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 +0.009%

Price spread now: Katana Perps against Vest−0.052%7-day average −0.020% · you buy dearer than you sell

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

Long on Vest Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.106%+$11 on $10k

Price spread, last 4 days (all we have)−0.073%−$7 · spread now −0.052%, 7d avg −0.020%

Together, before fees+0.033%+ Points / potential airdropVest: Active · farm board+$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 0.032% cheaper against Vest than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.020%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Vest HYPE-PERP	94.169	0.0100	pay 0.0013% / 1h	56m 50s	—	$243K	5x
Short	Katana Perps HYPE-USD	94.120	0.0100	get 0.0100% / 8h	56m 50s	$17K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Vest. 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 VestbpFee Katana PerpsbpOrdersPrice spread, now −0.052%Rate

Funding earned: −$0.08
Price spread: −0.052% → −0.020%: −$3.23
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$9.11
Costs to cover: 0.058%
Break-even: never at this rate

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

Vest 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	−0.1096%	1h	94.080	−0.094%	$201K	$235K	7x	as long as short
Bluefin HYPE-PERP	−0.0536%	1h	94.084	−0.090%	$79K	$155K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0331%	1h	94.050	−0.126%	$709K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0326%	1h	94.152	−0.018%	$111K	$576K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0173%	1h	94.189	+0.021%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0152%	1h	94.089	−0.085%	$86K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.131	−0.040%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.099	−0.074%	$1.0M	$3.6M	10x	as long as short
Derive HYPE-PERP	−0.0039%	1h	94.084	−0.090%	$16.4M	$7.5M	10x	as long as short
BingX HYPE-USDT	−0.0012%	4h	94.172	+0.003%	—	$53.6M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0011%	8h	94.151	−0.019%	$317.1M	$289.7M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	94.094	−0.080%	$146K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.176	+0.008%	$129K	$26K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.207	+0.040%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.124	−0.047%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.135	−0.037%	$117K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	94.254	+0.090%	$208K	$1.1M	10x	as long as short
Lighter HYPE	+0.0032%	1h	94.130	−0.042%	$16.3M	$63.8M	20x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	94.161	−0.008%	$226.5M	$100.1M	75x	as long as short
Polymarket Perps HYPE-USD	+0.0046%	1h	94.112	−0.060%	$494K	$2.8M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0059%	8h	94.122	−0.049%	$336K	$156K	20x	as long as short
Phemex HYPEUSDT	+0.0059%	8h	94.117	−0.055%	$12.8M	$2.9M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.160	−0.009%	$4.7M	$6.2M	50x	as long as short
edgeX HYPEUSDC	+0.0087%	4h	94.094	−0.080%	$5.0M	$30.6M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0089%	8h	94.178	+0.010%	$117.4M	$322.8M	50x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.125	−0.047%	$3.2M	$10.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.078	−0.097%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USDshort	+0.0100%	8h	94.120	−0.052%	$17K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	94.096	−0.078%	$7.3M	$50.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.224	+0.059%	$2.07B	$689.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.194	+0.027%	$8.8M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.135	−0.036%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.180	+0.012%	$376.8M	$933.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.065	−0.110%	$217K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.226	+0.061%	$49.3M	$56.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.224	+0.059%	$90.9M	$81.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.186	+0.018%	$46.9M	$18.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.093	−0.081%	$7.5M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.059	−0.117%	$29.1M	$55.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.167	−0.002%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.120	−0.052%	$362K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.157	−0.013%	$681K	$2.7M	20x	as long as short
Vest HYPE-PERPlong	+0.0100%	1h	94.169	long leg	—	$243K	5x
SunX HYPE-USDT	+0.0100%	4h	94.178	+0.010%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.121	−0.051%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.243	+0.079%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.181	+0.012%	$18.3M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.109	−0.064%	$398K	$159K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0021%	1h	94.155	−0.015%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.110	−0.063%	$30K	$339K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0207%	1h	94.203	+0.036%	$7.4M	$4.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.185	+0.017%	$20.2M	$30.3M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.127	−0.045%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.071	−0.104%	$82K	$134K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.130	−0.041%	$17.0M	$12.4M	75x	as long as short