Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0482%/8h= +52.8% APRpaid last 24h −0.001%

Price spread now: Katana Perps against Aftermath Perps−0.114%7-day average — · you buy dearer than you sell

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

Long on Aftermath Perps Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Katana Perps is 0.114% cheaper against Aftermath Perps than usual: you would sell low and buy high (spread −0.114% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$11 on $10k: about 19 hours of funding at the current rate (+$14 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aftermath Perps HYPEUSD	93.607	−0.0383	get 0.0048% / 1h	24m 01s	$22K	$22K	10x
Short	Katana Perps HYPE-USD	93.500	0.0099	get 0.0099% / 8h	24m 01s	$43K	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Aftermath Perps. 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 Aftermath PerpsbpFee Katana PerpsbpOrdersPrice spread, now −0.114%Rate

Funding earned: $101.18
Price spread: −0.114% → 0.000%: −$11.42
Slippage, 4 orders: no order book: not counted
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: $76.95
Costs to cover: 0.128%
Break-even: 1.7 days

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

Aftermath Perps 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	−0.0928%	1h	93.480	−0.135%	$198K	$229K	7x	as long as short
Aftermath Perps HYPEUSDlong	−0.0383%	1h	93.607	long leg	$22K	$22K	10x
Arcus HYPE-USD	−0.0233%	1h	93.434	−0.185%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.524	−0.089%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0079%	1h	93.470	−0.146%	$703K	$910K	10x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.497	−0.117%	$86K	$366K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.492	−0.123%	$127K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.528	−0.084%	$23K	$329K	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0001%	4h	93.515	−0.098%	$166K	$583K	20x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.527	−0.085%	$26K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Derive HYPE-PERP	+0.0003%	1h	93.446	−0.172%	$16.3M	$7.1M	10x	as long as short
Aster HYPEUSDT	+0.0006%	4h	93.485	−0.130%	$8.9M	$36.0M	300x	as long as short
Phoenix HYPE	+0.0009%	1h	93.618	+0.012%	$214K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0018%	8h	93.470	−0.146%	$321.3M	$283.6M	75x	as long as short
MEXC HYPE_USDT	+0.0050%	4h	93.487	−0.128%	$87.6M	$81.8M	100x	as long as short
Binance HYPEUSDT	+0.0052%	4h	93.490	−0.125%	$382.1M	$896.4M	75x	as long as short
edgeX HYPEUSDC	+0.0064%	4h	93.635	+0.030%	$5.1M	$29.7M	30x	as long as short
Phemex HYPEUSDT	+0.0068%	8h	93.523	−0.090%	$12.7M	$2.6M	50x	as long as short
Gate HYPE_USDT	+0.0078%	4h	93.483	−0.132%	$43.9M	$59.6M	75x	as long as short
Popdex HYPEUSDT	+0.0088%	1h	93.509	−0.105%	$59K	$1.2M	50x	as long as short
Bullet HYPE-USD	+0.0091%	1h	93.483	−0.132%	$113K	$576K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.545	−0.067%	$18.8M	$60.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.523	−0.090%	$3.0M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.509	−0.104%	$398K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.551	−0.060%	$340K	$171K	20x	as long as short
Katana Perps HYPE-USDshort	+0.0099%	8h	93.500	−0.114%	$43K	$1.6M	10x
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.473	−0.143%	$115.2M	$320.2M	50x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.527	−0.085%	$5.7M	$44.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.542	−0.069%	$10.1M	$14.5M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.625	+0.019%	$204K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.502	−0.112%	$46.3M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.489	−0.126%	$226.4M	$102.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.491	−0.124%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.516	−0.097%	$7.8M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.574	−0.035%	$31.2M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.619	+0.013%	$7.6M	$45.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.646	+0.042%	$346K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.611	+0.004%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.545	−0.066%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.528	−0.084%	$490K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.474	−0.142%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.545	−0.066%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.483	−0.132%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.858%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.472	−0.144%	$18.3M	$42.8M	50x	as long as short
Kalshi KXHYPEPERP	+0.0132%	8h	93.577	−0.032%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.560	−0.050%	$4.9M	$5.6M	50x	as long as short
Hyperliquid HYPE	+0.0172%	1h	93.531	−0.081%	$2.03B	$676.9M	10x	as long as short
BloFin HYPE-USDT	+0.0208%	4h	93.521	−0.092%	$17.1M	$12.6M	75x	as long as short
HTX HYPE-USDT	+0.0210%	4h	93.688	+0.087%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.509	−0.104%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.558	−0.052%	$2.8M	$6.9M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0337% / S −0.0163%	1h	93.520	−0.093%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0359%	1h	93.585	−0.023%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0580%	1h	93.584	−0.025%	$20.9M	$29.5M	50x	as long as short