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= −0.1% APRnext payment −$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Katana Perps against Variational Omni+0.042%7-day average −0.018% · you sell dearer than you buy

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

Long on Variational Omni Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.016%−$2 on $10k

Price spread, last 7 days−0.088%−$9 · spread now +0.042%, 7d avg −0.018%

Together, before fees−0.104%+ Points / potential airdropVariational Omni: Active · farm board−$10 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 0.061% dearer against Variational Omni than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.018%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni HYPE	93.131	0.0100	pay 0.0100% / 8h	2h 28m	$28.5M	$56.3M	—
Short	Katana Perps HYPE-USD	93.170	0.0100	get 0.0100% / 8h	2h 28m	$28K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Variational Omni. 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 Variational OmnibpFee Katana PerpsbpOrdersPrice spread, now +0.042%Rate

Funding earned: −$0.1
Price spread: +0.042% → −0.018%: $6.06
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: $2.16
Costs to cover: 0.038%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 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 Variational Omni RFQ quote, 1 min ago	0.42 bp	doesn't fit	4.1 bp −$41	21.5 bp −$2,149	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	−0.1512%	1h	93.260	+0.139%	$197K	$237K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0368%	1h	93.253	+0.131%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.227	+0.104%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0066%	1h	93.099	−0.034%	$111K	$580K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0023%	4h	93.130	−0.001%	$146K	$663K	20x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	93.174	+0.047%	$87K	$365K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.218	+0.093%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.155	+0.026%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.135	+0.005%	$62K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	93.126	−0.005%	$1.0M	$3.9M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget HYPEUSDT	+0.0014%	4h	93.118	−0.013%	$225.0M	$98.8M	75x	as long as short
Bybit HYPEUSDT	+0.0017%	8h	93.110	−0.022%	$316.4M	$282.7M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0022%	1h	93.160	+0.032%	$702K	$1.2M	10x	as long as short
Phoenix HYPE	+0.0026%	1h	93.282	+0.163%	$207K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0054%	8h	93.159	+0.031%	$12.7M	$2.8M	50x	as long as short
edgeX HYPEUSDC	+0.0088%	4h	93.175	+0.048%	$5.0M	$30.0M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	93.200	+0.074%	$339K	$157K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.166	+0.038%	$16.1M	$63.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.165	+0.037%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.143	+0.013%	$75K	$1.2M	50x	as long as short
Katana Perps HYPE-USDshort	+0.0100%	8h	93.170	+0.042%	$28K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	93.147	+0.017%	$7.9M	$48.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.196	+0.070%	$2.03B	$669.1M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.138	+0.007%	$8.7M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.171	+0.043%	$10.0M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.128	−0.003%	$373.2M	$912.5M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.111	−0.021%	$114.2M	$308.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.230	+0.107%	$215K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.133	+0.003%	$46.7M	$54.3M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.135	+0.005%	$90.8M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.146	+0.017%	$46.0M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.124	−0.007%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.221	+0.097%	$7.3M	$10.6M	20x	as long as short
Variational Omni HYPElong	+0.0100%	8h	93.131	long leg	$28.5M	$56.3M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.193	+0.067%	$7.5M	$47.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.165	+0.037%	$342K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.238	+0.115%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.227	+0.104%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.151	+0.022%	$483K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.124	−0.007%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.106	−0.026%	$16.1M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.158	+0.029%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.129	−0.002%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.300	+0.182%	$1.4M	$6.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.093	−0.040%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.125	−0.006%	$394K	$158K	20x	as long as short
Kalshi KXHYPEPERP	+0.0106%	8h	93.272	+0.152%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.190	+0.064%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.170	+0.042%	$4.6M	$5.8M	50x	as long as short
Reya HYPERUSDPERP	+0.0269%	1h	93.118	−0.014%	$80K	$127K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.143	+0.014%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.309	+0.192%	$16.8M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0342%	1h	93.190	+0.064%	$20.8M	$29.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0480%	1h	93.221	+0.097%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.213	+0.089%	$3.2M	$6.3M	20x	as long as short