Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0224%/8h= −24.6% APRpaid last 24h −0.034%

Price spread now: Ondo Perps against Katana Perps0.000%7-day average +0.052% · you sell dearer than you buy

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

Long on Katana Perps Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.078%−$8 on $10k

Price spread, last 7 days+0.014%+$1 · spread now 0.000%, 7d avg +0.052%

Together, before fees−0.064%+ Points / potential airdropOndo Perps: Active · farm board−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Ondo Perps is 0.052% cheaper against Katana Perps than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.052%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.078% in total (about -7.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	93.510	0.0100	pay 0.0100% / 8h	1h 41m	$22K	$1.7M	10x
Short	Ondo Perps HYPE-USD.P	93.510	−0.0125	pay 0.0016% / 1h	41m 27s	$704K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$47.12
Price spread: 0.000% → +0.052%: −$5.18
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$61.1
Costs to cover: 0.088%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; Ondo Perps: no order-book sample. 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 Ondo Perps no order-book sample	—	—	—	—	—

Katana Perps and Ondo 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	−0.1080%	1h	93.426	−0.090%	$198K	$241K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0215%	1h	93.657	+0.157%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.Pshort	−0.0125%	1h	93.510	0.000%	$704K	$1.2M	10x
Hotstuff HYPE-PERP	−0.0080%	1h	93.505	−0.005%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0071%	1h	93.529	+0.021%	$111K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.539	+0.031%	$86K	$370K	20x	as long as short
Bluefin HYPE-PERP	−0.0030%	1h	93.542	+0.034%	$79K	$155K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0022%	4h	93.495	−0.016%	$145K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.525	+0.016%	$128K	$28K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.595	+0.091%	$1.8M	$5.6M	2.3x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.580	+0.075%	$20K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.543	+0.036%	$83K	—	150x	as long as short
BingX HYPE-USDT	+0.0004%	4h	93.548	+0.041%	—	$53.7M	—	as long as short
Bybit HYPEUSDT	+0.0005%	8h	93.510	0.000%	$315.7M	$288.7M	75x	as long as short
Derive HYPE-PERP	+0.0013%	1h	93.471	−0.042%	$16.3M	$7.4M	10x	as long as short
Phoenix HYPE	+0.0017%	1h	93.654	+0.154%	$207K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	93.539	+0.031%	$225.4M	$99.6M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0078%	8h	93.575	+0.069%	$334K	$161K	20x	as long as short
edgeX HYPEUSDC	+0.0082%	4h	93.576	+0.071%	$5.0M	$30.6M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.518	+0.009%	$1.0M	$4.0M	10x	as long as short
Phemex HYPEUSDT	+0.0086%	8h	93.550	+0.043%	$12.8M	$2.8M	50x	as long as short
Popdex HYPEUSDT	+0.0088%	1h	93.512	+0.002%	$78K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.553	+0.046%	$16.1M	$63.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.555	+0.048%	$3.1M	$11.1M	20x	as long as short
Katana Perps HYPE-USDlong	+0.0100%	8h	93.510	long leg	$22K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	93.499	−0.011%	$7.4M	$51.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.631	+0.129%	$2.05B	$683.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.519	+0.010%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.587	+0.083%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.541	+0.033%	$374.9M	$930.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.539	+0.031%	$115.5M	$315.7M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.536	+0.028%	$48.3M	$55.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.541	+0.033%	$89.7M	$83.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.548	+0.041%	$46.3M	$18.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.527	+0.018%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.579	+0.073%	$28.6M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.547	+0.040%	$7.5M	$48.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.589	+0.084%	$347K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.548	+0.041%	$678K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.592	+0.087%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.546	+0.038%	$470K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.559	+0.052%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.494	−0.017%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.648	+0.148%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.507	−0.003%	$216K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.529	+0.020%	$18.2M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.524	+0.016%	$395K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.560	+0.053%	$4.7M	$6.1M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.450	−0.064%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.518	+0.009%	$77K	$130K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.556	+0.050%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.516	+0.006%	$16.9M	$12.2M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0349%	1h	93.617	+0.114%	$7.4M	$4.2M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0416%	1h	93.594	+0.090%	$20.9M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.576	+0.070%	$3.2M	$6.4M	20x	as long as short