Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0038%/8h= −4.2% APRpaid last 24h −0.015%

Price spread now: Derive against Katana Perps−0.050%7-day average −0.010% · you buy dearer than you sell

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

Long on Katana Perps Short on Derive

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 3 days (all we have)−0.032%−$3 · spread now −0.050%, 7d avg −0.010%

Together, before fees−0.036%−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Derive is 0.041% cheaper against Katana Perps than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.010%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	93.260	0.0100	pay 0.0100% / 8h	1h 06m	$35K	$1.6M	10x
Short	Derive HYPE-PERP	93.213	0.0061	get 0.0008% / 1h	6m 51s	$16.3M	$7.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now −0.050%Rate

Funding earned: −$8.07
Price spread: −0.050% → −0.010%: −$4.05
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Derive: 3 bp × 2 orders: −$6
Net: −$21.92
Costs to cover: 0.098%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; Derive: 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 Katana Perps no order-book sample	—	—	—	—	—
Sell Derive no order-book sample	—	—	—	—	—

Katana Perps and Derive: 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
Aftermath Perps HYPEUSD	−0.0476%	1h	93.219	−0.044%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0408%	1h	93.255	−0.005%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.134	−0.135%	$1.2M	$3.9M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0130%	1h	93.160	−0.107%	$699K	$895K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.192	−0.073%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.269	+0.010%	$90K	$358K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.227	−0.036%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.246	−0.015%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.272	+0.012%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0003%	4h	93.316	+0.060%	$8.9M	$35.7M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex HYPEUSDT	+0.0008%	1h	93.241	−0.020%	$58K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0016%	4h	93.253	−0.008%	$176K	$524K	20x	as long as short
Bybit HYPEUSDT	+0.0020%	8h	93.360	+0.107%	$323.5M	$282.2M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.306	+0.049%	$214K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0047%	1h	93.248	−0.013%	$111K	$577K	20x	as long as short
Gate HYPE_USDT	+0.0058%	4h	93.356	+0.103%	$44.1M	$58.8M	75x	as long as short
MEXC HYPE_USDT	+0.0060%	4h	93.354	+0.101%	$90.2M	$82.3M	100x	as long as short
Binance HYPEUSDT	+0.0061%	4h	93.344	+0.090%	$383.2M	$887.1M	75x	as long as short
Derive HYPE-PERPshort	+0.0061%	1h	93.213	−0.050%	$16.3M	$7.0M	10x
edgeX HYPEUSDC	+0.0080%	4h	93.250	−0.011%	$5.1M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.331	+0.076%	$18.6M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.305	+0.048%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.250	−0.010%	$397K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.192	−0.073%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USDlong	+0.0100%	8h	93.260	long leg	$35K	$1.6M	10x
Nado HYPE-PERP	+0.0100%	1h	93.193	−0.071%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.306	+0.049%	$2.03B	$661.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.221	−0.042%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.370	+0.118%	$114.1M	$312.7M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.352	+0.099%	$47.0M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.401	+0.151%	$226.6M	$102.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.358	+0.105%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.331	+0.076%	$7.8M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.212	−0.051%	$30.8M	$51.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.317	+0.061%	$7.5M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.303	+0.046%	$415K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.252	−0.009%	$674K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.276	+0.017%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.261	+0.001%	$493K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.255	−0.005%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.270	+0.011%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.255	−0.005%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.234	−0.028%	$12.7M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.280	+0.021%	$204K	$8K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.336	+0.082%	$18.2M	$41.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0118%	8h	93.272	+0.013%	$1.9M	$5.2M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.280	+0.021%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0220%	4h	93.369	+0.117%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.530	+0.290%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0243%	4h	93.225	−0.038%	$16.9M	$12.4M	75x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.245	−0.016%	$77K	$159K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.288	+0.030%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.271	+0.012%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0372%	1h	93.352	+0.099%	$7.4M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.387	+0.136%	$20.9M	$28.9M	50x	as long as short