Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.1172%/8h= +128.3% APRpaid last 24h +0.262%

Price spread now: Katana Perps against Hibachi+0.042%7-day average +0.047% · you sell dearer than you buy

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

Long on Hibachi Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+1.365%+$136 on $10k

Price spread, last 4 days (all we have)−0.110%−$11 · spread now +0.042%, 7d avg +0.047%

Together, before fees+1.255%+ Points / potential airdropHibachi: Active · farm board+$125 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.047%, so right now this pair is about funding alone: +$35 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi HYPE/USDT-P	93.451	−0.1072	get 0.0134% / 1h	40m 02s	$198K	$241K	7x
Short	Katana Perps HYPE-USD	93.490	0.0100	get 0.0100% / 8h	1h 40m	$22K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

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

latest

Price spreadloading…

Funding on every exchange

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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 HibachibpFee Katana PerpsbpOrdersPrice spread, now +0.042%Rate

Funding earned: $246.03
Price spread: +0.042% → +0.047%: −$0.51
Slippage, 4 orders: no order book: not counted
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: $232.73
Costs to cover: 0.128%
Break-even: 0.4 days

Slippage unknown: Hibachi: live order book, 4 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 Hibachi live order book, 4 min ago	18.66 bp	33.9 bp −$34	53.7 bp −$537	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-Plong	−0.1072%	1h	93.451	long leg	$198K	$241K	7x
Aftermath Perps HYPEUSD	−0.0212%	1h	93.635	+0.198%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0119%	1h	93.470	+0.020%	$704K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.516	+0.070%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0058%	1h	93.473	+0.024%	$112K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.514	+0.068%	$86K	$369K	20x	as long as short
Bluefin HYPE-PERP	−0.0029%	1h	93.428	−0.025%	$79K	$155K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0021%	4h	93.435	−0.017%	$145K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.525	+0.080%	$128K	$28K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.583	+0.141%	$1.8M	$5.6M	2.3x	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	93.531	+0.085%	$20K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.481	+0.033%	$83K	—	150x	as long as short
Bybit HYPEUSDT	+0.0004%	8h	93.418	−0.035%	$315.3M	$288.5M	75x	as long as short
BingX HYPE-USDT	+0.0004%	4h	93.441	−0.011%	—	$53.8M	—	as long as short
Derive HYPE-PERP	+0.0013%	1h	93.391	−0.064%	$16.3M	$7.4M	10x	as long as short
Phoenix HYPE	+0.0017%	1h	93.654	+0.217%	$207K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	93.448	−0.003%	$225.2M	$99.6M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0078%	8h	93.550	+0.106%	$334K	$161K	20x	as long as short
edgeX HYPEUSDC	+0.0082%	4h	93.576	+0.134%	$5.0M	$30.6M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.480	+0.031%	$1.0M	$4.0M	10x	as long as short
Phemex HYPEUSDT	+0.0086%	8h	93.483	+0.034%	$12.8M	$2.8M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.443	−0.009%	$16.1M	$63.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.453	+0.002%	$3.1M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.495	+0.047%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USDshort	+0.0100%	8h	93.490	+0.042%	$22K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	93.524	+0.079%	$7.5M	$51.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.538	+0.094%	$2.05B	$683.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.461	+0.010%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.540	+0.096%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.440	−0.012%	$374.5M	$930.5M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.442	−0.010%	$115.4M	$315.3M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.442	−0.010%	$48.3M	$55.2M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.439	−0.013%	$89.5M	$83.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.463	+0.013%	$46.2M	$18.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.468	+0.018%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.479	+0.030%	$28.6M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.547	+0.103%	$7.5M	$48.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.589	+0.148%	$347K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.548	+0.104%	$678K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.554	+0.110%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.497	+0.049%	$469K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.540	+0.095%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.432	−0.020%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.600	+0.160%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.507	+0.060%	$216K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.411	−0.043%	$18.2M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.448	−0.003%	$395K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.470	+0.020%	$4.7M	$6.1M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.510	+0.063%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.446	−0.005%	$77K	$130K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0328%	1h	93.526	+0.080%	$7.4M	$4.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.498	+0.050%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.512	+0.065%	$17.0M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0416%	1h	93.508	+0.061%	$20.9M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.542	+0.097%	$3.2M	$6.4M	20x	as long as short