Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:31 UTC−0.0099%/8h= −10.9% APRpaid last 24h −0.022%

Price spread now: Perpl against Katana Perps−0.170%48s7-day average +0.033% · you buy dearer than you sell

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

Long on Katana Perps Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.057%−$6 on $10k

Price spread, last 4 days (all we have)+0.473%+$47 · spread now −0.170%, 7d avg +0.033%

Together, before fees+0.416%+ Points / potential airdropPerpl: Active · farm board+$42 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Perpl is 0.204% cheaper against Katana Perps than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of +0.033%). Swap the legs. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	92.870	0.0099	pay 0.0099% / 8h	3h 21m	$34K	$1.7M	10x
Short	Perpl HYPE	92.712	0	get 0.0000% / 43m	18m 44s	$22K	$293K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.170%Rate

Funding earned: −$20.87
Price spread: −0.170% → +0.033%: −$20.36
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$58.83
Costs to cover: 0.176%
Break-even: never at this rate

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

Katana Perps and Perpl: 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	−0.1696%	1h	92.615	−0.275%	$193K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0303%	1h	92.786	−0.090%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.841	−0.031%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.647	−0.240%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0060%	4h	92.697	−0.186%	$145K	$681K	20x	as long as short
Bullet HYPE-USD	−0.0003%	1h	92.702	−0.181%	$112K	$577K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.850	−0.022%	$127K	$29K	5x	as long as short
Perpl HYPEshort	0.0000%	43m	92.712	−0.170%	$22K	$293K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.735	−0.146%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0018%	1h	92.830	−0.043%	$697K	$1.1M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange HYPEUSD	+0.0024%	1h	92.652	−0.235%	$86K	$364K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	92.921	+0.055%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.840	−0.032%	$315.8M	$283.3M	75x	as long as short
Popdex HYPEUSDT	+0.0040%	1h	92.644	−0.243%	$70K	$1.1M	50x	as long as short
Bitget HYPEUSDT	+0.0044%	4h	92.857	−0.014%	$224.8M	$99.0M	75x	as long as short
Phemex HYPEUSDT	+0.0060%	8h	92.700	−0.183%	$12.5M	$2.7M	50x	as long as short
edgeX HYPEUSDC	+0.0092%	4h	92.837	−0.036%	$4.9M	$29.6M	30x	as long as short
Gate HYPE_USDT	+0.0092%	4h	92.858	−0.013%	$45.1M	$54.5M	75x	as long as short
Lighter HYPE	+0.0096%	1h	92.820	−0.054%	$16.0M	$62.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.800	−0.075%	$3.1M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	92.874	+0.004%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USDlong	+0.0099%	8h	92.870	long leg	$34K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	92.626	−0.263%	$7.4M	$46.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.820	−0.054%	$2.02B	$666.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	92.807	−0.068%	$8.7M	$36.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	92.854	−0.017%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.813	−0.061%	$373.3M	$906.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.850	−0.022%	$114.0M	$303.9M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.709	−0.174%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.855	−0.016%	$91.3M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.831	−0.042%	$46.2M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.860	−0.011%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.693	−0.191%	$7.2M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.768	−0.110%	$28.5M	$57.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.808	−0.067%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.846	−0.026%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.765	−0.113%	$667K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.736	−0.144%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.734	−0.146%	$481K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.702	−0.181%	$78K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.690	−0.193%	$16.0M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.670	−0.215%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.702	−0.181%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.812	−0.062%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.834	−0.039%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.691	−0.193%	$392K	$164K	20x	as long as short
Kalshi KXHYPEPERP	+0.0132%	8h	92.718	−0.164%	$1.8M	$5.4M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.770	−0.108%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.768	−0.110%	$20.6M	$29.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.640	−0.248%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0266%	1h	92.713	−0.169%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.738	−0.142%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.682	−0.202%	$16.7M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0343%	1h	92.797	−0.079%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.924	+0.058%	$3.2M	$6.4M	20x	as long as short