Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.031%

Price spread now: 01 Exchange against Katana Perps+0.033%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 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.029%−$3 on $10k

Price spread, last 4 days (all we have)+0.023%+$2 · spread now +0.033%, 7d avg +0.045%

Together, before fees−0.006%−$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.045%, so right now this pair is about funding alone: −$3 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	94.270	0.0100	pay 0.0100% / 8h	2h 10m	$28K	$1.7M	10x
Short	01 Exchange HYPEUSD	94.301	0	get 0.0000% / 1h	10m 43s	$86K	$371K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now +0.033%Rate

Funding earned: −$20.9
Price spread: +0.033% → +0.045%: −$1.24
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$32.94
Costs to cover: 0.108%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; 01 Exchange: live order book, 38 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 01 Exchange live order book, 38 min ago	0.37 bp	7.1 bp −$7	13.8 bp −$138	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	−0.1320%	1h	94.189	−0.086%	$200K	$239K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0373%	1h	94.067	−0.215%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.149	−0.128%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0015%	1h	94.274	+0.004%	$112K	$580K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0015%	4h	94.258	−0.013%	$147K	$677K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.279	+0.010%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSDshort	0.0000%	1h	94.301	+0.033%	$86K	$371K	20x
Perpl HYPE	0.0000%	43m	94.301	+0.033%	$22K	$291K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.290	+0.021%	$63K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	94.258	−0.013%	$1.0M	$4.0M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	+0.0021%	8h	94.260	−0.011%	$319.2M	$285.5M	75x	as long as short
Phemex HYPEUSDT	+0.0023%	8h	94.260	−0.011%	$12.8M	$2.8M	50x	as long as short
Bitget HYPEUSDT	+0.0024%	4h	94.315	+0.048%	$227.5M	$99.3M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	94.200	−0.074%	$209K	$1.2M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0067%	1h	94.220	−0.053%	$711K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0084%	4h	94.154	−0.123%	$5.0M	$30.1M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	94.303	+0.035%	$343K	$158K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.312	+0.044%	$16.4M	$63.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.318	+0.051%	$3.2M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.303	+0.035%	$72K	$1.2M	50x	as long as short
Katana Perps HYPE-USDlong	+0.0100%	8h	94.270	long leg	$28K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	94.269	−0.001%	$7.2M	$49.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.389	+0.127%	$2.07B	$679.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.291	+0.022%	$8.8M	$36.6M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.302	+0.034%	$10.2M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.280	+0.011%	$378.3M	$922.5M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.280	+0.011%	$116.4M	$316.8M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.277	+0.007%	$48.1M	$55.6M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.279	+0.010%	$90.2M	$82.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.279	+0.010%	$46.5M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.267	−0.003%	—	$53.6M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.318	+0.051%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.239	−0.033%	$28.9M	$56.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.125	−0.154%	$7.7M	$48.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.180	−0.095%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.243	−0.029%	$674K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.347	+0.082%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.309	+0.041%	$479K	$2.8M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.276	+0.006%	$80K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	94.272	+0.002%	$16.2M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.350	+0.085%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.289	+0.020%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.426	+0.165%	$1.4M	$6.6M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.197	−0.077%	$217K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.232	−0.040%	$18.3M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.266	−0.004%	$398K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0122%	8h	94.325	+0.058%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	94.230	−0.042%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.290	+0.021%	$4.7M	$6.1M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0163%	1h	94.367	+0.103%	$7.5M	$4.1M	50x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.291	+0.023%	$78K	$130K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	94.298	+0.030%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0338%	1h	94.363	+0.098%	$21.0M	$29.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.229	−0.043%	$16.8M	$12.2M	75x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	94.337	+0.071%	$3.2M	$6.3M	20x	as long as short