Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0066%/8h= −7.2% APRpaid last 24h +0.016%

Price spread now: Phoenix against Katana Perps−0.063%50s7-day average +0.150% · you buy dearer than you sell

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

Long on Katana Perps Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.138%+$14 on $10k

Price spread, last 7 days+0.180%+$18 · spread now −0.063%, 7d avg +0.150%

Together, before fees+0.318%+$32 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phoenix is 0.212% cheaper against Katana Perps than usual: you would sell low and buy high (−$21 if the spread goes back to its 7-day average of +0.150%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.138%, so the current rate has only just turned against you. The two prices were read 50 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	94.180	0.0100	pay 0.0100% / 8h	7h 25m	$24K	$1.6M	10x
Short	Phoenix HYPE	94.121	0.0034	get 0.0004% / 1h	25m 57s	$219K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.063%Rate

Funding earned: −$13.81
Price spread: −0.063% → +0.150%: −$21.23
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$45.85
Costs to cover: 0.108%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; Phoenix: live order book, 2 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 Phoenix live order book, 2 min ago	1.17 bp	5.7 bp −$6	10.0 bp −$100	112.4 bp −$11.2K	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	−0.1376%	1h	94.105	−0.079%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	94.061	−0.126%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0225%	1h	94.144	−0.038%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0150%	1h	94.090	−0.096%	$711K	$960K	10x	as long as short
dYdX HYPE-USD	−0.0139%	1h	94.123	−0.060%	$129K	$31K	5x	as long as short
Phemex HYPEUSDT	−0.0115%	8h	94.166	−0.015%	$12.8M	$2.6M	50x	as long as short
Bullet HYPE-USD	−0.0102%	1h	94.160	−0.021%	$113K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.172	−0.008%	$86K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.124	−0.059%	$3K	$331	25x	as long as short
Bybit HYPEUSDT	−0.0020%	8h	94.134	−0.049%	$323.4M	$280.4M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0019%	4h	94.155	−0.027%	$160K	$645K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.135	−0.048%	$23K	$327K	10x	as long as short
Gate HYPE_USDT	+0.0002%	4h	94.166	−0.015%	$44.6M	$59.8M	75x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.206	+0.028%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0020%	4h	94.159	−0.022%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPEshort	+0.0034%	1h	94.121	−0.063%	$219K	$1.2M	10x
Derive HYPE-PERP	+0.0040%	1h	94.146	−0.036%	$16.5M	$7.3M	10x	as long as short
MEXC HYPE_USDT	+0.0048%	4h	94.185	+0.005%	$89.3M	$82.7M	100x	as long as short
Binance HYPEUSDT	+0.0049%	4h	94.179	−0.001%	$384.1M	$893.2M	75x	as long as short
edgeX HYPEUSDC	+0.0059%	4h	94.004	−0.187%	$5.1M	$29.9M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0079%	8h	94.160	−0.021%	$116.1M	$318.7M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.223	+0.046%	$19.2M	$59.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.184	+0.004%	$3.0M	$12.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.168	−0.013%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.165	−0.016%	$401K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.195	+0.016%	$342K	$165K	20x	as long as short
Katana Perps HYPE-USDlong	+0.0100%	8h	94.180	long leg	$24K	$1.6M	10x
Nado HYPE-PERP	+0.0100%	1h	94.147	−0.035%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.244	+0.068%	$2.05B	$677.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.173	−0.007%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.204	+0.025%	$46.7M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.164	−0.017%	$228.3M	$100.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.152	−0.030%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.159	−0.022%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.149	−0.032%	$31.5M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.088	−0.098%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.057	−0.131%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.130	−0.053%	$681K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.187	+0.008%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.186	+0.006%	$481K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.183	+0.003%	$76K	$170K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.246	+0.070%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.195	+0.016%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.151	−0.031%	$205K	$2K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.155	−0.027%	$18.8M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.030	−0.159%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0198%	4h	94.138	−0.045%	$17.0M	$12.2M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.329%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.210	+0.032%	$2.8M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0225%	8h	94.221	+0.044%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.167	−0.014%	$79K	$142K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0155%	1h	94.212	+0.034%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0415%	4h	94.349	+0.179%	$1.5M	$6.3M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0429%	1h	94.289	+0.116%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0670%	1h	94.290	+0.117%	$21.1M	$29.7M	50x	as long as short