Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h +0.024%

Price spread now: Katana Perps against OKX+0.047%7-day average −0.033% · you sell dearer than you buy

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

Long on OKX Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.012%+$1 on $10k

Price spread, last 7 days−0.066%−$7 · spread now +0.047%, 7d avg −0.033%

Together, before fees−0.055%−$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: Katana Perps is 0.080% dearer against OKX than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of −0.033%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX HYPE-USDT-SWAP	94.356	0.0100	pay 0.0100% / 8h	1h 18m	$116.4M	$317.0M	50x
Short	Katana Perps HYPE-USD	94.400	0.0100	get 0.0100% / 8h	1h 18m	$17K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against OKX. 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 OKXbpFee Katana PerpsbpOrdersPrice spread, now +0.047%Rate

Funding earned: −$0.08
Price spread: +0.047% → −0.033%: $8.01
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$5.87
Costs to cover: 0.138%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 6 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 OKX live order book, 6 min ago	0.05 bp	5.6 bp −$6	8.4 bp −$84	19.0 bp −$1,902	doesn't fit
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 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	−0.1072%	1h	94.168	−0.199%	$200K	$237K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0186%	1h	94.134	−0.236%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.361	+0.005%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0059%	1h	94.278	−0.083%	$112K	$579K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0058%	1h	94.310	−0.049%	$709K	$1.2M	10x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	94.413	+0.060%	$86K	$366K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0014%	4h	94.259	−0.103%	$146K	$686K	20x	as long as short
Bluefin HYPE-PERP	−0.0004%	1h	94.282	−0.078%	$80K	$155K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.292	−0.068%	$129K	$26K	5x	as long as short
Bybit HYPEUSDT	0.0000%	8h	94.340	−0.017%	$317.6M	$289.2M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	94.265	−0.096%	$19K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.290	−0.070%	$84K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	94.378	+0.023%	$207K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0054%	4h	94.359	+0.003%	$227.4M	$99.3M	75x	as long as short
Phemex HYPEUSDT	+0.0058%	8h	94.228	−0.136%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0079%	8h	94.398	+0.044%	$337K	$157K	20x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.338	−0.019%	$1.0M	$3.8M	10x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	94.344	−0.013%	$5.0M	$30.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.362	+0.006%	$16.3M	$64.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.375	+0.020%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.369	+0.014%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USDshort	+0.0100%	8h	94.400	+0.047%	$17K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	94.258	−0.103%	$7.5M	$50.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.467	+0.118%	$2.08B	$687.1M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.367	+0.012%	$8.9M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.393	+0.039%	$10.2M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.371	+0.016%	$377.6M	$932.1M	75x	as long as short
OKX HYPE-USDT-SWAPlong	+0.0100%	8h	94.356	long leg	$116.4M	$317.0M	50x
Gate HYPE_USDT	+0.0100%	4h	94.353	−0.003%	$49.0M	$56.5M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.378	+0.023%	$89.9M	$85.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.374	+0.019%	$46.9M	$18.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.357	+0.001%	—	$53.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.308	−0.051%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.229	−0.135%	$29.0M	$56.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.424	+0.072%	$7.6M	$48.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.205	−0.160%	$362K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.221	−0.143%	$682K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.344	−0.012%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.287	−0.073%	$498K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.311	−0.048%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.291	−0.069%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.409	+0.056%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.275	−0.086%	$218K	$15K	10x	as long as short
Kalshi KXHYPEPERP	+0.0101%	8h	94.333	−0.024%	$1.8M	$5.6M	2.3x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.332	−0.025%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.306	−0.053%	$399K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.330	−0.028%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	94.326	−0.031%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.610	+0.269%	$31K	$339K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0227%	1h	94.370	+0.015%	$7.5M	$4.3M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.249	−0.114%	$78K	$129K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.278	−0.083%	$16.9M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0412%	1h	94.354	−0.002%	$20.2M	$30.4M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	94.406	+0.053%	$3.2M	$6.4M	20x	as long as short