Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.002%

Price spread now: StandX against Katana Perps+0.096%7-day average +0.047% · you sell dearer than you buy

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

Long on Katana Perps Short on StandX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.014%+$1 on $10k

Price spread, last 7 days−0.063%−$6 · spread now +0.096%, 7d avg +0.047%

Together, before fees−0.049%+ Points / potential airdropStandX: Active · farm board−$5 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: StandX is 0.048% dearer against Katana Perps than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of +0.047%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	94.960	0.0100	pay 0.0100% / 8h	6h 57m	$40K	$1.5M	10x
Short	StandX HYPE-USD	95.051	0.0100	get 0.0013% / 1h	57m 29s	$691K	$2.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

StandX 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 StandXbpOrdersPrice spread, now +0.096%Rate

Funding earned: $0.04
Price spread: +0.096% → +0.047%: $4.84
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee StandX: 4 bp × 2 orders: −$8
Net: −$6.92
Costs to cover: 0.118%
Break-even: 1105.3 days

Slippage unknown: Katana Perps: no order-book sample; StandX: live order book, 1 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 StandX live order book, 1 min ago	1.21 bp	5.2 bp −$5	5.4 bp −$54	11.8 bp −$1,183	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
Hibachi HYPE/USDT-P	−0.1088%	1h	94.916	−0.046%	$211K	$265K	7x	as long as short
Bluefin HYPE-PERP	−0.0785%	1h	94.953	−0.007%	$79K	$147K	20x	as long as short
Bullet HYPE-USD	−0.0486%	1h	94.997	+0.039%	$112K	$580K	20x	as long as short
Kraken Futures PF_HYPEUSD	−0.0376%	1h	94.986	+0.027%	$18.8M	$35.7M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0260%	1h	94.930	−0.032%	$695K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0248%	1h	94.968	+0.008%	$90K	$355K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0202%	1h	95.154	+0.205%	$22K	$19K	10x	as long as short
Arcus HYPE-USD	−0.0159%	1h	94.932	−0.029%	$1.0M	$3.1M	10x	as long as short
Phemex HYPEUSDT	−0.0142%	8h	95.003	+0.045%	$13.0M	$2.8M	50x	as long as short
Polymarket Perps HYPE-USD	−0.0128%	1h	94.990	+0.032%	$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
Hotstuff HYPE-PERP	−0.0080%	1h	94.957	−0.003%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0078%	4h	94.932	−0.029%	$53.2M	$53.7M	75x	as long as short
Vest HYPE-PERP	−0.0049%	1h	95.028	+0.072%	—	$88K	5x	as long as short
Lighter RH HYPE	−0.0032%	1h	94.964	+0.004%	$3.2M	$9.8M	20x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0024%	1h	95.000	+0.042%	$4.7M	$5.7M	50x	as long as short
SoDEX HYPE-USD	−0.0012%	1h	94.975	+0.016%	$2.1M	$1.4M	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0007%	4h	94.966	+0.006%	$148K	$669K	20x	as long as short
Bybit HYPEUSDT	−0.0004%	8h	94.950	−0.011%	$319.2M	$281.9M	75x	as long as short
dYdX HYPE-USD	0.0000%	1h	95.003	+0.045%	$130K	$93K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	95.103	+0.151%	$1.8M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	95.019	+0.063%	$19K	$271K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.100	+0.147%	$86K	—	150x	as long as short
BingX HYPE-USDT	+0.0004%	4h	94.951	−0.009%	—	$50.4M	—	as long as short
Phoenix HYPE	+0.0008%	1h	95.157	+0.207%	$203K	$1.0M	10x	as long as short
Backpack HYPE_USDC_PERP	+0.0013%	1h	94.899	−0.064%	$7.3M	$10.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0026%	8h	94.938	−0.023%	$118.6M	$319.8M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0034%	1h	95.079	+0.125%	$7.5M	$4.3M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0038%	8h	94.989	+0.031%	$340K	$38K	20x	as long as short
Bitget HYPEUSDT	+0.0050%	4h	94.954	−0.006%	$228.2M	$93.2M	75x	as long as short
Aster HYPEUSDT	+0.0062%	4h	94.941	−0.020%	$9.0M	$36.3M	300x	as long as short
edgeX HYPEUSDC	+0.0087%	4h	95.004	+0.046%	$5.0M	$30.8M	30x	as long as short
Bulk HYPE-USD	+0.0094%	1h	94.986	+0.028%	$221K	$14K	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.954	−0.007%	$16.2M	$60.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.962	+0.002%	$266K	$1.3M	50x	as long as short
Katana Perps HYPE-USDlong	+0.0100%	8h	94.960	long leg	$40K	$1.5M	10x
Nado HYPE-PERP	+0.0100%	1h	94.935	−0.026%	$7.3M	$55.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.111	+0.159%	$2.10B	$677.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.987	+0.028%	$10.2M	$14.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.956	−0.005%	$381.6M	$907.9M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.960	0.000%	$87.4M	$85.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.952	−0.008%	$47.4M	$18.3M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.987	+0.029%	$30.1M	$55.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.063	+0.109%	$7.7M	$43.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.023	+0.066%	$348K	$1.0M	50x	as long as short
StandX HYPE-USDshort	+0.0100%	1h	95.051	+0.096%	$691K	$2.7M	20x
SunX HYPE-USDT	+0.0100%	4h	94.870	−0.095%	$32K	$1.5M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.126	+0.175%	$1.4M	$6.7M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.904	−0.059%	$18.3M	$41.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.979	+0.020%	$401K	$136K	20x	as long as short
RISEx HYPE/USDC	+0.0166%	1h	94.987	+0.029%	$3.2M	$6.2M	20x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.953	−0.007%	$86K	$93K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.106	+0.154%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	95.006	+0.048%	$17.2M	$12.2M	75x	as long as short
Injective HYPE/USDC PERP	+0.0850%	1h	95.480	+0.548%	$31K	$335K	12x	as long as short