Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.002%

Price spread now: StandX against Katana Perps−0.093%7-day average +0.047% · you buy dearer than you sell

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

Long on Katana Perps Short on StandX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.014%+$1 on $10k

Price spread, last 7 days+0.125%+$13 · spread now −0.093%, 7d avg +0.047%

Together, before fees+0.139%+ Points / potential airdropStandX: Active · farm board+$14 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: StandX is 0.140% cheaper against Katana Perps than usual: you would sell low and buy high, −$14 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	95.080	0.0100	pay 0.0100% / 8h	7h 18m	$40K	$1.6M	10x
Short	StandX HYPE-USD	94.992	0.0100	get 0.0013% / 1h	18m 46s	$696K	$2.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

StandX 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 StandXbpOrdersPrice spread, now −0.093%Rate

Funding earned: $0.04
Price spread: −0.093% → +0.047%: −$14
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee StandX: 4 bp × 2 orders: −$8
Net: −$25.76
Costs to cover: 0.118%
Break-even: 4095.5 days

Slippage unknown: Katana Perps: no order-book sample; StandX: 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 StandX live order book, 5 min ago	2.80 bp	9.7 bp −$10	9.9 bp −$99	18.2 bp −$1,822	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	−0.0824%	1h	95.057	−0.024%	$212K	$266K	7x	as long as short
Bluefin HYPE-PERP	−0.0549%	1h	95.020	−0.063%	$79K	$149K	20x	as long as short
Phemex HYPEUSDT	−0.0351%	8h	95.037	−0.045%	$13.0M	$2.8M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0289%	1h	94.819	−0.275%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0225%	1h	95.080	0.000%	$114K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0134%	1h	95.060	−0.021%	$705K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	95.118	+0.040%	$90K	$356K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	95.104	+0.025%	$1.0M	$3.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.083	+0.003%	$3K	$331	25x	as long as short
dYdX HYPE-USD	−0.0067%	1h	95.162	+0.086%	$130K	$92K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_HYPEUSD	−0.0047%	1h	95.058	−0.023%	$18.9M	$35.7M	50x	as long as short
Bybit HYPEUSDT	−0.0018%	8h	95.110	+0.032%	$319.9M	$290.6M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	95.062	−0.019%	$147K	$671K	20x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	95.172	+0.097%	$1.9M	$5.5M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	95.103	+0.024%	$19K	$275K	10x	as long as short
Deribit HYPE_USDC-PERPETUAL	0.0000%	1h	95.135	+0.058%	$7.5M	$4.4M	50x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.096	+0.017%	$85K	—	150x	as long as short
Gate HYPE_USDT	+0.0004%	4h	95.075	−0.005%	$52.6M	$56.2M	75x	as long as short
Phoenix HYPE	+0.0008%	1h	95.051	−0.031%	$212K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0010%	1h	94.160	−0.967%	$16.3M	$7.5M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	95.120	+0.042%	$4.7M	$5.8M	50x	as long as short
Bitget HYPEUSDT	+0.0036%	4h	95.128	+0.050%	$228.3M	$96.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0039%	8h	95.121	+0.043%	$118.6M	$326.6M	50x	as long as short
Vest HYPE-PERP	+0.0042%	1h	95.167	+0.092%	—	$126K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0046%	8h	95.179	+0.104%	$340K	$39K	20x	as long as short
Backpack HYPE_USDC_PERP	+0.0049%	1h	95.036	−0.046%	$7.6M	$10.3M	20x	as long as short
SoDEX HYPE-USD	+0.0078%	1h	95.077	−0.003%	$2.1M	$1.9M	10x	as long as short
edgeX HYPEUSDC	+0.0091%	4h	94.971	−0.115%	$5.0M	$31.0M	30x	as long as short
Lighter HYPE	+0.0096%	1h	95.071	−0.010%	$16.3M	$63.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.073	−0.007%	$3.2M	$10.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	95.092	+0.013%	$151K	$1.2M	50x	as long as short
Katana Perps HYPE-USDlong	+0.0100%	8h	95.080	long leg	$40K	$1.6M	10x
Nado HYPE-PERP	+0.0100%	1h	95.055	−0.026%	$7.3M	$51.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.249	+0.178%	$2.10B	$676.5M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	95.099	+0.020%	$8.9M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	95.163	+0.087%	$10.3M	$14.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	95.117	+0.039%	$382.4M	$925.1M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.213	−0.911%	$219K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	95.093	+0.014%	$98.5M	$88.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.096	+0.017%	$47.4M	$18.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	95.092	+0.013%	—	$53.0M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	95.031	−0.051%	$29.8M	$56.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.052	−0.030%	$7.7M	$44.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.976	−0.109%	$356K	$1.0M	50x	as long as short
StandX HYPE-USDshort	+0.0100%	1h	94.992	−0.093%	$696K	$2.7M	20x
Polymarket Perps HYPE-USD	+0.0100%	1h	95.070	−0.011%	$500K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.039	−0.043%	$33K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.279	+0.209%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.062	−0.019%	$18.4M	$42.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.135	+0.058%	$402K	$148K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.127	+0.050%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.380	+0.316%	$31K	$340K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	95.040	−0.042%	$83K	$97K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0155%	1h	95.154	+0.078%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	95.078	−0.002%	$17.3M	$12.4M	75x	as long as short