Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0133%/8h= −14.6% APRpaid last 24h +0.014%

Price spread now: Bluefin against Katana Perps−0.091%7-day average +0.011% · you buy dearer than you sell

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

Long on Katana Perps Short on Bluefin

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)+0.051%+$5 · spread now −0.091%, 7d avg +0.011%

Together, before fees+0.021%+$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Bluefin is 0.101% cheaper against Katana Perps than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.011%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	93.690	0.0100	pay 0.0100% / 8h	1h 43m	$22K	$1.7M	10x
Short	Bluefin HYPE-PERP	93.605	−0.0034	pay 0.0004% / 1h	43m 53s	$79K	$155K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin 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 BluefinbpOrdersPrice spread, now −0.091%Rate

Funding earned: −$28.03
Price spread: −0.091% → +0.011%: −$10.13
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$48.96
Costs to cover: 0.108%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; Bluefin: live order book, just now. 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 Bluefin live order book, just now	3.63 bp	14.9 bp −$15	doesn't fit	doesn't fit	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	−0.1080%	1h	93.595	−0.101%	$198K	$241K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0218%	1h	93.728	+0.041%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0130%	1h	93.600	−0.096%	$705K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.575	−0.123%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0065%	1h	93.617	−0.078%	$111K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.685	−0.005%	$87K	$371K	20x	as long as short
Bluefin HYPE-PERPshort	−0.0034%	1h	93.605	−0.091%	$79K	$155K	20x
Orderly PERP_HYPE_USDC	−0.0021%	4h	93.574	−0.124%	$145K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.695	+0.005%	$128K	$29K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.735	+0.048%	$1.8M	$5.6M	2.3x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.679	−0.012%	$20K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.651	−0.041%	$63K	—	150x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.569	−0.129%	—	$53.7M	—	as long as short
Bybit HYPEUSDT	+0.0007%	8h	93.511	−0.191%	$315.9M	$288.5M	75x	as long as short
Phoenix HYPE	+0.0017%	1h	93.654	−0.038%	$209K	$1.1M	10x	as long as short
Derive HYPE-PERP	+0.0024%	1h	93.547	−0.152%	$16.3M	$7.4M	10x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	93.496	−0.207%	$225.4M	$99.7M	75x	as long as short
Phemex HYPEUSDT	+0.0075%	8h	93.630	−0.064%	$12.8M	$2.8M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0081%	8h	93.674	−0.018%	$335K	$161K	20x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.629	−0.065%	$1.0M	$4.0M	10x	as long as short
edgeX HYPEUSDC	+0.0087%	4h	93.627	−0.067%	$5.0M	$30.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.594	−0.103%	$16.2M	$63.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.596	−0.100%	$3.1M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.660	−0.032%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USDlong	+0.0100%	8h	93.690	long leg	$22K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	93.645	−0.047%	$7.4M	$50.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.668	−0.023%	$2.05B	$683.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.583	−0.114%	$8.8M	$37.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.671	−0.020%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.557	−0.142%	$375.0M	$931.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.513	−0.189%	$115.6M	$315.8M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.579	−0.118%	$48.3M	$55.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.501	−0.202%	$89.9M	$83.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.538	−0.162%	$46.2M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.593	−0.104%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.579	−0.119%	$28.6M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.664	−0.028%	$7.5M	$48.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.636	−0.058%	$347K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.613	−0.082%	$678K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.692	+0.002%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.650	−0.043%	$470K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.638	−0.056%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.566	−0.132%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.776	+0.092%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.731	+0.044%	$216K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.473	−0.232%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.589	−0.108%	$396K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.710	+0.021%	$4.7M	$6.1M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.520	−0.181%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.594	−0.102%	$77K	$130K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0295%	1h	93.670	−0.021%	$7.4M	$4.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.641	−0.053%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.686	−0.004%	$17.0M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0415%	1h	93.664	−0.027%	$20.9M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.703	+0.013%	$3.2M	$6.4M	20x	as long as short