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 +0.003%

Price spread now: Backpack against Katana Perps+0.010%7-day average +0.291% · you sell dearer than you buy

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

Long on Katana Perps Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.044%+$4 on $10k

Price spread, last 7 days−0.444%−$44 · spread now +0.010%, 7d avg +0.291%

Together, before fees−0.400%−$40 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: Backpack is 0.281% cheaper against Katana Perps than usual: you would sell low and buy high, −$28 on $10k if it goes back to its 7-day average of +0.291%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	93.280	0.0100	pay 0.0100% / 8h	2h 05m	$36K	$1.6M	10x
Short	Backpack HYPE_USDC_PERP	93.289	0.0100	get 0.0013% / 1h	5m 07s	$7.9M	$11.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now +0.010%Rate

Funding earned: $0.04
Price spread: +0.010% → +0.291%: −$28.11
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$41.87
Costs to cover: 0.138%
Break-even: 6652.6 days

Slippage unknown: Katana Perps: no order-book sample; Backpack: live order book, 4 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 Backpack live order book, 4 min ago	0.05 bp	5.1 bp −$5	7.4 bp −$74	99.7 bp −$9,971	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	−0.0840%	1h	93.256	−0.026%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0259%	1h	93.348	+0.073%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0230%	1h	93.210	−0.075%	$700K	$934K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.258	−0.024%	$90K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.220	−0.064%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0042%	1h	93.206	−0.079%	$111K	$580K	20x	as long as short
Derive HYPE-PERP	−0.0035%	1h	93.193	−0.094%	$16.3M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.280	0.000%	$127K	$32K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.300	+0.021%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.245	−0.037%	$23K	$335K	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 −0.0001%	1h	93.282	+0.002%	$20K	—	150x	as long as short
Aster HYPEUSDT	+0.0009%	4h	93.250	−0.032%	$8.9M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0028%	4h	93.244	−0.039%	$43.9M	$57.8M	75x	as long as short
Bybit HYPEUSDT	+0.0030%	8h	93.240	−0.043%	$324.7M	$287.0M	75x	as long as short
Popdex HYPEUSDT	+0.0032%	1h	93.240	−0.043%	$56K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0052%	4h	93.261	−0.020%	$166K	$539K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.279	−0.001%	$215K	$1.2M	10x	as long as short
Vest HYPE-PERP	+0.0082%	1h	93.259	−0.022%	—	$454K	5x	as long as short
SoDEX HYPE-USD	+0.0084%	1h	93.243	−0.040%	$2.0M	$2.0M	10x	as long as short
Bluefin HYPE-PERP	+0.0096%	1h	93.269	−0.012%	$76K	$168K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.285	+0.005%	$18.6M	$60.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.272	−0.009%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.234	−0.049%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USDlong	+0.0100%	8h	93.280	long leg	$36K	$1.6M	10x
Nado HYPE-PERP	+0.0100%	1h	93.243	−0.040%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.312	+0.034%	$2.03B	$671.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.239	−0.044%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.243	−0.040%	$384.8M	$889.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.240	−0.043%	$114.6M	$314.5M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.206	−0.079%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.285	+0.005%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.249	−0.033%	$93.0M	$82.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.273	−0.008%	$46.2M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.265	−0.016%	$226.5M	$102.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.246	−0.036%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERPshort	+0.0100%	1h	93.289	+0.010%	$7.9M	$11.7M	20x
Variational Omni HYPE	+0.0100%	8h	93.211	−0.074%	$29.0M	$50.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.304	+0.026%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.323	+0.046%	$405K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.270	−0.011%	$674K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.265	−0.016%	$492K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.290	+0.011%	$32K	$1.6M	20x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.254	−0.028%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.232	−0.052%	$18.4M	$41.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.257	−0.025%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0113%	4h	93.268	−0.013%	$5.1M	$29.4M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.260	−0.021%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.242	−0.040%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.910	+0.675%	$31K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0295%	4h	93.433	+0.164%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.277	−0.004%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.244	−0.039%	$17.1M	$12.4M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0350%	1h	93.360	+0.086%	$7.4M	$4.6M	50x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.307	+0.029%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.404	+0.133%	$19.5M	$26.6M	50x	as long as short