Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.001%

Price spread now: Katana Perps against Lighter+0.094%7-day average −0.073% · you sell dearer than you buy

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

Long on Lighter Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.027%−$3 on $10k

Price spread, last 7 days−0.105%−$11 · spread now +0.094%, 7d avg −0.073%

Together, before fees−0.133%+ Points / potential airdropLighter: Season 3 · farm board−$13 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: Katana Perps is 0.167% dearer against Lighter than usual: you sell high and buy low, +$17 on $10k if it goes back to its 7-day average of −0.073%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter HYPE	93.952	0.0096	pay 0.0012% / 1h	52m 17s	$18.9M	$58.2M	20x
Short	Katana Perps HYPE-USD	94.040	0.0100	get 0.0100% / 8h	7h 52m	$39K	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Lighter. 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 LighterbpFee Katana PerpsbpOrdersPrice spread, now +0.094%Rate

Funding earned: $0.8
Price spread: +0.094% → −0.073%: $16.66
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: $13.65
Costs to cover: 0.038%
Break-even: from the start

Slippage unknown: Lighter: live order book, 7 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 Lighter live order book, 7 min ago	0.54 bp	0.9 bp −$1	2.0 bp −$20	9.7 bp −$971	38.4 bp −$19.2K
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	−0.1392%	1h	93.944	−0.008%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.914	−0.040%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0304%	1h	93.960	+0.009%	$22K	$22K	10x	as long as short
Phemex HYPEUSDT	−0.0269%	8h	93.865	−0.093%	$12.8M	$2.6M	50x	as long as short
ApeX Omni HYPEUSDT	−0.0224%	1h	93.928	−0.026%	$340K	$1.1M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0168%	1h	93.900	−0.055%	$705K	$927K	10x	as long as short
Gate HYPE_USDT	−0.0122%	4h	94.032	+0.085%	$44.5M	$59.0M	75x	as long as short
Bullet HYPE-USD	−0.0111%	1h	94.037	+0.090%	$113K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	94.051	+0.105%	$86K	$364K	20x	as long as short
dYdX HYPE-USD	−0.0102%	1h	94.007	+0.058%	$128K	$29K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hotstuff HYPE-PERP	−0.0080%	1h	93.996	+0.047%	$3K	$331	25x	as long as short
Bybit HYPEUSDT	−0.0073%	8h	93.873	−0.084%	$322.9M	$283.5M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0009%	4h	93.972	+0.021%	$169K	$594K	20x	as long as short
Derive HYPE-PERP	−0.0007%	1h	93.917	−0.037%	$16.4M	$7.2M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.023	+0.075%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.068	+0.123%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0019%	4h	94.031	+0.084%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	93.829	−0.131%	$218K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0038%	4h	94.041	+0.095%	$88.2M	$81.9M	100x	as long as short
Binance HYPEUSDT	+0.0046%	4h	93.966	+0.015%	$383.7M	$896.6M	75x	as long as short
edgeX HYPEUSDC	+0.0062%	4h	93.918	−0.036%	$5.1M	$29.7M	30x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	94.044	+0.098%	$60K	$1.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0083%	8h	93.881	−0.076%	$116.1M	$321.1M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	94.008	+0.060%	$400K	$191K	20x	as long as short
Lighter HYPElong	+0.0096%	1h	93.952	long leg	$18.9M	$58.2M	20x
Lighter RH HYPE	+0.0096%	1h	93.918	−0.036%	$3.0M	$12.0M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.044	+0.098%	$342K	$171K	20x	as long as short
Katana Perps HYPE-USDshort	+0.0100%	8h	94.040	+0.094%	$39K	$1.6M	10x
Nado HYPE-PERP	+0.0100%	1h	94.026	+0.079%	$6.6M	$44.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.125	+0.184%	$2.05B	$675.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.028	+0.081%	$10.1M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.062	+0.117%	$46.6M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.884	−0.072%	$227.5M	$101.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.036	+0.089%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.019	+0.071%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.832	−0.127%	$31.2M	$54.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.944	−0.009%	$7.6M	$45.4M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.978	+0.028%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.056	+0.110%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.078	+0.134%	$481K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.010	+0.062%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.962	+0.011%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.877	−0.080%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.944	−0.009%	$205K	$6K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.865	−0.093%	$18.4M	$42.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.010	+0.062%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0156%	4h	93.963	+0.012%	$17.0M	$12.4M	75x	as long as short
Kalshi KXHYPEPERP	+0.0164%	8h	94.024	+0.077%	$1.9M	$5.1M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.150	+0.211%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.087	+0.144%	$2.8M	$6.8M	20x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	94.016	+0.069%	$77K	$145K	15x	as long as short
HTX HYPE-USDT	+0.0308%	4h	94.100	+0.158%	$1.5M	$7.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0157%	1h	94.069	+0.125%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0506%	1h	93.997	+0.048%	$7.5M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0672%	1h	93.959	+0.008%	$21.0M	$29.7M	50x	as long as short