Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.052%

Price spread now: Katana Perps against Hyperliquid−0.079%7-day average −0.055% · you buy dearer than you sell

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

Long on Hyperliquid Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.083%−$8 on $10k

Price spread, last 7 days+0.063%+$6 · spread now −0.079%, 7d avg −0.055%

Together, before fees−0.020%+ Points / potential airdropHyperliquid: Season 2 · farm board−$2 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 0.024% cheaper against Hyperliquid than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.055%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid HYPE	93.644	0.0100	pay 0.0013% / 1h	14m 07s	$2.04B	$670.7M	10x
Short	Katana Perps HYPE-USD	93.570	0.0100	get 0.0100% / 8h	2h 14m	$37K	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Hyperliquid. 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 HyperliquidbpFee Katana PerpsbpOrdersPrice spread, now −0.079%Rate

Funding earned: −$0.04
Price spread: −0.079% → −0.055%: −$2.38
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$15.22
Costs to cover: 0.128%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 10 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 Hyperliquid live order book, 10 min ago	0.05 bp	6.3 bp −$6	7.4 bp −$74	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	−0.0936%	1h	93.570	−0.079%	$198K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0264%	1h	93.630	−0.015%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0233%	1h	93.500	−0.154%	$702K	$932K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.537	−0.114%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.549	−0.101%	$90K	$346K	20x	as long as short
Bullet HYPE-USD	−0.0028%	1h	93.543	−0.108%	$111K	$582K	20x	as long as short
Derive HYPE-PERP	−0.0021%	1h	93.489	−0.165%	$16.4M	$7.0M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.645	+0.001%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.542	−0.108%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.564	−0.086%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0020%	4h	93.536	−0.115%	$8.9M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0028%	4h	93.530	−0.122%	$44.0M	$57.5M	75x	as long as short
Bybit HYPEUSDT	+0.0035%	8h	93.516	−0.137%	$325.7M	$287.0M	75x	as long as short
Popdex HYPEUSDT	+0.0048%	1h	93.533	−0.119%	$58K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0059%	4h	93.542	−0.109%	$177K	$520K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.603	−0.044%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.585	−0.063%	$18.6M	$59.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.569	−0.080%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.564	−0.085%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USDshort	+0.0100%	8h	93.570	−0.079%	$37K	$1.6M	10x
Nado HYPE-PERP	+0.0100%	1h	93.531	−0.121%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPElong	+0.0100%	1h	93.644	long leg	$2.04B	$670.7M	10x
Pacifica HYPE	+0.0100%	1h	93.568	−0.081%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.530	−0.122%	$386.1M	$888.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.512	−0.141%	$114.9M	$315.7M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.520	−0.132%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.690	+0.049%	$205K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.533	−0.119%	$93.6M	$82.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.531	−0.121%	$46.4M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.554	−0.096%	$227.3M	$102.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.526	−0.126%	—	$54.3M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.569	−0.080%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.561	−0.089%	$29.2M	$50.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.632	−0.012%	$7.5M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.601	−0.046%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.588	−0.060%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.578	−0.070%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.574	−0.075%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.530	−0.122%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.612	−0.034%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.531	−0.121%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.521	−0.131%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.516	−0.136%	$18.3M	$41.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.505	−0.148%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0107%	4h	93.591	−0.056%	$5.1M	$29.7M	30x	as long as short
Kalshi KXHYPEPERP	+0.0117%	8h	93.630	−0.015%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.570	−0.079%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.529	−0.123%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.910	+0.284%	$31K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0296%	4h	93.740	+0.103%	$1.5M	$7.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0327%	1h	93.655	+0.012%	$7.4M	$4.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.532	−0.120%	$17.0M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0346% / S −0.0171%	1h	93.576	−0.073%	$1.5M	—	100x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.605	−0.041%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.635	−0.009%	$19.2M	$26.0M	50x	as long as short