Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0139%/8h= −15.2% APRpaid last 24h −0.058%

Price spread now: Katana Perps against Injective+0.268%7-day average −0.197% · you sell dearer than you buy

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

Long on Injective Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.812%−$81 on $10k

Price spread, last 3 days (all we have)−0.152%−$15 · spread now +0.268%, 7d avg −0.197%

Together, before fees−0.964%−$96 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Katana Perps is 0.465% dearer against Injective than usual: you sell high and buy low (spread +0.268% now, against its 7-day average of −0.197%): +$46 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 11 days. At the pace of the last 4 days (−0.812% in total) that is about 2.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective HYPE/USDC PERP	93.350	0.0239	pay 0.0030% / 1h	4m 23s	$30K	$338K	12x
Short	Katana Perps HYPE-USD	93.600	0.0100	get 0.0100% / 8h	1h 04m	$29K	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Injective. 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 InjectivebpFee Katana PerpsbpOrdersPrice spread, now +0.268%Rate

Funding earned: −$29.17
Price spread: +0.268% → −0.197%: $46.48
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: $13.49
Costs to cover: 0.038%
Break-even: from the start

Slippage unknown: Injective: live order book, 15 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 Injective live order book, 15 min ago	9.65 bp	doesn't fit	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
Aftermath Perps HYPEUSD	−0.0483%	1h	93.360	+0.011%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0424%	1h	93.420	+0.075%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.506	+0.167%	$1.2M	$3.9M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0127%	1h	93.500	+0.161%	$699K	$899K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.591	+0.258%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.603	+0.271%	$91K	$358K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.615	+0.284%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.593	+0.260%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.599	+0.267%	$27K	—	150x	as long as short
Popdex HYPEUSDT	+0.0008%	1h	93.571	+0.237%	$62K	$1.2M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0008%	4h	93.573	+0.239%	$8.9M	$35.7M	300x	as long as short
Orderly PERP_HYPE_USDC	+0.0016%	4h	93.584	+0.251%	$176K	$524K	20x	as long as short
Bybit HYPEUSDT	+0.0020%	8h	93.560	+0.225%	$323.9M	$281.3M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.456	+0.114%	$214K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0059%	1h	93.569	+0.235%	$112K	$577K	20x	as long as short
MEXC HYPE_USDT	+0.0060%	4h	93.567	+0.232%	$90.4M	$82.4M	100x	as long as short
Derive HYPE-PERP	+0.0061%	1h	93.532	+0.195%	$16.3M	$7.0M	10x	as long as short
edgeX HYPEUSDC	+0.0063%	4h	93.210	−0.150%	$5.1M	$29.6M	30x	as long as short
Binance HYPEUSDT	+0.0064%	4h	93.571	+0.236%	$384.0M	$885.8M	75x	as long as short
Gate HYPE_USDT	+0.0064%	4h	93.572	+0.238%	$44.1M	$58.9M	75x	as long as short
Lighter HYPE	+0.0096%	1h	93.652	+0.324%	$18.6M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.635	+0.305%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.579	+0.246%	$398K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.585	+0.252%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USDshort	+0.0100%	8h	93.600	+0.268%	$29K	$1.6M	10x
Nado HYPE-PERP	+0.0100%	1h	93.538	+0.202%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.598	+0.266%	$2.04B	$664.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.625	+0.294%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.559	+0.224%	$114.4M	$312.9M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.591	+0.258%	$47.1M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.566	+0.231%	$226.9M	$102.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.563	+0.228%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.462	+0.120%	$7.9M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.352	+0.003%	$30.8M	$51.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.317	−0.035%	$7.5M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.209	−0.151%	$415K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.453	+0.110%	$676K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.564	+0.229%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.588	+0.255%	$495K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.571	+0.237%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.475	+0.134%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.435	+0.091%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.399	+0.052%	$12.7M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.280	−0.075%	$204K	$8K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.542	+0.206%	$18.3M	$41.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0120%	8h	93.500	+0.161%	$1.9M	$5.2M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.490	+0.150%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0219%	4h	93.585	+0.252%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERPlong	+0.0239%	1h	93.350	long leg	$30K	$338K	12x
BloFin HYPE-USDT	+0.0242%	4h	93.400	+0.054%	$16.9M	$12.4M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	93.556	+0.221%	$77K	$159K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.637	+0.307%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	93.593	+0.261%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0403%	1h	93.537	+0.200%	$7.4M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0464%	1h	93.551	+0.216%	$20.9M	$28.9M	50x	as long as short