Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0498%/8h= +54.6% APRpaid last 24h +0.048%

Price spread now: RISEx against Katana Perps+0.047%7-day average +0.045% · you sell dearer than you buy

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

Long on Katana Perps Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.141%+$14 on $10k

Price spread, last 7 days−0.021%−$2 · spread now +0.047%, 7d avg +0.045%

Together, before fees+0.120%+$12 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.045%, so right now this pair is about funding alone: +$15 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.141% in total (about 14.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	93.020	0.0099	pay 0.0099% / 8h	3h 14m	$31K	$1.7M	10x
Short	RISEx HYPE/USDC	93.064	0.0598	get 0.0075% / 1h	14m 21s	$3.2M	$6.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now +0.047%Rate

Funding earned: $104.64
Price spread: +0.047% → +0.045%: $0.18
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee RISEx: 3 bp × 2 orders: −$6
Net: $95.02
Costs to cover: 0.098%
Break-even: 0.6 days

Slippage unknown: Katana Perps: no order-book sample; RISEx: live order book, 5 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 RISEx live order book, 5 min ago	0.05 bp	3.1 bp −$3	6.1 bp −$61	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	−0.1792%	1h	93.043	+0.025%	$194K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0311%	1h	92.986	−0.037%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.973	−0.051%	$1.0M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.085	+0.070%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0054%	4h	93.129	+0.117%	$146K	$674K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.078	+0.063%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.998	−0.024%	$22K	$293K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.115	+0.102%	$62K	—	150x	as long as short
Bullet HYPE-USD	+0.0012%	1h	93.056	+0.039%	$111K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	+0.0014%	1h	92.970	−0.054%	$701K	$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	93.021	+0.001%	$87K	$365K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	93.103	+0.089%	$208K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0030%	8h	93.140	+0.129%	$317.6M	$284.4M	75x	as long as short
Phemex HYPEUSDT	+0.0031%	8h	93.079	+0.063%	$12.6M	$2.7M	50x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	93.152	+0.142%	$225.4M	$99.0M	75x	as long as short
Popdex HYPEUSDT	+0.0048%	1h	92.996	−0.026%	$76K	$1.1M	50x	as long as short
Gate HYPE_USDT	+0.0078%	4h	93.078	+0.062%	$45.4M	$54.7M	75x	as long as short
Lighter HYPE	+0.0096%	1h	93.003	−0.018%	$16.0M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.030	+0.011%	$3.1M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.035	+0.016%	$339K	$163K	20x	as long as short
edgeX HYPEUSDC	+0.0099%	4h	93.181	+0.173%	$5.0M	$29.8M	30x	as long as short
Katana Perps HYPE-USDlong	+0.0099%	8h	93.020	long leg	$31K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	92.996	−0.025%	$7.1M	$46.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.082	+0.067%	$2.03B	$668.8M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.091	+0.077%	$8.7M	$36.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.021	+0.001%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.112	+0.099%	$373.7M	$910.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.140	+0.129%	$114.0M	$305.8M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.709	−0.335%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.042	+0.024%	$91.3M	$81.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.997	−0.025%	$46.1M	$18.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.120	+0.108%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.045	+0.027%	$7.3M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.999	−0.023%	$28.6M	$56.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.250	+0.247%	$7.5M	$46.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.266	+0.264%	$342K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.081	+0.066%	$665K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.088	+0.073%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.067	+0.051%	$488K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.156	+0.146%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.119	+0.106%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.080	+0.065%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.037	+0.018%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.205	+0.199%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.970	−0.054%	$18.1M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.152	+0.142%	$394K	$164K	20x	as long as short
Kalshi KXHYPEPERP	+0.0116%	8h	93.148	+0.138%	$1.8M	$5.5M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.130	+0.118%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	93.094	+0.079%	$20.7M	$29.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.410	+0.419%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0266%	1h	93.054	+0.036%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	93.089	+0.075%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.042	+0.024%	$16.8M	$11.8M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0523%	1h	93.274	+0.273%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDCshort	+0.0598%	1h	93.064	+0.047%	$3.2M	$6.3M	20x