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% APRpaid last 24h 0.000%

Price spread now: Katana Perps against SunX−0.049%7-day average −0.078% · you buy dearer than you sell

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

Long on SunX Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.021%−$2 on $10k

Price spread, last 4 days (all we have)−0.005%$0 · spread now −0.049%, 7d avg −0.078%

Together, before fees−0.025%−$3 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 0.029% dearer against SunX than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.078%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX HYPE-USDT	94.196	0.0100	pay 0.0050% / 4h	59m 25s	$32K	$1.6M	20x
Short	Katana Perps HYPE-USD	94.150	0.0100	get 0.0100% / 8h	59m 25s	$14K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against SunX. 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 SunXbpFee Katana PerpsbpOrdersPrice spread, now −0.049%Rate

Funding earned: −$0.08
Price spread: −0.049% → −0.078%: $2.87
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$9.01
Costs to cover: 0.118%
Break-even: never at this rate

Slippage unknown: SunX: 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 SunX live order book, 6 min ago	29.28 bp	doesn't fit	doesn't fit	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	−0.1088%	1h	94.072	−0.131%	$201K	$235K	7x	as long as short
Bluefin HYPE-PERP	−0.0490%	1h	94.090	−0.113%	$80K	$155K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0399%	1h	94.080	−0.123%	$709K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0287%	1h	94.113	−0.088%	$111K	$578K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0174%	1h	94.230	+0.036%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0152%	1h	94.115	−0.086%	$87K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.103	−0.099%	$3K	$331	25x	as long as short
Bybit HYPEUSDT	−0.0010%	8h	94.110	−0.091%	$317.1M	$289.6M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0008%	4h	94.094	−0.108%	$146K	$685K	20x	as long as short
BingX HYPE-USDT	−0.0006%	4h	94.111	−0.090%	—	$53.6M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	94.176	−0.021%	$129K	$26K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.234	+0.040%	$1.8M	$5.5M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.177	−0.020%	$19K	$287K	10x	as long as short
Derive HYPE-PERP	+0.0001%	1h	94.110	−0.092%	$16.4M	$7.5M	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.140	−0.059%	$117K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	94.254	+0.062%	$208K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0042%	4h	94.107	−0.094%	$226.4M	$100.0M	75x	as long as short
Phemex HYPEUSDT	+0.0059%	8h	94.167	−0.031%	$12.8M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0059%	8h	94.153	−0.046%	$336K	$156K	20x	as long as short
edgeX HYPEUSDC	+0.0082%	4h	94.140	−0.060%	$5.0M	$30.8M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.086	−0.117%	$1.0M	$3.5M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0089%	8h	94.118	−0.083%	$117.4M	$322.1M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.114	−0.087%	$16.2M	$63.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.100	−0.102%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.104	−0.098%	$79K	$1.2M	50x	as long as short
SoDEX HYPE-USD	+0.0099%	1h	94.143	−0.056%	$2.0M	$1.9M	10x	as long as short
Katana Perps HYPE-USDshort	+0.0100%	8h	94.150	−0.049%	$14K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	94.103	−0.098%	$7.3M	$50.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.217	+0.022%	$2.07B	$689.1M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.116	−0.085%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.153	−0.046%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.116	−0.085%	$376.7M	$932.5M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.065	−0.139%	$217K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.090	−0.113%	$49.4M	$55.9M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.111	−0.090%	$90.7M	$81.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.104	−0.098%	$46.9M	$18.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.147	−0.052%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.059	−0.146%	$29.1M	$55.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.167	−0.031%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.120	−0.081%	$362K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.189	−0.007%	$681K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.169	−0.028%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.138	−0.062%	$494K	$2.8M	20x	as long as short
SunX HYPE-USDTlong	+0.0100%	4h	94.196	long leg	$32K	$1.6M	20x
HTX HYPE-USDT	+0.0100%	4h	94.272	+0.081%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.077	−0.126%	$18.3M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.132	−0.068%	$398K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.210	+0.015%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0021%	1h	94.157	−0.042%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.550	+0.376%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0238%	1h	94.240	+0.047%	$7.4M	$4.3M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.151	−0.048%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.097	−0.106%	$82K	$134K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.122	−0.079%	$17.0M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0413%	1h	94.214	+0.019%	$20.2M	$30.3M	50x	as long as short