Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0004%/8h= +0.5% APRpaid last 24h 0.000%

Price spread now: Aevo against Katana Perps+0.058%7-day average +0.018% · you sell dearer than you buy

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

Long on Katana Perps Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.027%+$3 on $10k

Price spread, last 4 days (all we have)−0.082%−$8 · spread now +0.058%, 7d avg +0.018%

Together, before fees−0.055%−$6 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: Aevo is 0.040% dearer against Katana Perps than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.018%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	94.120	0.0100	pay 0.0100% / 8h	35m 39s	$30K	$1.7M	10x
Short	Aevo HYPE-PERP	94.175	0.0104	get 0.0013% / 1h	35m 39s	$398K	$159K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Katana Perps. 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 Katana PerpsbpFee AevobpOrdersPrice spread, now +0.058%Rate

Funding earned: $0.92
Price spread: +0.058% → +0.018%: $4.01
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$14.87
Costs to cover: 0.198%
Break-even: 120.5 days

Slippage unknown: Katana Perps: no order-book sample; Aevo: live order book, 3 min ago. 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 Katana Perps no order-book sample	—	—	—	—	—
Sell Aevo live order book, 3 min ago	35.01 bp	46.7 bp −$47	48.1 bp −$481	89.7 bp −$8,973	doesn't fit

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	−0.1592%	1h	94.119	−0.001%	$201K	$251K	7x	as long as short
Bluefin HYPE-PERP	−0.0389%	1h	94.150	+0.032%	$80K	$154K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0230%	1h	94.100	−0.021%	$710K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0205%	1h	94.170	+0.053%	$111K	$576K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0133%	1h	94.372	+0.268%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	94.137	+0.018%	$86K	$367K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.164	+0.047%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0054%	1h	94.092	−0.029%	$16.4M	$7.5M	10x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.092	−0.030%	$1.0M	$3.6M	10x	as long as short
Bybit HYPEUSDT	−0.0016%	8h	94.082	−0.040%	$316.3M	$289.6M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	−0.0016%	4h	94.100	−0.021%	—	$53.2M	—	as long as short
Orderly PERP_HYPE_USDC	−0.0002%	4h	94.159	+0.041%	$146K	$684K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.232	+0.119%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.221	+0.107%	$1.8M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.440	+0.340%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.183	+0.067%	$19K	$288K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.195	+0.079%	$122K	—	150x	as long as short
Lighter HYPE	+0.0016%	1h	94.115	−0.005%	$16.3M	$64.2M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0036%	1h	94.166	+0.049%	$494K	$2.8M	20x	as long as short
Bitget HYPEUSDT	+0.0038%	4h	94.092	−0.030%	$226.2M	$99.8M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0044%	8h	94.149	+0.031%	$336K	$156K	20x	as long as short
Phemex HYPEUSDT	+0.0052%	8h	94.162	+0.045%	$12.8M	$2.9M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.180	+0.064%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0078%	8h	94.085	−0.037%	$117.4M	$323.8M	50x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	94.322	+0.214%	$5.0M	$30.7M	30x	as long as short
SoDEX HYPE-USD	+0.0082%	1h	94.134	+0.015%	$2.0M	$1.9M	10x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.129	+0.010%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.106	−0.015%	$81K	$1.2M	50x	as long as short
Katana Perps HYPE-USDlong	+0.0100%	8h	94.120	long leg	$30K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	94.136	+0.017%	$7.3M	$52.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.253	+0.141%	$2.07B	$688.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.112	−0.008%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.140	+0.021%	$10.1M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.128	+0.008%	$377.0M	$934.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.280	+0.170%	$218K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.114	−0.006%	$49.7M	$56.5M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.110	−0.011%	$89.2M	$83.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.113	−0.007%	$46.7M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.126	+0.006%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.087	−0.035%	$29.4M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.380	+0.276%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.340	+0.234%	$369K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.207	+0.092%	$681K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.214	+0.100%	—	$190K	5x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.232	+0.119%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.250	+0.138%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.068	−0.055%	$18.3M	$43.3M	50x	as long as short
Aevo HYPE-PERPshort	+0.0104%	1h	94.175	+0.058%	$398K	$159K	20x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0021%	1h	94.212	+0.097%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0185%	1h	94.250	+0.138%	$7.4M	$4.3M	50x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.130	+0.011%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.200	+0.085%	$20.2M	$30.3M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.133	+0.014%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.130	+0.011%	$84K	$125K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.143	+0.024%	$17.0M	$12.3M	75x	as long as short