Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0154%/8h= −16.9% APRpaid last 24h −0.027%

Price spread now: Katana Perps against Reya−0.008%7-day average −0.009% · you buy dearer than you sell

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

Long on Reya Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.011%−$1 on $10k

Price spread, last 4 days (all we have)−1.154%−$115 · spread now −0.008%, 7d avg −0.009%

Together, before fees−1.165%+ Points / potential airdropReya: Active · farm board−$116 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.009%, so right now this pair is about funding alone: −$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya HYPERUSDPERP	93.217	0.0254	pay 0.0032% / 1h	37m 59s	$79K	$142K	15x
Short	Katana Perps HYPE-USD	93.210	0.0100	get 0.0100% / 8h	6h 37m	$21K	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Reya. 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 ReyabpFee Katana PerpsbpOrdersPrice spread, now −0.008%Rate

Funding earned: −$32.37
Price spread: −0.008% → −0.009%: $0.11
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$42.06
Costs to cover: 0.098%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; 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 Reya no order-book sample	—	—	—	—	—
Sell Katana Perps no order-book sample	—	—	—	—	—

Reya and 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	−0.0944%	1h	93.219	+0.002%	$196K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.081	−0.146%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0165%	1h	93.241	+0.025%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0147%	1h	93.140	−0.083%	$696K	$983K	10x	as long as short
Gate HYPE_USDT	−0.0092%	4h	93.194	−0.025%	$44.2M	$54.3M	75x	as long as short
Backpack HYPE_USDC_PERP	−0.0086%	1h	93.066	−0.162%	$7.8M	$10.4M	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.184	−0.036%	$85K	$357K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.216	−0.001%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0056%	4h	93.118	−0.106%	$155K	$652K	20x	as long as short
Phemex HYPEUSDT	−0.0046%	8h	93.143	−0.080%	$12.6M	$2.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0034%	4h	93.150	−0.072%	$8.8M	$36.3M	300x	as long as short
Bluefin HYPE-PERP	−0.0027%	1h	93.106	−0.119%	$79K	$173K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.245	+0.029%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.217	0.000%	$22K	$333K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.190	−0.029%	$25K	—	150x	as long as short
Bybit HYPEUSDT	+0.0003%	8h	93.202	−0.016%	$320.5M	$285.9M	75x	as long as short
BingX HYPE-USDT	+0.0004%	4h	93.189	−0.030%	—	$54.2M	—	as long as short
Bullet HYPE-USD	+0.0026%	1h	93.159	−0.062%	$111K	$579K	20x	as long as short
Binance HYPEUSDT	+0.0039%	4h	93.222	+0.005%	$379.2M	$907.0M	75x	as long as short
MEXC HYPE_USDT	+0.0040%	4h	93.189	−0.030%	$87.5M	$82.6M	100x	as long as short
edgeX HYPEUSDC	+0.0056%	4h	93.325	+0.115%	$5.1M	$29.8M	30x	as long as short
Phoenix HYPE	+0.0060%	1h	93.233	+0.017%	$212K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0066%	8h	93.233	+0.017%	$114.7M	$315.2M	50x	as long as short
Derive HYPE-PERP	+0.0067%	1h	93.097	−0.129%	$16.2M	$7.7M	10x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.118	−0.106%	$396K	$177K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.291	+0.079%	$339K	$165K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.126	−0.098%	$16.3M	$62.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.113	−0.112%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.169	−0.052%	$65K	$1.2M	50x	as long as short
Katana Perps HYPE-USDshort	+0.0100%	8h	93.210	−0.008%	$21K	$1.6M	10x
Nado HYPE-PERP	+0.0100%	1h	93.159	−0.062%	$5.6M	$45.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.207	−0.011%	$2.03B	$668.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.238	+0.022%	$10.0M	$14.8M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.404	+0.200%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.190	−0.029%	$45.9M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.207	−0.011%	$225.5M	$100.8M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.151	−0.071%	$30.9M	$55.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.195	−0.024%	$7.5M	$48.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.355	+0.148%	$337K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.050	−0.179%	$664K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.261	+0.047%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.250	+0.035%	$467K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.282	+0.070%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.103	−0.123%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.166	−0.055%	$18.3M	$44.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.200	−0.018%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.050	−0.179%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0175%	4h	93.407	+0.204%	$17.0M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.230	+0.014%	$2.7M	$6.7M	20x	as long as short
HTX HYPE-USDT	+0.0232%	4h	93.400	+0.196%	$1.4M	$6.1M	75x	as long as short
Reya HYPERUSDPERPlong	+0.0254%	1h	93.217	long leg	$79K	$142K	15x
Kalshi KXHYPEPERP	+0.0262%	8h	93.291	+0.079%	$1.9M	$5.2M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0158%	1h	93.193	−0.025%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0555%	1h	93.215	−0.002%	$7.4M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0684%	1h	93.186	−0.034%	$20.8M	$30.2M	50x	as long as short