Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0172%/8h= +18.8% APRpaid last 24h +0.039%

Price spread now: Reya against Katana Perps+0.001%7-day average +0.005% · you sell dearer than you buy

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

Long on Katana Perps Short on Reya

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.031%+$3 on $10k

Price spread, last 4 days (all we have)+1.161%+$116 · spread now +0.001%, 7d avg +0.005%

Together, before fees+1.192%+ Points / potential airdropReya: Active · farm board+$119 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.005%, so right now this pair is about funding alone: +$5 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	94.500	0.0100	pay 0.0100% / 8h	2m 05s	$28K	$1.7M	10x
Short	Reya HYPERUSDPERP	94.501	0.0272	get 0.0034% / 1h	2m 05s	$83K	$121K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now +0.001%Rate

Funding earned: $36.15
Price spread: +0.001% → +0.005%: −$0.49
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Reya: 3 bp × 2 orders: −$6
Net: $25.85
Costs to cover: 0.098%
Break-even: 2.0 days

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

Katana Perps and Reya: 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	−0.1528%	1h	94.486	−0.015%	$207K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0381%	1h	94.477	−0.024%	$80K	$152K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0200%	1h	94.460	−0.042%	$712K	$1.2M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0195%	1h	94.485	−0.015%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0191%	1h	94.506	+0.006%	$112K	$575K	20x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	94.536	+0.038%	$88K	$363K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.518	+0.019%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.506	+0.006%	$1.0M	$3.5M	10x	as long as short
Derive HYPE-PERP	−0.0027%	1h	94.383	−0.124%	$16.4M	$7.3M	10x	as long as short
Bybit HYPEUSDT	−0.0017%	8h	94.512	+0.013%	$317.9M	$288.4M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0007%	4h	94.487	−0.014%	$147K	$686K	20x	as long as short
Lighter HYPE	0.0000%	1h	94.523	+0.024%	$16.4M	$64.8M	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.542	+0.045%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.598	+0.104%	$1.9M	$5.5M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.443	−0.060%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.545	+0.047%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.541	+0.043%	$124K	—	150x	as long as short
Bitget HYPEUSDT	+0.0016%	4h	94.509	+0.010%	$227.0M	$100.4M	75x	as long as short
Polymarket Perps HYPE-USD	+0.0023%	1h	94.540	+0.042%	$498K	$2.8M	20x	as long as short
Phemex HYPEUSDT	+0.0043%	8h	94.512	+0.013%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0045%	8h	94.549	+0.052%	$338K	$154K	20x	as long as short
SoDEX HYPE-USD	+0.0049%	1h	94.522	+0.023%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.550	+0.053%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0066%	8h	94.514	+0.015%	$117.9M	$325.7M	50x	as long as short
Vest HYPE-PERP	+0.0073%	1h	94.575	+0.080%	—	$190K	5x	as long as short
Gate HYPE_USDT	+0.0080%	4h	94.499	−0.001%	$50.6M	$57.0M	75x	as long as short
edgeX HYPEUSDC	+0.0087%	4h	94.396	−0.110%	$5.0M	$30.7M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.522	+0.023%	$3.2M	$10.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.505	+0.005%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USDlong	+0.0100%	8h	94.500	long leg	$28K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	94.495	−0.006%	$7.2M	$52.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.612	+0.119%	$2.08B	$687.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.525	+0.027%	$8.8M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.552	+0.055%	$10.2M	$14.8M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.515	+0.016%	$379.0M	$932.5M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.428	−0.077%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.528	+0.030%	$91.6M	$84.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.499	−0.001%	$47.0M	$18.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.504	+0.004%	—	$52.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.496	−0.004%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.362	−0.146%	$29.6M	$54.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.422	−0.082%	$7.6M	$45.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.416	−0.089%	$350K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.472	−0.030%	$683K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.619	+0.126%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.620	+0.127%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.475	−0.027%	$18.4M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.508	+0.008%	$400K	$153K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.564	+0.067%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.450	−0.053%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0215%	1h	94.607	+0.113%	$7.5M	$4.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0222%	1h	94.551	+0.054%	$20.3M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.538	+0.041%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERPshort	+0.0272%	1h	94.501	+0.001%	$83K	$121K	15x
BloFin HYPE-USDT	+0.0340%	4h	94.486	−0.015%	$17.2M	$12.4M	75x	as long as short