Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0086%/8h= +9.4% APRpaid last 24h +0.014%

Price spread now: Katana Perps against Aster−0.073%7-day average −0.038% · you buy dearer than you sell

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

Long on Aster Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.004%$0 on $10k

Price spread, last 7 days+0.091%+$9 · spread now −0.073%, 7d avg −0.038%

Together, before fees+0.087%+ Points / potential airdropAster: Stage 5 · farm board+$9 on $10k · with fees, hour by hour

Funding pays, the price is against you. Katana Perps is 0.035% cheaper against Aster than usual: you would sell low and buy high (spread −0.073% now, against its 7-day average of −0.038%). If the spread goes back, that is −$4 on $10k: about 33 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster HYPEUSDT	93.608	0.0013	pay 0.0007% / 4h	26m 36s	$8.9M	$36.0M	300x
Short	Katana Perps HYPE-USD	93.540	0.0099	get 0.0099% / 8h	26m 36s	$43K	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Aster. 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 AsterbpFee Katana PerpsbpOrdersPrice spread, now −0.073%Rate

Funding earned: $18.05
Price spread: −0.073% → −0.038%: −$3.51
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: $2.74
Costs to cover: 0.118%
Break-even: 5.9 days

Slippage unknown: Aster: 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 Aster live order book, 2 min ago	0.05 bp	4.1 bp −$4	4.7 bp −$47	12.1 bp −$1,209	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	−0.0872%	1h	93.521	−0.094%	$198K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0369%	1h	93.718	+0.117%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.480	−0.137%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.592	−0.017%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0070%	1h	93.550	−0.062%	$703K	$910K	10x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.573	−0.038%	$86K	$366K	20x	as long as short
Derive HYPE-PERP	−0.0017%	1h	93.529	−0.085%	$16.3M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.663	+0.058%	$127K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.575	−0.035%	$23K	$329K	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0002%	4h	93.617	+0.009%	$166K	$583K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.620	+0.013%	$26K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	93.687	+0.084%	$214K	$1.2M	10x	as long as short
Aster HYPEUSDTlong	+0.0013%	4h	93.608	long leg	$8.9M	$36.0M	300x
Bybit HYPEUSDT	+0.0018%	8h	93.576	−0.034%	$321.6M	$283.3M	75x	as long as short
Binance HYPEUSDT	+0.0056%	4h	93.596	−0.013%	$382.5M	$895.6M	75x	as long as short
MEXC HYPE_USDT	+0.0056%	4h	93.581	−0.029%	$87.7M	$81.8M	100x	as long as short
edgeX HYPEUSDC	+0.0064%	4h	93.635	+0.029%	$5.1M	$29.7M	30x	as long as short
Phemex HYPEUSDT	+0.0072%	8h	93.625	+0.018%	$12.8M	$2.6M	50x	as long as short
Gate HYPE_USDT	+0.0084%	4h	93.566	−0.045%	$44.4M	$59.1M	75x	as long as short
Bullet HYPE-USD	+0.0090%	1h	93.576	−0.035%	$112K	$577K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.638	+0.032%	$18.8M	$60.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.635	+0.029%	$3.0M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.589	−0.020%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.592	−0.017%	$398K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.597	−0.012%	$340K	$171K	20x	as long as short
Katana Perps HYPE-USDshort	+0.0099%	8h	93.540	−0.073%	$43K	$1.6M	10x
Nado HYPE-PERP	+0.0100%	1h	93.576	−0.035%	$5.7M	$44.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.610	+0.002%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.570	−0.041%	$115.2M	$320.1M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.625	+0.018%	$204K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.637	+0.031%	$46.4M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.557	−0.055%	$226.6M	$102.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.552	−0.060%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.639	+0.033%	$7.8M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.564	−0.047%	$31.2M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.632	+0.025%	$7.6M	$45.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.646	+0.040%	$346K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.649	+0.044%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.639	+0.033%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.604	−0.004%	$490K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.590	−0.019%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.615	+0.007%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.587	−0.023%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.857%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.538	−0.075%	$18.3M	$42.8M	50x	as long as short
Kalshi KXHYPEPERP	+0.0132%	8h	93.661	+0.056%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.670	+0.066%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0213%	4h	93.771	+0.174%	$1.5M	$7.8M	75x	as long as short
Hyperliquid HYPE	+0.0221%	1h	93.657	+0.052%	$2.03B	$676.4M	10x	as long as short
BloFin HYPE-USDT	+0.0229%	4h	93.600	−0.009%	$17.1M	$12.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.595	−0.015%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.601	−0.007%	$2.8M	$6.9M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0337% / S −0.0163%	1h	93.615	+0.007%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0466%	1h	93.693	+0.091%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0579%	1h	93.674	+0.070%	$20.9M	$29.5M	50x	as long as short