Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0016%/8h= −1.7% APRpaid last 24h −0.099%

Price spread now: Arcus against Katana Perps−0.054%7-day average +0.026% · you buy dearer than you sell

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

Long on Katana Perps Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.114%−$11 on $10k

Price spread, last 7 days+0.027%+$3 · spread now −0.054%, 7d avg +0.026%

Together, before fees−0.087%−$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Arcus is 0.080% cheaper against Katana Perps than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.026%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	93.660	0.0100	pay 0.0100% / 8h	1h 47m	$22K	$1.7M	10x
Short	Arcus HYPE-USD	93.609	0.0084	get 0.0010% / 1h	47m 08s	$1.0M	$4.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Katana 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 Katana PerpsbpFee ArcusbpOrdersPrice spread, now −0.054%Rate

Funding earned: −$3.3
Price spread: −0.054% → +0.026%: −$8.02
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$19.62
Costs to cover: 0.083%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; Arcus: live order book, 2 min ago. 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 Katana Perps no order-book sample	—	—	—	—	—
Sell Arcus live order book, 2 min ago	0.05 bp	2.5 bp −$3	7.5 bp −$75	31.7 bp −$3,175	doesn't fit

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	−0.1104%	1h	93.558	−0.109%	$198K	$242K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0245%	1h	93.775	+0.122%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0128%	1h	93.610	−0.053%	$706K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.621	−0.042%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0068%	1h	93.624	−0.038%	$111K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.678	+0.019%	$86K	$370K	20x	as long as short
Bluefin HYPE-PERP	−0.0028%	1h	93.625	−0.037%	$79K	$156K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0020%	4h	93.597	−0.067%	$145K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.698	+0.040%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.671	+0.012%	$21K	$287K	10x	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 −0.0002%	1h	93.654	−0.007%	$63K	—	150x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.623	−0.040%	—	$53.7M	—	as long as short
Bybit HYPEUSDT	+0.0009%	8h	93.620	−0.043%	$316.2M	$287.9M	75x	as long as short
Phoenix HYPE	+0.0017%	1h	93.687	+0.029%	$209K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	93.632	−0.030%	$225.5M	$99.5M	75x	as long as short
Phemex HYPEUSDT	+0.0072%	8h	93.666	+0.006%	$12.8M	$2.8M	50x	as long as short
edgeX HYPEUSDC	+0.0082%	4h	93.648	−0.013%	$5.0M	$30.6M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0083%	8h	93.705	+0.048%	$335K	$161K	20x	as long as short
Arcus HYPE-USDshort	+0.0084%	1h	93.609	−0.054%	$1.0M	$4.0M	10x
Derive HYPE-PERP	+0.0092%	1h	93.579	−0.087%	$16.3M	$7.4M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.630	−0.032%	$16.1M	$63.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.640	−0.021%	$3.1M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.654	−0.006%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USDlong	+0.0100%	8h	93.660	long leg	$22K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	93.606	−0.058%	$7.4M	$50.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.729	+0.074%	$2.05B	$682.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.638	−0.023%	$8.9M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.690	+0.032%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.627	−0.035%	$375.2M	$930.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.620	−0.043%	$115.7M	$316.1M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.624	−0.038%	$48.4M	$55.0M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.628	−0.034%	$89.8M	$83.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.625	−0.037%	$46.3M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.657	−0.003%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.670	+0.010%	$28.6M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.726	+0.070%	$7.6M	$48.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.674	+0.015%	$347K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.679	+0.020%	$679K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.710	+0.053%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.667	+0.007%	$470K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.741	+0.086%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.628	−0.034%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.791	+0.140%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.731	+0.076%	$216K	$15K	10x	as long as short
Kalshi KXHYPEPERP	+0.0104%	8h	93.729	+0.074%	$1.8M	$5.6M	2.3x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.602	−0.062%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.623	−0.040%	$396K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.680	+0.021%	$4.7M	$6.1M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.640	−0.021%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.621	−0.042%	$77K	$130K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0305%	1h	93.727	+0.072%	$7.4M	$4.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	93.662	+0.002%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.653	−0.007%	$17.0M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0415%	1h	93.717	+0.061%	$20.9M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.702	+0.045%	$3.2M	$6.4M	20x	as long as short