Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.040%

Price spread now: HTX against Katana Perps+0.193%7-day average +0.070% · you sell dearer than you buy

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

Long on Katana Perps Short on HTX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.055%+$6 on $10k

Price spread, last 4 days (all we have)−0.485%−$49 · spread now +0.193%, 7d avg +0.070%

Together, before fees−0.430%−$43 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: HTX is 0.123% dearer against Katana Perps than usual: you sell high and buy low, +$12 on $10k if it goes back to its 7-day average of +0.070%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	94.950	0.0100	pay 0.0100% / 8h	6h 56m	$40K	$1.5M	10x
Short	HTX HYPE-USDT	95.133	0.0100	get 0.0050% / 4h	2h 56m	$1.4M	$6.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.193%Rate

Funding earned: $0.04
Price spread: +0.193% → +0.070%: $12.31
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee HTX: 6 bp × 2 orders: −$12
Net: −$3.45
Costs to cover: 0.158%
Break-even: 553.9 days

Slippage unknown: Katana Perps: no order-book sample; HTX: 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 HTX live order book, 3 min ago	0.26 bp	6.9 bp −$7	12.9 bp −$129	42.6 bp −$4,264	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 54 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
Bluefin HYPE-PERP	−0.1246%	1h	94.949	−0.001%	$79K	$147K	20x	as long as short
Hibachi HYPE/USDT-P	−0.1104%	1h	94.878	−0.076%	$211K	$265K	7x	as long as short
Bullet HYPE-USD	−0.0494%	1h	94.983	+0.035%	$112K	$580K	20x	as long as short
Kraken Futures PF_HYPEUSD	−0.0376%	1h	94.984	+0.035%	$18.8M	$35.7M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0301%	1h	94.930	−0.021%	$694K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0240%	1h	94.953	+0.003%	$90K	$354K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0188%	1h	95.115	+0.174%	$22K	$19K	10x	as long as short
Arcus HYPE-USD	−0.0159%	1h	94.924	−0.027%	$1.0M	$3.0M	10x	as long as short
Phemex HYPEUSDT	−0.0127%	8h	94.950	0.000%	$13.0M	$2.8M	50x	as long as short
Polymarket Perps HYPE-USD	−0.0096%	1h	94.969	+0.020%	$499K	$2.6M	20x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0084%	4h	94.953	+0.003%	$53.2M	$53.8M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.978	+0.029%	$3K	$331	25x	as long as short
Vest HYPE-PERP	−0.0052%	1h	95.020	+0.074%	—	$88K	5x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0024%	1h	94.970	+0.021%	$4.7M	$5.7M	50x	as long as short
Bybit HYPEUSDT	−0.0008%	8h	94.945	−0.005%	$319.6M	$280.5M	75x	as long as short
BingX HYPE-USDT	−0.0008%	4h	94.971	+0.022%	—	$50.5M	—	as long as short
Orderly PERP_HYPE_USDC	−0.0008%	4h	94.960	+0.011%	$148K	$665K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	95.003	+0.056%	$130K	$93K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	95.108	+0.166%	$1.8M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.976	+0.028%	$19K	$271K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.100	+0.158%	$86K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	95.157	+0.218%	$203K	$1.0M	10x	as long as short
SoDEX HYPE-USD	+0.0016%	1h	94.973	+0.024%	$2.1M	$1.3M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0025%	8h	94.931	−0.020%	$118.6M	$319.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0038%	8h	94.985	+0.037%	$340K	$38K	20x	as long as short
Backpack HYPE_USDC_PERP	+0.0040%	1h	94.945	−0.005%	$7.3M	$10.3M	20x	as long as short
Bitget HYPEUSDT	+0.0050%	4h	94.964	+0.015%	$228.2M	$93.1M	75x	as long as short
Aster HYPEUSDT	+0.0062%	4h	94.939	−0.012%	$9.0M	$36.3M	300x	as long as short
Lighter RH HYPE	+0.0072%	1h	94.985	+0.037%	$3.2M	$9.9M	20x	as long as short
edgeX HYPEUSDC	+0.0087%	4h	95.004	+0.057%	$5.0M	$30.8M	30x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0087%	1h	95.070	+0.126%	$7.5M	$4.3M	50x	as long as short
Bulk HYPE-USD	+0.0094%	1h	94.986	+0.038%	$221K	$14K	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.974	+0.025%	$16.2M	$60.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.945	−0.005%	$268K	$1.3M	50x	as long as short
Katana Perps HYPE-USDlong	+0.0100%	8h	94.950	long leg	$40K	$1.5M	10x
Nado HYPE-PERP	+0.0100%	1h	94.930	−0.021%	$7.3M	$55.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.123	+0.182%	$2.10B	$677.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.999	+0.052%	$10.2M	$14.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.946	−0.004%	$381.6M	$907.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.969	+0.020%	$88.5M	$85.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.961	+0.012%	$47.4M	$18.3M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.987	+0.039%	$30.1M	$55.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.063	+0.119%	$7.7M	$43.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.023	+0.077%	$348K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.051	+0.106%	$691K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.867	−0.087%	$32K	$1.5M	20x	as long as short
HTX HYPE-USDTshort	+0.0100%	4h	95.133	+0.193%	$1.4M	$6.7M	75x
Extended HYPE-USD	+0.0104%	1h	94.945	−0.005%	$18.3M	$41.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.127	+0.187%	$402K	$136K	20x	as long as short
RISEx HYPE/USDC	+0.0166%	1h	94.982	+0.033%	$3.2M	$6.2M	20x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.940	−0.010%	$86K	$93K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.051	+0.106%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.974	+0.025%	$17.2M	$12.2M	75x	as long as short
Injective HYPE/USDC PERP	+0.0850%	1h	95.480	+0.558%	$31K	$335K	12x	as long as short