Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0138%/8h= +15.1% APRpaid last 24h +0.013%

Price spread now: Deribit against Katana Perps+0.025%7-day average +0.063% · you sell dearer than you buy

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

Long on Katana Perps Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.001%$0 on $10k

Price spread, last 3 days (all we have)−0.021%−$2 · spread now +0.025%, 7d avg +0.063%

Together, before fees−0.020%−$2 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.038% cheaper against Katana Perps than usual: you would sell low and buy high (spread +0.025% now, against its 7-day average of +0.063%). If the spread goes back, that is −$4 on $10k: about 22 hours of funding at the current rate (+$4 a day). At the pace of the last 4 days (+0.001% in total) that is about 9 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	94.240	0.0100	pay 0.0100% / 8h	46m 26s	$30K	$1.6M	10x
Short	Deribit HYPE_USDC-PERPETUAL	94.264	0.0238	get 0.0030% / 1h	46m 26s	$7.4M	$4.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Katana Perps. 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 Katana PerpsbpFee DeribitbpOrdersPrice spread, now +0.025%Rate

Funding earned: $29.02
Price spread: +0.025% → +0.063%: −$3.75
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $14.47
Costs to cover: 0.108%
Break-even: 3.5 days

Slippage unknown: Katana Perps: no order-book sample; Deribit: live order book, 3 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 Deribit live order book, 3 min ago	1.86 bp	9.0 bp −$9	14.4 bp −$144	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	−0.0600%	1h	94.163	−0.082%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0448%	1h	94.078	−0.172%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	94.140	−0.106%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.233	−0.007%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.266	+0.028%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.221	−0.021%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.263	+0.024%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	94.176	−0.068%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0013%	4h	94.231	−0.010%	$165K	$552K	20x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	94.230	−0.011%	$324.9M	$281.3M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0043%	4h	94.244	+0.004%	$9.0M	$35.9M	300x	as long as short
Ondo Perps HYPE-USD.P	+0.0049%	1h	94.130	−0.117%	$705K	$909K	10x	as long as short
Phemex HYPEUSDT	+0.0055%	8h	94.184	−0.059%	$12.8M	$2.6M	50x	as long as short
01 Exchange HYPEUSD	+0.0064%	1h	94.232	−0.008%	$87K	$364K	20x	as long as short
Gate HYPE_USDT	+0.0074%	4h	94.241	+0.001%	$44.3M	$58.3M	75x	as long as short
MEXC HYPE_USDT	+0.0078%	4h	94.240	0.000%	$88.7M	$81.0M	100x	as long as short
Binance HYPEUSDT	+0.0079%	4h	94.247	+0.007%	$386.2M	$889.5M	75x	as long as short
edgeX HYPEUSDC	+0.0079%	4h	94.119	−0.128%	$5.1M	$29.8M	30x	as long as short
Derive HYPE-PERP	+0.0095%	1h	94.122	−0.125%	$16.5M	$6.9M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.264	+0.025%	$19.1M	$59.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.255	+0.016%	$3.1M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.225	−0.016%	$64K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.227	−0.014%	$342K	$171K	20x	as long as short
Katana Perps HYPE-USDlong	+0.0100%	8h	94.240	long leg	$30K	$1.6M	10x
Nado HYPE-PERP	+0.0100%	1h	94.225	−0.016%	$5.8M	$44.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.253	+0.014%	$10.2M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.240	0.000%	$116.1M	$319.5M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.095	−0.153%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.237	−0.003%	$47.3M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.248	+0.008%	$228.2M	$102.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.234	−0.006%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.208	−0.034%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.073	−0.177%	$32.2M	$53.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.151	−0.094%	$7.6M	$45.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.127	−0.120%	$336K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.199	−0.044%	$681K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.278	+0.040%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.267	+0.029%	$486K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	94.256	+0.017%	$113K	$577K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.257	+0.018%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.189	−0.054%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.181	−0.063%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.140	−0.106%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.199	−0.044%	$18.7M	$42.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.261	+0.022%	$401K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0126%	8h	94.250	+0.011%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.210	−0.032%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0231%	4h	94.338	+0.104%	$1.5M	$7.7M	75x	as long as short
Deribit HYPE_USDC-PERPETUALshort	+0.0238%	1h	94.264	+0.025%	$7.4M	$4.5M	50x
Reya HYPERUSDPERP	+0.0248%	1h	94.237	−0.004%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.280	+0.042%	$2.8M	$6.9M	20x	as long as short
BloFin HYPE-USDT	+0.0315%	4h	94.189	−0.054%	$17.0M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	94.260	+0.021%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0576%	1h	94.284	+0.046%	$21.1M	$29.1M	50x	as long as short
Hyperliquid HYPE	+0.0657%	1h	94.332	+0.098%	$2.06B	$667.9M	10x	as long as short