Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.030%

Price spread now: Katana Perps against Hyperliquid−0.088%7-day average −0.057% · you buy dearer than you sell

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

Long on Hyperliquid Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.086%−$9 on $10k

Price spread, last 7 days+0.067%+$7 · spread now −0.088%, 7d avg −0.057%

Together, before fees−0.019%+ Points / potential airdropHyperliquid: Season 2 · farm board−$2 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 0.031% cheaper against Hyperliquid than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.057%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid HYPE	94.924	0.0100	pay 0.0013% / 1h	51m 49s	$2.09B	$688.4M	10x
Short	Katana Perps HYPE-USD	94.840	0.0100	get 0.0100% / 8h	7h 51m	$28K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Hyperliquid. 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 HyperliquidbpFee Katana PerpsbpOrdersPrice spread, now −0.088%Rate

Funding earned: −$0.04
Price spread: −0.088% → −0.057%: −$3.11
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$15.96
Costs to cover: 0.128%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 12 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 Hyperliquid live order book, 12 min ago	0.05 bp	4.6 bp −$5	doesn't fit	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	−0.1432%	1h	94.783	−0.149%	$208K	$267K	7x	as long as short
Phemex HYPEUSDT	−0.0429%	8h	94.781	−0.151%	$12.9M	$2.9M	50x	as long as short
Bluefin HYPE-PERP	−0.0323%	1h	94.789	−0.142%	$80K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0320%	1h	94.714	−0.222%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0149%	1h	94.818	−0.112%	$112K	$576K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.825	−0.104%	$1.0M	$3.5M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.756	−0.177%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0074%	1h	94.810	−0.120%	$714K	$1.2M	10x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	94.869	−0.058%	$88K	$364K	20x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.847	−0.081%	$20.3M	$30.3M	50x	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	−0.0007%	4h	94.791	−0.140%	$147K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.808	−0.123%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.899	−0.026%	$1.9M	$5.5M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.846	−0.082%	$19K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.763	−0.170%	$124K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.810	−0.120%	$208K	$1.2M	10x	as long as short
Bitget HYPEUSDT	+0.0012%	4h	94.813	−0.117%	$227.4M	$99.6M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.880	−0.046%	$4.7M	$6.2M	50x	as long as short
Derive HYPE-PERP	+0.0022%	1h	94.691	−0.245%	$16.4M	$7.4M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0051%	8h	94.873	−0.054%	$339K	$154K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0064%	8h	94.786	−0.145%	$118.2M	$327.6M	50x	as long as short
Bybit HYPEUSDT	+0.0067%	8h	94.786	−0.145%	$317.4M	$289.1M	75x	as long as short
Vest HYPE-PERP	+0.0069%	1h	94.911	−0.013%	—	$190K	5x	as long as short
Lighter HYPE	+0.0080%	1h	94.818	−0.112%	$16.3M	$61.8M	20x	as long as short
edgeX HYPEUSDC	+0.0083%	4h	94.539	−0.406%	$5.0M	$30.7M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.821	−0.109%	$3.2M	$10.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.853	−0.075%	$144K	$1.2M	50x	as long as short
Katana Perps HYPE-USDshort	+0.0100%	8h	94.840	−0.088%	$28K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	94.840	−0.088%	$7.3M	$52.7M	10x	as long as short
Hyperliquid HYPElong	+0.0100%	1h	94.924	long leg	$2.09B	$688.4M	10x
Aster HYPEUSDT	+0.0100%	4h	94.801	−0.130%	$9.6M	$37.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.869	−0.058%	$10.2M	$14.8M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.798	−0.132%	$380.7M	$934.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.685	−0.252%	$219K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.808	−0.122%	$51.0M	$53.7M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.812	−0.118%	$93.8M	$84.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.794	−0.137%	$46.9M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.790	−0.141%	—	$53.4M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.795	−0.136%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.549	−0.395%	$29.9M	$55.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.656	−0.283%	$7.6M	$44.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.534	−0.411%	$351K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.821	−0.109%	$694K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.922	−0.002%	$501K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.905	−0.020%	$33K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.807	−0.123%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.972	+0.051%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.791	−0.140%	$18.4M	$43.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.830	−0.099%	$401K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.889	−0.036%	$3.2M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	94.950	+0.027%	$31K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.803	−0.127%	$83K	$118K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0277%	1h	94.894	−0.032%	$7.5M	$4.3M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0327% / S −0.0152%	1h	94.881	−0.046%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.800	−0.131%	$17.2M	$12.5M	75x	as long as short