Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0097%/8h= −10.6% APRpaid last 24h −0.031%

Price spread now: Katana Perps against Kraken Futures+0.005%7-day average −0.058% · you sell dearer than you buy

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

Long on Kraken Futures Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.074%−$7 on $10k

Price spread, last 4 days (all we have)+0.029%+$3 · spread now +0.005%, 7d avg −0.058%

Together, before fees−0.045%−$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Katana Perps is 0.063% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.005% now, against its 7-day average of −0.058%): +$6 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_HYPEUSD	93.325	0.0196	pay 0.0025% / 1h	6m 33s	$20.8M	$29.4M	50x
Short	Katana Perps HYPE-USD	93.330	0.0099	get 0.0099% / 8h	3h 06m	$28K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Kraken Futures. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Kraken FuturesbpFee Katana PerpsbpOrdersPrice spread, now +0.005%Rate

Funding earned: −$20.29
Price spread: +0.005% → −0.058%: $6.3
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$27.79
Costs to cover: 0.138%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 3 min ago; Katana 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 Kraken Futures live order book, 3 min ago	1.66 bp	9.3 bp −$9	10.6 bp −$106	17.7 bp −$1,771	76.5 bp −$38.3K
Sell Katana Perps no order-book sample	—	—	—	—	—

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	−0.1840%	1h	93.067	−0.276%	$194K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0321%	1h	93.108	−0.233%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	93.316	−0.010%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.241	−0.090%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0049%	4h	93.218	−0.115%	$146K	$670K	20x	as long as short
Bullet HYPE-USD	−0.0007%	1h	93.186	−0.149%	$111K	$578K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.329	+0.004%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.250	−0.080%	$22K	$293K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.237	−0.095%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0006%	1h	93.270	−0.059%	$702K	$1.2M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange HYPEUSD	+0.0016%	1h	93.372	+0.050%	$87K	$365K	20x	as long as short
Phemex HYPEUSDT	+0.0022%	8h	93.195	−0.139%	$12.6M	$2.7M	50x	as long as short
Phoenix HYPE	+0.0026%	1h	93.132	−0.207%	$209K	$1.2M	10x	as long as short
Bitget HYPEUSDT	+0.0030%	4h	93.344	+0.020%	$225.7M	$98.8M	75x	as long as short
Bybit HYPEUSDT	+0.0030%	8h	93.337	+0.013%	$317.9M	$284.6M	75x	as long as short
Popdex HYPEUSDT	+0.0056%	1h	93.345	+0.021%	$76K	$1.1M	50x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.063	−0.281%	$4.9M	$29.8M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.363	+0.041%	$340K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.341	+0.017%	$16.1M	$62.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.344	+0.020%	$3.1M	$11.7M	20x	as long as short
Gate HYPE_USDT	+0.0096%	4h	93.349	+0.026%	$45.7M	$55.0M	75x	as long as short
Katana Perps HYPE-USDshort	+0.0099%	8h	93.330	+0.005%	$28K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	93.339	+0.015%	$7.4M	$46.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.355	+0.032%	$2.03B	$664.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.343	+0.020%	$8.7M	$36.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.368	+0.046%	$10.1M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.344	+0.021%	$374.6M	$909.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.355	+0.032%	$114.5M	$306.2M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.125	−0.214%	$203K	$3K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.334	+0.010%	$91.9M	$81.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.333	+0.009%	$46.2M	$18.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.339	+0.015%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.278	−0.050%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.028	−0.319%	$28.6M	$56.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.054	−0.290%	$7.5M	$46.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.080	−0.263%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.136	−0.203%	$666K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.365	+0.043%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.364	+0.042%	$489K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.243	−0.088%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.222	−0.110%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.288	−0.040%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.243	−0.088%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.379	+0.058%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.322	−0.004%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.245	−0.085%	$394K	$164K	20x	as long as short
Kalshi KXHYPEPERP	+0.0128%	8h	93.316	−0.010%	$1.8M	$5.5M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.260	−0.070%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0196%	1h	93.325	long leg	$20.8M	$29.4M	50x
Injective HYPE/USDC PERP	+0.0242%	1h	93.410	+0.091%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0267%	1h	93.329	+0.004%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.231	−0.100%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.196	−0.138%	$16.8M	$11.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0458%	1h	93.324	−0.001%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	93.403	+0.084%	$3.2M	$6.2M	20x	as long as short