Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0261%/8h= −28.6% APRpaid last 24h −0.024%

Price spread now: Katana Perps against Deribit−0.002%7-day average −0.063% · you buy dearer than you sell

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

Long on Deribit Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.002%$0 on $10k

Price spread, last 4 days (all we have)+0.260%+$26 · spread now −0.002%, 7d avg −0.063%

Together, before fees+0.258%+$26 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Katana Perps is 0.061% dearer against Deribit than usual: you sell high and buy low (spread −0.002% now, against its 7-day average of −0.063%): +$6 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 19 hours. At the pace of the last 4 days (−0.002% in total) that is about 3 months.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.002% in total (about -0.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit HYPE_USDC-PERPETUAL	93.402	0.0361	pay 0.0045% / 1h	29m 12s	$7.4M	$4.4M	50x
Short	Katana Perps HYPE-USD	93.400	0.0100	get 0.0100% / 8h	5h 29m	$17K	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Deribit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee DeribitbpFee Katana PerpsbpOrdersPrice spread, now −0.002%Rate

Funding earned: −$54.85
Price spread: −0.002% → −0.063%: $6.08
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$59.58
Costs to cover: 0.108%
Break-even: never at this rate

Slippage unknown: Deribit: live order book, 5 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 Deribit live order book, 5 min ago	1.60 bp	8.5 bp −$9	12.1 bp −$121	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	−0.1296%	1h	93.492	+0.097%	$198K	$227K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.259	−0.153%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0102%	1h	93.320	−0.088%	$699K	$996K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.383	−0.020%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.372	−0.032%	$85K	$343K	20x	as long as short
Phemex HYPEUSDT	−0.0051%	8h	93.315	−0.093%	$12.6M	$2.7M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0047%	1h	93.448	+0.049%	$22K	$21K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0043%	4h	93.327	−0.080%	$153K	$652K	20x	as long as short
Bullet HYPE-USD	−0.0007%	1h	93.331	−0.076%	$111K	$578K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.408	+0.006%	$128K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.357	−0.048%	$23K	$319K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.347	−0.059%	$62K	—	150x	as long as short
BingX HYPE-USDT	+0.0024%	4h	93.338	−0.069%	—	$53.0M	—	as long as short
Phoenix HYPE	+0.0026%	1h	93.609	+0.222%	$213K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0030%	4h	93.361	−0.044%	$8.8M	$35.5M	300x	as long as short
Bybit HYPEUSDT	+0.0039%	8h	93.300	−0.109%	$320.9M	$276.9M	75x	as long as short
Gate HYPE_USDT	+0.0058%	4h	93.344	−0.062%	$44.6M	$55.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0075%	8h	93.281	−0.130%	$114.0M	$301.6M	50x	as long as short
Derive HYPE-PERP	+0.0083%	1h	93.301	−0.108%	$16.2M	$7.5M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.322	−0.086%	$16.2M	$61.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.327	−0.080%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.375	−0.029%	$69K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.418	+0.017%	$339K	$162K	20x	as long as short
Katana Perps HYPE-USDshort	+0.0100%	8h	93.400	−0.002%	$17K	$1.6M	10x
Nado HYPE-PERP	+0.0100%	1h	93.400	−0.003%	$5.8M	$43.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.436	+0.036%	$2.04B	$654.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.399	−0.003%	$10.0M	$14.7M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.308	−0.101%	$378.5M	$876.4M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.364	−0.041%	$203K	$10K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.302	−0.107%	$89.7M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.371	−0.033%	$46.0M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.319	−0.089%	$225.6M	$96.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.378	−0.026%	$7.4M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.546	+0.154%	$31.2M	$53.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.614	+0.227%	$7.6M	$45.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.581	+0.192%	$340K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.565	+0.175%	$668K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.428	+0.028%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.389	−0.014%	$471K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.296	+0.957%	$80K	$170K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.436	+0.036%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.313	−0.095%	$2.0M	$1.9M	10x	as long as short
edgeX HYPEUSDC	+0.0102%	4h	93.459	+0.061%	$5.1M	$29.7M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.286	−0.124%	$18.4M	$43.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.321	−0.086%	$397K	$162K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.390	−0.013%	$4.8M	$5.5M	50x	as long as short
HTX HYPE-USDT	+0.0180%	4h	93.500	+0.105%	$1.4M	$6.0M	75x	as long as short
Reya HYPERUSDPERP	+0.0258%	1h	93.333	−0.074%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0280%	8h	93.416	+0.015%	$1.9M	$5.0M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.358	−0.047%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.339	−0.067%	$16.9M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0361%	1h	93.402	long leg	$7.4M	$4.4M	50x
RISEx HYPE/USDC	+0.0510%	1h	93.464	+0.066%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.280	−0.131%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0685%	1h	93.373	−0.031%	$20.7M	$29.8M	50x	as long as short