Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.040%

Price spread now: HTX against Katana Perps+0.151%7-day average +0.068% · you sell dearer than you buy

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

Long on Katana Perps Short on HTX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.060%+$6 on $10k

Price spread, last 4 days (all we have)−0.211%−$21 · spread now +0.151%, 7d avg +0.068%

Together, before fees−0.151%−$15 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: HTX is 0.083% dearer against Katana Perps than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of +0.068%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	94.210	0.0100	pay 0.0100% / 8h	1h 25m	$21K	$1.7M	10x
Short	HTX HYPE-USDT	94.352	0.0100	get 0.0050% / 4h	1h 25m	$1.4M	$6.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.151%Rate

Funding earned: $0.09
Price spread: +0.151% → +0.068%: $8.29
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee HTX: 6 bp × 2 orders: −$12
Net: −$7.42
Costs to cover: 0.158%
Break-even: 610.5 days

Slippage unknown: Katana Perps: no order-book sample; HTX: 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 HTX live order book, 3 min ago	2.35 bp	9.7 bp −$10	14.4 bp −$144	45.0 bp −$4,495	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	−0.0992%	1h	93.495	−0.759%	$198K	$238K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0191%	1h	93.590	−0.658%	$22K	$21K	10x	as long as short
BingX HYPE-USDT	−0.0100%	4h	94.211	+0.001%	—	$53.6M	—	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.207	−0.003%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0066%	1h	93.879	−0.351%	$111K	$579K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0062%	1h	94.170	−0.042%	$705K	$1.2M	10x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	94.240	+0.032%	$86K	$368K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0017%	4h	94.032	−0.189%	$146K	$683K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.880	−0.351%	$129K	$26K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.907	−0.321%	$20K	$290K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	+0.0002%	8h	94.220	+0.011%	$318.4M	$288.2M	75x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.048	−0.172%	$83K	—	150x	as long as short
Bluefin HYPE-PERP	+0.0006%	1h	94.072	−0.146%	$79K	$155K	20x	as long as short
Derive HYPE-PERP	+0.0007%	1h	93.302	−0.963%	$16.2M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0017%	1h	93.623	−0.623%	$208K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0052%	4h	94.172	−0.040%	$226.9M	$99.5M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0078%	8h	94.266	+0.059%	$337K	$161K	20x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.620	−0.626%	$5.0M	$30.5M	30x	as long as short
Phemex HYPEUSDT	+0.0081%	8h	94.187	−0.024%	$12.9M	$2.8M	50x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.180	−0.032%	$1.0M	$4.0M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.219	+0.010%	$16.3M	$64.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.231	+0.022%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.198	−0.013%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USDlong	+0.0100%	8h	94.210	long leg	$21K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	94.208	−0.002%	$7.5M	$50.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.323	+0.120%	$2.07B	$690.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.200	−0.011%	$8.9M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.236	+0.027%	$10.2M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.207	−0.003%	$377.0M	$931.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.209	−0.001%	$116.2M	$317.1M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.221	+0.012%	$48.9M	$55.9M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.213	+0.003%	$89.5M	$84.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.248	+0.040%	$46.6M	$18.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.311	+0.107%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.009	−0.214%	$28.9M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.696	−0.546%	$7.6M	$48.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.663	−0.581%	$357K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.643	−0.602%	$678K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.227	+0.018%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.895	−0.334%	$471K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.925	−0.303%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.141	−0.073%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDTshort	+0.0100%	4h	94.352	+0.151%	$1.4M	$6.7M	75x
Bulk HYPE-USD	+0.0100%	1h	93.438	−0.819%	$216K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.138	−0.077%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.104	−0.113%	$398K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0105%	8h	94.131	−0.084%	$1.8M	$5.6M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.190	−0.021%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	93.681	−0.561%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.540	−0.711%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	93.879	−0.351%	$77K	$129K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.642	−0.603%	$16.9M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0413%	1h	94.262	+0.056%	$21.0M	$29.5M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0462%	1h	94.187	−0.024%	$7.5M	$4.2M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.935	−0.291%	$3.2M	$6.3M	20x	as long as short