Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0009%/8h= −1.0% APRpaid last 24h −0.033%

Price spread now: Gate against Katana Perps+0.008%7-day average +0.033% · you sell dearer than you buy

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

Long on Katana Perps Short on Gate

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.033%−$3 on $10k

Price spread, last 7 days+0.007%+$1 · spread now +0.008%, 7d avg +0.033%

Together, before fees−0.027%−$3 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 Gate is 0.025% cheaper against Katana Perps than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.033%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	92.740	0.0099	pay 0.0099% / 8h	4h 20m	$38K	$1.7M	10x
Short	Gate HYPE_USDT	92.747	0.0090	get 0.0045% / 4h	20m 20s	$44.5M	$55.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.008%Rate

Funding earned: −$1.92
Price spread: +0.008% → +0.033%: −$2.5
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$23.22
Costs to cover: 0.188%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; Gate: live order book, 4 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 Gate live order book, 4 min ago	0.05 bp	10.5 bp −$10	15.6 bp −$156	32.8 bp −$3,277	56.5 bp −$28.3K

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
Arcus HYPE-USD	−0.0948%	1h	92.714	−0.028%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0240%	1h	92.701	−0.042%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0234%	1h	92.688	−0.056%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.779	+0.042%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0063%	4h	92.738	−0.002%	$157K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	92.797	+0.061%	$86K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.770	+0.033%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.763	+0.025%	$22K	$304K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.782	+0.045%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0022%	8h	92.718	−0.024%	$12.5M	$2.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet HYPE-USD	+0.0031%	1h	92.761	+0.023%	$111K	$579K	20x	as long as short
Ondo Perps HYPE-USD.P	+0.0038%	1h	92.690	−0.054%	$697K	$1.1M	10x	as long as short
BingX HYPE-USDT	+0.0040%	4h	92.762	+0.024%	—	$53.4M	—	as long as short
Aster HYPEUSDT	+0.0042%	4h	92.785	+0.048%	$8.7M	$36.2M	300x	as long as short
Phoenix HYPE	+0.0043%	1h	92.652	−0.095%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0049%	8h	92.743	+0.003%	$316.7M	$281.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0088%	8h	92.768	+0.030%	$113.7M	$304.2M	50x	as long as short
Gate HYPE_USDTshort	+0.0090%	4h	92.747	+0.008%	$44.5M	$55.3M	75x
Paradex HYPE-USD-PERP	+0.0094%	8h	92.811	+0.077%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.794	+0.058%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.805	+0.070%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.762	+0.024%	$69K	$1.1M	50x	as long as short
Katana Perps HYPE-USDlong	+0.0099%	8h	92.740	long leg	$38K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	92.788	+0.052%	$7.1M	$45.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.791	+0.055%	$2.02B	$663.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.825	+0.092%	$10.0M	$15.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.768	+0.031%	$372.6M	$903.7M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.761	+0.023%	$87.5M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.786	+0.050%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.752	+0.013%	$224.5M	$98.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.769	+0.031%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.688	−0.056%	$28.6M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.707	−0.035%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.679	−0.066%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.729	−0.012%	$665K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.800	+0.065%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.781	+0.044%	$466K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.741	+0.001%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.744	+0.005%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.714	−0.028%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.778	+0.041%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.900	+0.173%	$1.4M	$6.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.701	−0.042%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.774	+0.037%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.768	+0.030%	$392K	$164K	20x	as long as short
edgeX HYPEUSDC	+0.0116%	4h	92.666	−0.080%	$5.0M	$29.5M	30x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.280%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.780	+0.043%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0240%	8h	92.796	+0.060%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0262%	1h	92.740	−0.001%	$79K	$132K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.774	+0.037%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0331%	1h	92.840	+0.108%	$20.6M	$30.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.771	+0.033%	$16.7M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0472%	1h	92.865	+0.135%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.852	+0.121%	$3.2M	$6.4M	20x	as long as short