Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.007%

Price spread now: Katana Perps against Phoenix−0.134%50s7-day average −0.147% · you buy dearer than you sell

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

Long on Phoenix Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.141%−$14 on $10k

Price spread, last 7 days−0.003%$0 · spread now −0.134%, 7d avg −0.147%

Together, before fees−0.144%−$14 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.147%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate. Mind the row above: over the last 4 days funding on this pair cost −0.141%, so the current rate has only just turned in your favour. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix HYPE	94.527	0	get 0.0000% / 1h	11m 49s	$209K	$1.1M	10x
Short	Katana Perps HYPE-USD	94.400	0.0100	get 0.0100% / 8h	11m 49s	$28K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Phoenix. 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 PhoenixbpFee Katana PerpsbpOrdersPrice spread, now −0.134%Rate

Funding earned: $20.93
Price spread: −0.134% → −0.147%: $1.3
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: $11.42
Costs to cover: 0.108%
Break-even: 3.2 days

Slippage unknown: Phoenix: live order book, 1 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 Phoenix live order book, 1 min ago	1.16 bp	5.6 bp −$6	10.6 bp −$106	doesn't fit	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 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	−0.1672%	1h	94.413	−0.120%	$204K	$266K	7x	as long as short
Bluefin HYPE-PERP	−0.0393%	1h	94.351	−0.186%	$80K	$151K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0215%	1h	94.390	−0.145%	$712K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0186%	1h	94.400	−0.134%	$112K	$575K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0166%	1h	94.421	−0.113%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.428	−0.105%	$88K	$365K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.442	−0.090%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.413	−0.121%	$1.0M	$3.5M	10x	as long as short
Derive HYPE-PERP	−0.0036%	1h	94.320	−0.219%	$16.4M	$7.4M	10x	as long as short
Bybit HYPEUSDT	−0.0021%	8h	94.402	−0.132%	$317.3M	$288.8M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	−0.0020%	4h	94.380	−0.156%	—	$52.8M	—	as long as short
Lighter HYPE	−0.0016%	1h	94.424	−0.109%	$16.4M	$64.6M	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0008%	4h	94.355	−0.182%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.388	−0.147%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.507	−0.021%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPElong	0.0000%	1h	94.527	long leg	$209K	$1.1M	10x
Perpl HYPE	0.0000%	43m	94.422	−0.112%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.410	−0.124%	$124K	—	150x	as long as short
Polymarket Perps HYPE-USD	+0.0014%	1h	94.443	−0.089%	$498K	$2.8M	20x	as long as short
Bitget HYPEUSDT	+0.0022%	4h	94.419	−0.114%	$226.6M	$100.1M	75x	as long as short
Phemex HYPEUSDT	+0.0035%	8h	94.376	−0.160%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0038%	8h	94.449	−0.082%	$337K	$154K	20x	as long as short
Vest HYPE-PERP	+0.0048%	1h	94.495	−0.034%	—	$190K	5x	as long as short
SoDEX HYPE-USD	+0.0054%	1h	94.375	−0.161%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.420	−0.113%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0065%	8h	94.394	−0.141%	$117.7M	$325.2M	50x	as long as short
edgeX HYPEUSDC	+0.0083%	4h	94.403	−0.131%	$5.0M	$30.8M	30x	as long as short
Gate HYPE_USDT	+0.0090%	4h	94.370	−0.166%	$50.3M	$56.8M	75x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.418	−0.115%	$3.2M	$10.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.416	−0.117%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USDshort	+0.0100%	8h	94.400	−0.134%	$28K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	94.412	−0.122%	$7.2M	$52.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.492	−0.037%	$2.08B	$688.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.409	−0.125%	$8.8M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.444	−0.088%	$10.2M	$15.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.410	−0.124%	$378.6M	$932.4M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.307	−0.233%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.388	−0.147%	$89.6M	$84.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.370	−0.166%	$46.9M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.344	−0.194%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.390	−0.145%	$29.6M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.449	−0.083%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.394	−0.141%	$353K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.454	−0.077%	$683K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.493	−0.036%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.512	−0.016%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.365	−0.172%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.364	−0.172%	$399K	$153K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.434	−0.099%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.225%	$31K	$340K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.408	−0.125%	$20.2M	$30.2M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0237%	1h	94.467	−0.063%	$7.4M	$4.3M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.446	−0.086%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.398	−0.136%	$83K	$122K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.436	−0.096%	$17.1M	$12.4M	75x	as long as short