Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0220%/8h= +24.0% APRpaid last 24h +0.032%

Price spread now: Katana Perps against 01 Exchange+0.002%7-day average −0.043% · you sell dearer than you buy

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

Long on 01 Exchange Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.030%+$3 on $10k

Price spread, last 4 days (all we have)−0.052%−$5 · spread now +0.002%, 7d avg −0.043%

Together, before fees−0.022%−$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Katana Perps is 0.046% dearer against 01 Exchange than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.043%.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.030% in total (about 2.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	01 Exchange HYPEUSD	94.158	−0.0120	get 0.0015% / 1h	37m 06s	$86K	$367K	20x
Short	Katana Perps HYPE-USD	94.160	0.0100	get 0.0100% / 8h	37m 06s	$30K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against 01 Exchange. 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 01 ExchangebpFee Katana PerpsbpOrdersPrice spread, now +0.002%Rate

Funding earned: $46.12
Price spread: +0.002% → −0.043%: $4.56
Slippage, 4 orders: no order book: not counted
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: $39.88
Costs to cover: 0.108%
Break-even: 0.9 days

Slippage unknown: 01 Exchange: live order book, 2 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 01 Exchange live order book, 2 min ago	0.11 bp	6.8 bp −$7	8.4 bp −$84	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	−0.1592%	1h	94.119	−0.041%	$201K	$251K	7x	as long as short
Bluefin HYPE-PERP	−0.0387%	1h	94.105	−0.056%	$80K	$154K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0210%	1h	94.100	−0.062%	$712K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0199%	1h	94.136	−0.024%	$111K	$576K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0136%	1h	94.386	+0.242%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSDlong	−0.0120%	1h	94.158	long leg	$86K	$367K	20x
Hotstuff HYPE-PERP	−0.0080%	1h	94.178	+0.021%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.143	−0.016%	$1.0M	$3.6M	10x	as long as short
Derive HYPE-PERP	−0.0030%	1h	94.212	+0.057%	$16.5M	$7.5M	10x	as long as short
Bybit HYPEUSDT	−0.0016%	8h	94.190	+0.034%	$316.7M	$289.6M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0002%	4h	94.114	−0.047%	$146K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.232	+0.078%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.249	+0.097%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.440	+0.299%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.162	+0.004%	$19K	$288K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.165	+0.008%	$122K	—	150x	as long as short
Lighter HYPE	+0.0016%	1h	94.139	−0.020%	$16.3M	$64.1M	20x	as long as short
Bitget HYPEUSDT	+0.0038%	4h	94.225	+0.071%	$226.5M	$99.8M	75x	as long as short
Polymarket Perps HYPE-USD	+0.0044%	1h	94.157	−0.001%	$494K	$2.8M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0046%	8h	94.207	+0.052%	$337K	$156K	20x	as long as short
Phemex HYPEUSDT	+0.0050%	8h	94.185	+0.029%	$12.9M	$2.9M	50x	as long as short
BingX HYPE-USDT	+0.0054%	4h	94.228	+0.074%	—	$53.1M	—	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.180	+0.023%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0079%	8h	94.207	+0.052%	$117.4M	$324.3M	50x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	94.322	+0.174%	$5.0M	$30.7M	30x	as long as short
SoDEX HYPE-USD	+0.0086%	1h	94.138	−0.021%	$2.0M	$1.9M	10x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.155	−0.003%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.143	−0.016%	$81K	$1.2M	50x	as long as short
Katana Perps HYPE-USDshort	+0.0100%	8h	94.160	+0.002%	$30K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	94.132	−0.028%	$7.3M	$52.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.257	+0.105%	$2.07B	$688.2M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.219	+0.065%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.208	+0.054%	$10.1M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.211	+0.056%	$377.5M	$934.5M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.280	+0.130%	$218K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.189	+0.033%	$49.7M	$56.5M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.138	−0.021%	$90.2M	$82.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.152	−0.006%	$46.7M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.190	+0.034%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.327	+0.179%	$29.5M	$54.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.380	+0.236%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.340	+0.193%	$369K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.318	+0.170%	$682K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.188	+0.032%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.315	+0.167%	$1.4M	$6.8M	75x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.237	+0.084%	—	$190K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.107	−0.055%	$18.3M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.167	+0.010%	$398K	$159K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0021%	1h	94.183	+0.026%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.130	−0.030%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.202	+0.046%	$20.2M	$30.3M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.183	+0.026%	$3.2M	$6.4M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0260%	1h	94.240	+0.087%	$7.4M	$4.3M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.124	−0.036%	$84K	$124K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.143	−0.016%	$17.0M	$12.3M	75x	as long as short