$3.2M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	93.255	+0.037%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USDshort	+0.0099%	8h	93.260	+0.043%	$40K	$1.7M	10x
Aster HYPEUSDT	+0.0100%	4h	93.204	−0.018%	$8.7M	$36.4M	300x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.212	−0.009%	$7.2M	$46.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.203	−0.018%	$2.03B	$668.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.256	+0.038%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.169	−0.055%	$374.9M	$910.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.136	−0.090%	$114.1M	$306.0M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.709	−0.548%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.175	−0.048%	$91.7M	$81.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.193	−0.029%	$46.3M	$18.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.164	−0.060%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.181	−0.042%	$7.3M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.839	−0.409%	$28.5M	$57.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.866	−0.379%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.950	−0.290%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.943	−0.297%	$668K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.227	+0.008%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.262	+0.045%	$489K	$2.7M	20x	as long as short
Bluefin HYPE-PERPlong	+0.0100%	1h	93.220	long leg	$79K	$167K	20x
Derive HYPE-PERP	+0.0100%	1h	93.201	−0.021%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.230	+0.011%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.217	−0.003%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.373	+0.164%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.184	−0.038%	$18.1M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.219	−0.001%	$394K	$164K	20x	as long as short
Kalshi KXHYPEPERP	+0.0119%	8h	93.284	+0.069%	$1.8M	$5.5M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.260	+0.043%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0196%	1h	93.284	+0.069%	$20.8M	$29.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.130	−0.097%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0266%	1h	93.209	−0.012%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	93.232	+0.013%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.183	−0.040%	$16.8M	$11.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0533%	1h	93.311	+0.098%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	93.289	+0.074%	$3.2M	$6.3M	20x	as long as short