Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.007%

Price spread now: Katana Perps against Bullet+0.053%7-day average −0.045% · you sell dearer than you buy

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

Long on Bullet Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.008%−$1 on $10k

Price spread, last 3 days (all we have)−0.341%−$34 · spread now +0.053%, 7d avg −0.045%

Together, before fees−0.350%−$35 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 0.097% dearer against Bullet than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of −0.045%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet HYPE-USD	93.301	0.0100	pay 0.0013% / 1h	44m 47s	$112K	$579K	20x
Short	Katana Perps HYPE-USD	93.350	0.0100	get 0.0100% / 8h	1h 44m	$40K	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Bullet. 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 BulletbpFee Katana PerpsbpOrdersPrice spread, now +0.053%Rate

Funding earned: −$0.04
Price spread: +0.053% → −0.045%: $9.73
Slippage, 4 orders: no order book: not counted
Fee Bullet: 4 bp × 2 orders: −$8
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$2.11
Costs to cover: 0.118%
Break-even: never at this rate

Slippage unknown: Bullet: live order book, 39 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 Bullet live order book, 39 min ago	0.48 bp	7.1 bp −$7	9.1 bp −$91	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
Aftermath Perps HYPEUSD	−0.0341%	1h	93.173	−0.137%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.317	+0.017%	$1.2M	$4.0M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0104%	1h	93.251	−0.054%	$197K	$230K	7x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.359	+0.062%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0024%	1h	93.290	−0.012%	$699K	$925K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.350	+0.052%	$127K	$32K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	93.377	+0.081%	$90K	$362K	20x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.433	+0.141%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.344	+0.046%	$23K	$331K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.315	+0.015%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex HYPEUSDT	+0.0008%	1h	93.354	+0.057%	$57K	$1.2M	50x	as long as short
Aster HYPEUSDT	+0.0011%	4h	93.263	−0.041%	$8.9M	$36.0M	300x	as long as short
Derive HYPE-PERP	+0.0016%	1h	93.160	−0.151%	$16.3M	$7.1M	10x	as long as short
Bybit HYPEUSDT	+0.0031%	8h	93.186	−0.123%	$323.7M	$287.0M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.278	−0.025%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0039%	4h	93.224	−0.083%	$171K	$521K	20x	as long as short
Gate HYPE_USDT	+0.0070%	4h	93.211	−0.096%	$43.7M	$57.7M	75x	as long as short
Lighter HYPE	+0.0096%	1h	93.265	−0.039%	$18.5M	$58.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.235	−0.071%	$3.0M	$12.1M	20x	as long as short
MEXC HYPE_USDT	+0.0098%	4h	93.202	−0.106%	$90.3M	$81.6M	100x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.369	+0.073%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USDshort	+0.0100%	8h	93.350	+0.053%	$40K	$1.6M	10x
Nado HYPE-PERP	+0.0100%	1h	93.353	+0.056%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.224	−0.083%	$2.03B	$672.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.378	+0.083%	$10.0M	$14.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.199	−0.109%	$383.0M	$892.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.179	−0.131%	$113.9M	$314.3M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.884	−0.447%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.242	−0.063%	$47.2M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.206	−0.102%	$225.9M	$102.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.199	−0.109%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.234	−0.072%	$7.8M	$11.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.236	−0.070%	$28.9M	$50.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.215	−0.092%	$7.5M	$45.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.225	−0.081%	$412K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.204	−0.104%	$674K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.362	+0.065%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.380	+0.085%	$494K	$2.6M	20x	as long as short
Bullet HYPE-USDlong	+0.0100%	1h	93.301	long leg	$112K	$579K	20x
SunX HYPE-USDT	+0.0100%	4h	93.399	+0.105%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.191	−0.118%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.211	−0.096%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.218	−0.089%	$18.2M	$42.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.235	−0.070%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0113%	4h	93.170	−0.141%	$5.1M	$29.6M	30x	as long as short
Bluefin HYPE-PERP	+0.0164%	1h	93.189	−0.120%	$76K	$168K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.390	+0.095%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.300	−0.001%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.334	+0.035%	$78K	$158K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0265%	1h	93.291	−0.011%	$7.4M	$4.6M	50x	as long as short
HTX HYPE-USDT	+0.0280%	4h	93.358	+0.061%	$1.5M	$7.7M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.413	+0.120%	$2.8M	$6.8M	20x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.188	−0.121%	$16.9M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0159%	1h	93.326	+0.027%	$1.5M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.322	+0.023%	$20.8M	$28.6M	50x	as long as short