Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0476%/8h= −52.2% APRpaid last 24h −0.004%

Price spread now: Katana Perps against Kraken Futures−0.060%7-day average −0.057% · you buy dearer than you sell

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

Long on Kraken Futures Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.047%−$5 on $10k

Price spread, last 3 days (all we have)+0.056%+$6 · spread now −0.060%, 7d avg −0.057%

Together, before fees+0.009%+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.057%, so right now this pair is about funding alone: −$14 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 -0.047% in total (about -4.7% 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	Kraken Futures PF_HYPEUSD	94.176	0.0576	pay 0.0072% / 1h	40m 20s	$21.0M	$29.2M	50x
Short	Katana Perps HYPE-USD	94.120	0.0100	get 0.0100% / 8h	40m 20s	$29K	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Kraken Futures. 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 Kraken FuturesbpFee Katana PerpsbpOrdersPrice spread, now −0.060%Rate

Funding earned: −$100.05
Price spread: −0.060% → −0.057%: −$0.28
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$114.12
Costs to cover: 0.138%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 4 min ago; Katana Perps: 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 Kraken Futures live order book, 4 min ago	1.01 bp	9.0 bp −$9	13.6 bp −$136	21.9 bp −$2,188	70.7 bp −$35.3K
Sell Katana Perps no order-book sample	—	—	—	—	—

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	−0.0632%	1h	94.113	−0.067%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0412%	1h	94.109	−0.071%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.996	−0.191%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.112	−0.068%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0007%	1h	94.010	−0.177%	$704K	$908K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.120	−0.059%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.088	−0.094%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.094	−0.088%	$27K	—	150x	as long as short
Orderly PERP_HYPE_USDC	+0.0008%	4h	94.085	−0.097%	$164K	$579K	20x	as long as short
Phoenix HYPE	+0.0009%	1h	94.116	−0.064%	$215K	$1.2M	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	+0.0016%	1h	94.062	−0.121%	$86K	$364K	20x	as long as short
Bybit HYPEUSDT	+0.0021%	8h	94.061	−0.122%	$323.9M	$282.6M	75x	as long as short
Aster HYPEUSDT	+0.0034%	4h	94.058	−0.126%	$8.9M	$35.9M	300x	as long as short
Phemex HYPEUSDT	+0.0059%	8h	94.071	−0.112%	$12.8M	$2.6M	50x	as long as short
Derive HYPE-PERP	+0.0063%	1h	94.015	−0.171%	$16.5M	$7.1M	10x	as long as short
Binance HYPEUSDT	+0.0070%	4h	94.090	−0.092%	$385.2M	$891.3M	75x	as long as short
MEXC HYPE_USDT	+0.0072%	4h	94.075	−0.108%	$88.8M	$81.2M	100x	as long as short
Gate HYPE_USDT	+0.0074%	4h	94.070	−0.113%	$44.6M	$58.7M	75x	as long as short
edgeX HYPEUSDC	+0.0087%	4h	94.189	+0.014%	$5.1M	$29.9M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.112	−0.069%	$19.0M	$59.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.163	−0.014%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.065	−0.118%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.074	−0.109%	$400K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.105	−0.076%	$342K	$171K	20x	as long as short
Katana Perps HYPE-USDshort	+0.0100%	8h	94.120	−0.060%	$29K	$1.6M	10x
Nado HYPE-PERP	+0.0100%	1h	94.065	−0.118%	$5.7M	$44.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.131	−0.048%	$10.2M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.065	−0.118%	$116.0M	$320.0M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.088	−0.094%	$47.2M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.070	−0.113%	$227.8M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.069	−0.114%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.154	−0.024%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.033	−0.152%	$31.4M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.106	−0.075%	$7.6M	$45.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.200	+0.025%	$336K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.056	−0.128%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.108	−0.072%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.093	−0.088%	$491K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	94.045	−0.139%	$113K	$579K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.062	−0.121%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.122	−0.058%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.063	−0.120%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.120	−0.060%	$205K	$7K	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.248%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.045	−0.139%	$18.4M	$42.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0132%	8h	94.148	−0.030%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.150	−0.028%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0226%	4h	94.224	+0.051%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	94.059	−0.125%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.109	−0.071%	$2.8M	$6.9M	20x	as long as short
BloFin HYPE-USDT	+0.0296%	4h	94.070	−0.113%	$17.0M	$12.7M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	94.090	−0.092%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0388%	1h	94.175	−0.001%	$7.4M	$4.6M	50x	as long as short
Hyperliquid HYPE	+0.0456%	1h	94.141	−0.037%	$2.05B	$669.1M	10x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0576%	1h	94.176	long leg	$21.0M	$29.2M	50x