Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0110%/8h= +12.0% APRpaid last 24h +0.033%

Price spread now: RISEx against Katana Perps+0.067%7-day average +0.045% · you sell dearer than you buy

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

Long on Katana Perps Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.123%+$12 on $10k

Price spread, last 7 days+0.004%$0 · spread now +0.067%, 7d avg +0.045%

Together, before fees+0.127%+$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and RISEx is 0.022% dearer against Katana Perps than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.045%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	93.540	0.0100	pay 0.0100% / 8h	6h 34m	$21K	$1.6M	10x
Short	RISEx HYPE/USDC	93.603	0.0210	get 0.0026% / 1h	34m 35s	$2.7M	$6.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now +0.067%Rate

Funding earned: $23.05
Price spread: +0.067% → +0.045%: $2.15
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee RISEx: 3 bp × 2 orders: −$6
Net: $15.4
Costs to cover: 0.098%
Break-even: 2.3 days

Slippage unknown: Katana Perps: no order-book sample; RISEx: 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 RISEx live order book, 4 min ago	3.00 bp	6.0 bp −$6	7.5 bp −$75	doesn't fit	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	−0.0912%	1h	93.427	−0.120%	$196K	$231K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.430	−0.118%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0168%	1h	93.310	−0.246%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0102%	1h	93.440	−0.107%	$698K	$987K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.534	−0.006%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0079%	8h	93.463	−0.082%	$12.7M	$2.7M	50x	as long as short
Backpack HYPE_USDC_PERP	−0.0070%	1h	93.471	−0.074%	$7.8M	$10.4M	20x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.551	+0.012%	$85K	$357K	20x	as long as short
Gate HYPE_USDT	−0.0064%	4h	93.532	−0.009%	$44.3M	$54.5M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0056%	4h	93.453	−0.093%	$156K	$652K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0023%	4h	93.562	+0.023%	$8.9M	$36.2M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.517	−0.025%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.532	−0.009%	$22K	$331K	10x	as long as short
BingX HYPE-USDT	+0.0002%	4h	93.538	−0.002%	—	$54.3M	—	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.490	−0.053%	$26K	—	150x	as long as short
Bybit HYPEUSDT	+0.0006%	8h	93.524	−0.017%	$321.4M	$285.6M	75x	as long as short
MEXC HYPE_USDT	+0.0046%	4h	93.550	+0.011%	$87.9M	$82.6M	100x	as long as short
Bullet HYPE-USD	+0.0047%	1h	93.487	−0.056%	$112K	$579K	20x	as long as short
Binance HYPEUSDT	+0.0052%	4h	93.559	+0.020%	$380.6M	$905.6M	75x	as long as short
edgeX HYPEUSDC	+0.0056%	4h	93.153	−0.414%	$5.1M	$30.0M	30x	as long as short
Phoenix HYPE	+0.0060%	1h	93.170	−0.396%	$210K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0066%	1h	93.442	−0.104%	$16.2M	$7.7M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0066%	8h	93.525	−0.016%	$115.0M	$315.8M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.495	−0.048%	$398K	$177K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	93.588	+0.051%	$340K	$165K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.555	+0.016%	$16.4M	$62.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.554	+0.015%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.547	+0.007%	$66K	$1.2M	50x	as long as short
Katana Perps HYPE-USDlong	+0.0100%	8h	93.540	long leg	$21K	$1.6M	10x
Nado HYPE-PERP	+0.0100%	1h	93.525	−0.017%	$5.7M	$45.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.632	+0.098%	$2.04B	$669.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.561	+0.022%	$10.0M	$14.8M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.536	−0.004%	$46.1M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.560	+0.021%	$226.4M	$100.5M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.411	−0.138%	$31.0M	$54.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.253	−0.307%	$7.5M	$48.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.295	−0.262%	$337K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.511	−0.031%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.584	+0.047%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.581	+0.044%	$468K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.440	+0.962%	$80K	$173K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.547	+0.007%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.496	−0.047%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.348	−0.206%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.516	−0.025%	$18.4M	$44.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.530	−0.011%	$4.9M	$5.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.390	−0.160%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0175%	4h	93.407	−0.142%	$17.0M	$12.1M	75x	as long as short
RISEx HYPE/USDCshort	+0.0210%	1h	93.603	+0.067%	$2.7M	$6.7M	20x
HTX HYPE-USDT	+0.0221%	4h	93.647	+0.114%	$1.4M	$6.2M	75x	as long as short
Reya HYPERUSDPERP	+0.0254%	1h	93.536	−0.004%	$80K	$142K	15x	as long as short
Kalshi KXHYPEPERP	+0.0264%	8h	93.548	+0.009%	$1.9M	$5.1M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0158%	1h	93.490	−0.053%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0456%	1h	93.581	+0.044%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0681%	1h	93.591	+0.054%	$20.9M	$30.1M	50x	as long as short