Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.002%

Price spread now: ApeX Omni against Katana Perps+0.270%7-day average +0.037% · you sell dearer than you buy

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

Long on Katana Perps Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.016%+$2 on $10k

Price spread, last 7 days−0.249%−$25 · spread now +0.270%, 7d avg +0.037%

Together, before fees−0.232%−$23 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: ApeX Omni is 0.233% dearer against Katana Perps than usual: you sell high and buy low, +$23 on $10k if it goes back to its 7-day average of +0.037%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	92.600	0.0100	pay 0.0100% / 8h	5h 03m	$29K	$1.6M	10x
Short	ApeX Omni HYPEUSDT	92.850	0.0100	get 0.0013% / 1h	3m 25s	$337K	$1.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni 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 ApeX OmnibpOrdersPrice spread, now +0.270%Rate

Funding earned: $0.04
Price spread: +0.270% → +0.037%: $23.25
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: $9.5
Costs to cover: 0.138%
Break-even: from the start

Slippage unknown: Katana Perps: no order-book sample; ApeX Omni: live order book, 21 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 ApeX Omni live order book, 21 min ago	2.09 bp	7.5 bp −$8	10.9 bp −$109	doesn't fit	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
Arcus HYPE-USD	−0.0899%	1h	92.466	−0.145%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0872%	1h	92.840	+0.259%	$195K	$227K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0128%	1h	92.530	−0.076%	$698K	$1.1M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.572	−0.030%	$3K	$331	25x	as long as short
Aftermath Perps HYPEUSD	−0.0070%	1h	92.996	+0.428%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	92.607	+0.008%	$86K	$349K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0056%	4h	92.606	+0.006%	$158K	$663K	20x	as long as short
Bullet HYPE-USD	−0.0006%	1h	92.622	+0.024%	$111K	$579K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.610	+0.011%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.618	+0.020%	$23K	$310K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.662	+0.067%	$61K	—	150x	as long as short
Aster HYPEUSDT	+0.0003%	4h	92.630	+0.032%	$8.7M	$36.1M	300x	as long as short
Phemex HYPEUSDT	+0.0023%	8h	92.879	+0.301%	$12.5M	$2.7M	50x	as long as short
Phoenix HYPE	+0.0026%	1h	93.003	+0.435%	$211K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0037%	4h	92.630	+0.032%	—	$53.1M	—	as long as short
Bybit HYPEUSDT	+0.0044%	8h	92.624	+0.026%	$318.1M	$278.7M	75x	as long as short
Gate HYPE_USDT	+0.0044%	4h	92.627	+0.029%	$44.5M	$56.2M	75x	as long as short
Derive HYPE-PERP	+0.0067%	1h	92.818	+0.235%	$16.1M	$7.5M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0073%	8h	92.638	+0.041%	$113.2M	$299.7M	50x	as long as short
Binance HYPEUSDT	+0.0085%	4h	92.626	+0.028%	$374.7M	$888.9M	75x	as long as short
MEXC HYPE_USDT	+0.0086%	4h	92.624	+0.026%	$87.9M	$81.7M	100x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	92.559	−0.045%	$338K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.575	−0.027%	$16.0M	$62.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.537	−0.068%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.627	+0.029%	$68K	$1.2M	50x	as long as short
Katana Perps HYPE-USDlong	+0.0100%	8h	92.600	long leg	$29K	$1.6M	10x
Nado HYPE-PERP	+0.0100%	1h	92.589	−0.011%	$5.8M	$43.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.712	+0.121%	$2.02B	$656.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.584	−0.017%	$10.0M	$14.8M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.640	+0.043%	$45.8M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.625	+0.027%	$224.2M	$97.2M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.867	+0.288%	$7.4M	$10.0M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.797	+0.213%	$31.2M	$53.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.816	+0.233%	$7.5M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDTshort	+0.0100%	1h	92.850	+0.270%	$337K	$1.0M	50x
StandX HYPE-USD	+0.0100%	1h	92.861	+0.282%	$664K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.713	+0.122%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.654	+0.058%	$468K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.821	+0.239%	$79K	$169K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.921	+0.347%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.891	+0.314%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.810	+0.227%	$202K	$13K	10x	as long as short
edgeX HYPEUSDC	+0.0102%	4h	92.791	+0.207%	$5.0M	$29.0M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.553	−0.051%	$18.3M	$43.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.866	+0.287%	$395K	$162K	20x	as long as short
HTX HYPE-USDT	+0.0108%	4h	93.023	+0.457%	$1.4M	$6.1M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	92.920	+0.346%	$4.7M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0260%	1h	92.624	+0.026%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0267%	8h	92.902	+0.326%	$1.9M	$5.2M	2.3x	as long as short
BloFin HYPE-USDT	+0.0326%	4h	92.824	+0.242%	$16.9M	$11.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	92.666	+0.072%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0460%	1h	92.983	+0.414%	$7.4M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	92.689	+0.096%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.390	+0.853%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0688%	1h	92.955	+0.384%	$20.7M	$30.0M	50x	as long as short