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 −0.008%

Price spread now: KuCoin against Katana Perps+0.075%7-day average +0.047% · you sell dearer than you buy

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

Long on Katana Perps Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.013%+$1 on $10k

Price spread, last 7 days−0.052%−$5 · spread now +0.075%, 7d avg +0.047%

Together, before fees−0.039%−$4 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: KuCoin is 0.028% dearer against Katana Perps than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.047%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	94.360	0.0100	pay 0.0100% / 8h	8m 55s	$28K	$1.7M	10x
Short	KuCoin HYPEUSDTM	94.431	0.0100	get 0.0050% / 4h	8m 55s	$46.9M	$18.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.075%Rate

Funding earned: $0.07
Price spread: +0.075% → +0.047%: $2.84
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$12.88
Costs to cover: 0.158%
Break-even: 1233.9 days

Slippage unknown: Katana Perps: no order-book sample; KuCoin: live order book, 10 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 KuCoin live order book, 10 min ago	0.05 bp	10.3 bp −$10	17.7 bp −$177	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	−0.1632%	1h	94.433	+0.078%	$207K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0393%	1h	94.375	+0.016%	$80K	$152K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0206%	1h	94.380	+0.021%	$711K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0199%	1h	94.383	+0.024%	$112K	$575K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0177%	1h	94.403	+0.046%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.392	+0.034%	$88K	$365K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.373	+0.014%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.371	+0.012%	$1.0M	$3.5M	10x	as long as short
Derive HYPE-PERP	−0.0027%	1h	94.351	−0.009%	$16.4M	$7.3M	10x	as long as short
Bybit HYPEUSDT	−0.0020%	8h	94.430	+0.074%	$317.4M	$288.4M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	−0.0020%	4h	94.441	+0.086%	—	$52.9M	—	as long as short
Lighter HYPE	−0.0008%	1h	94.390	+0.032%	$16.4M	$64.6M	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0007%	4h	94.381	+0.022%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.388	+0.029%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.469	+0.116%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.468	+0.114%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.380	+0.021%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.441	+0.086%	$124K	—	150x	as long as short
Polymarket Perps HYPE-USD	+0.0018%	1h	94.419	+0.063%	$498K	$2.8M	20x	as long as short
Bitget HYPEUSDT	+0.0020%	4h	94.424	+0.068%	$226.7M	$100.2M	75x	as long as short
Phemex HYPEUSDT	+0.0038%	8h	94.376	+0.017%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0040%	8h	94.392	+0.034%	$337K	$154K	20x	as long as short
SoDEX HYPE-USD	+0.0055%	1h	94.387	+0.029%	$2.1M	$1.9M	10x	as long as short
Vest HYPE-PERP	+0.0059%	1h	94.463	+0.109%	—	$190K	5x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.460	+0.106%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0066%	8h	94.437	+0.082%	$117.8M	$325.1M	50x	as long as short
Gate HYPE_USDT	+0.0088%	4h	94.421	+0.065%	$50.4M	$56.9M	75x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	94.392	+0.034%	$5.0M	$30.6M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.391	+0.033%	$3.2M	$10.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.370	+0.011%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USDlong	+0.0100%	8h	94.360	long leg	$28K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	94.385	+0.026%	$7.2M	$52.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.474	+0.121%	$2.08B	$686.9M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.432	+0.076%	$8.8M	$36.9M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.413	+0.056%	$10.2M	$14.8M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.437	+0.082%	$378.7M	$931.8M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.307	−0.056%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.450	+0.095%	$89.6M	$84.3M	100x	as long as short
KuCoin HYPEUSDTMshort	+0.0100%	4h	94.431	+0.075%	$46.9M	$18.8M	75x
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.364	+0.004%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.383	+0.025%	$29.7M	$54.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.416	+0.060%	$7.6M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.371	+0.012%	$350K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.419	+0.063%	$683K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.447	+0.092%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.503	+0.152%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.415	+0.058%	$18.3M	$43.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.357	−0.004%	$399K	$153K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.450	+0.096%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.403%	$31K	$340K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.418	+0.061%	$20.2M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.394	+0.036%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.381	+0.022%	$83K	$121K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0311%	1h	94.497	+0.145%	$7.5M	$4.3M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.399	+0.041%	$17.1M	$12.4M	75x	as long as short