Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0240%/8h= +26.3% APRpaid last 24h +0.058%

Price spread now: BloFin against Katana Perps+0.019%7-day average +0.023% · you sell dearer than you buy

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

Long on Katana Perps Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.290%+$29 on $10k

Price spread, last 4 days (all we have)−0.419%−$42 · spread now +0.019%, 7d avg +0.023%

Together, before fees−0.129%−$13 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.023%, so right now this pair is about funding alone: +$7 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	95.140	0.0100	pay 0.0100% / 8h	7h 17m	$40K	$1.6M	10x
Short	BloFin HYPE-USDT	95.158	0.0340	get 0.0170% / 4h	3h 17m	$17.2M	$12.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.019%Rate

Funding earned: $50.44
Price spread: +0.019% → +0.023%: −$0.36
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee BloFin: 6 bp × 2 orders: −$12
Net: $34.28
Costs to cover: 0.158%
Break-even: 2.2 days

Slippage unknown: Katana Perps: no order-book sample; BloFin: live order book, 7 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 BloFin live order book, 7 min ago	0.74 bp	6.8 bp −$7	9.1 bp −$91	18.5 bp −$1,849	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	−0.0808%	1h	95.073	−0.070%	$212K	$265K	7x	as long as short
Bluefin HYPE-PERP	−0.0541%	1h	95.111	−0.030%	$79K	$148K	20x	as long as short
Phemex HYPEUSDT	−0.0311%	8h	95.039	−0.106%	$13.0M	$2.8M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0268%	1h	94.943	−0.208%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0206%	1h	95.158	+0.019%	$113K	$577K	20x	as long as short
dYdX HYPE-USD	−0.0137%	1h	95.162	+0.023%	$130K	$93K	5x	as long as short
Ondo Perps HYPE-USD.P	−0.0130%	1h	95.060	−0.084%	$705K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	95.172	+0.034%	$90K	$356K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	95.137	−0.003%	$1.0M	$3.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.145	+0.005%	$3K	$331	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_HYPEUSD	−0.0047%	1h	95.151	+0.012%	$18.9M	$35.7M	50x	as long as short
Bybit HYPEUSDT	−0.0019%	8h	95.111	−0.030%	$319.6M	$289.2M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	95.140	0.000%	$148K	$671K	20x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	95.207	+0.070%	$1.9M	$5.5M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	95.131	−0.010%	$19K	$274K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.158	+0.019%	$86K	—	150x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0002%	1h	95.221	+0.085%	$7.5M	$4.4M	50x	as long as short
Gate HYPE_USDT	+0.0004%	4h	95.118	−0.023%	$52.6M	$56.2M	75x	as long as short
Phoenix HYPE	+0.0008%	1h	95.051	−0.094%	$212K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0010%	1h	94.160	−1.030%	$16.3M	$7.5M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	95.190	+0.053%	$4.7M	$5.8M	50x	as long as short
BingX HYPE-USDT	+0.0029%	4h	95.140	0.000%	—	$52.7M	—	as long as short
Vest HYPE-PERP	+0.0035%	1h	95.212	+0.076%	—	$126K	5x	as long as short
Bitget HYPEUSDT	+0.0038%	4h	95.108	−0.034%	$228.3M	$95.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0039%	8h	95.115	−0.026%	$118.6M	$325.5M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0048%	8h	95.180	+0.042%	$340K	$38K	20x	as long as short
Backpack HYPE_USDC_PERP	+0.0058%	1h	95.112	−0.029%	$7.6M	$10.3M	20x	as long as short
SoDEX HYPE-USD	+0.0092%	1h	95.155	+0.016%	$2.1M	$1.9M	10x	as long as short
Lighter HYPE	+0.0096%	1h	95.149	+0.009%	$16.3M	$63.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.153	+0.014%	$3.2M	$10.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	95.142	+0.002%	$149K	$1.2M	50x	as long as short
Katana Perps HYPE-USDlong	+0.0100%	8h	95.140	long leg	$40K	$1.6M	10x
edgeX HYPEUSDC	+0.0100%	4h	95.084	−0.059%	$5.1M	$31.0M	30x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.118	−0.024%	$7.0M	$51.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.267	+0.133%	$2.10B	$676.9M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	95.125	−0.016%	$8.9M	$37.0M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	95.174	+0.035%	$10.3M	$14.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	95.140	0.000%	$382.5M	$919.0M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.126	−0.014%	$222K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	95.150	+0.011%	$98.9M	$88.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.150	+0.011%	$47.5M	$18.7M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.031	−0.114%	$29.8M	$56.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.104	−0.038%	$7.7M	$44.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.976	−0.172%	$356K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.146	+0.006%	$692K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.122	−0.019%	$500K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.117	−0.024%	$33K	$1.5M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.298	+0.166%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.126	−0.015%	$18.3M	$42.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.156	+0.017%	$402K	$148K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.192	+0.055%	$3.1M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.380	+0.252%	$31K	$340K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	95.093	−0.050%	$83K	$97K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0155%	1h	95.204	+0.067%	$1.4M	—	100x	as long as short
BloFin HYPE-USDTshort	+0.0340%	4h	95.158	+0.019%	$17.2M	$12.4M	75x