Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.012%

Price spread now: Katana Perps against Nado+0.025%7-day average −0.050% · you sell dearer than you buy

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

Long on Nado Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.002%$0 on $10k

Price spread, last 7 days−0.062%−$6 · spread now +0.025%, 7d avg −0.050%

Together, before fees−0.064%+ Points / potential airdropNado: Active · farm board−$6 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: Katana Perps is 0.075% dearer against Nado than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.050%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado HYPE-PERP	94.186	0.0100	pay 0.0012% / 1h	10m 49s	$7.5M	$50.4M	10x
Short	Katana Perps HYPE-USD	94.210	0.0100	get 0.0100% / 8h	1h 10m	$13K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Nado. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 NadobpFee Katana PerpsbpOrdersPrice spread, now +0.025%Rate

Funding earned: −$0.08
Price spread: +0.025% → −0.050%: $7.49
Slippage, 4 orders: no order book: not counted
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$3.4
Costs to cover: 0.108%
Break-even: never at this rate

Slippage unknown: Nado: live order book, 3 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 Nado live order book, 3 min ago	0.05 bp	4.0 bp −$4	6.6 bp −$66	28.7 bp −$2,870	doesn't fit
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 54 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	−0.1136%	1h	94.178	−0.009%	$200K	$236K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0165%	1h	94.251	+0.068%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0082%	1h	94.190	+0.004%	$710K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.215	+0.030%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0068%	1h	94.184	−0.003%	$112K	$578K	20x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	94.200	+0.014%	$87K	$367K	20x	as long as short
Bluefin HYPE-PERP	−0.0034%	1h	94.178	−0.009%	$80K	$155K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0013%	4h	94.155	−0.033%	$146K	$686K	20x	as long as short
Bybit HYPEUSDT	−0.0001%	8h	94.150	−0.039%	$316.8M	$288.9M	75x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.211	+0.026%	$129K	$26K	5x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kalshi KXHYPEPERP	0.0000%	8h	94.289	+0.109%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.209	+0.024%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.183	−0.004%	$84K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	94.235	+0.051%	$207K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0054%	4h	94.185	−0.002%	$226.8M	$99.7M	75x	as long as short
Phemex HYPEUSDT	+0.0062%	8h	94.152	−0.037%	$12.8M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0073%	8h	94.249	+0.066%	$337K	$156K	20x	as long as short
edgeX HYPEUSDC	+0.0083%	4h	94.173	−0.014%	$5.0M	$30.6M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.185	−0.002%	$1.0M	$3.5M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.191	+0.005%	$16.3M	$64.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.197	+0.011%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.184	−0.003%	$79K	$1.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0098%	8h	94.175	−0.012%	$116.4M	$319.2M	50x	as long as short
Katana Perps HYPE-USDshort	+0.0100%	8h	94.210	+0.025%	$13K	$1.7M	10x
Nado HYPE-PERPlong	+0.0100%	1h	94.186	long leg	$7.5M	$50.4M	10x
Hyperliquid HYPE	+0.0100%	1h	94.282	+0.101%	$2.07B	$688.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.174	−0.013%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.219	+0.035%	$10.2M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.169	−0.019%	$376.7M	$930.9M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.183	−0.004%	$217K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.163	−0.025%	$49.3M	$57.0M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.164	−0.024%	$89.8M	$85.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.190	+0.004%	$46.9M	$18.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.162	−0.026%	—	$53.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.203	+0.018%	$7.2M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.138	−0.052%	$29.1M	$55.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.189	+0.003%	$7.6M	$46.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.204	+0.019%	$362K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.226	+0.042%	$681K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.273	+0.092%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.210	+0.025%	$495K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.246	+0.063%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.194	+0.008%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.326	+0.148%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.132	−0.058%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.231	+0.048%	$398K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.230	+0.046%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	94.248	+0.065%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0196%	1h	94.287	+0.107%	$7.5M	$4.3M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.130	−0.060%	$30K	$340K	12x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.164	−0.024%	$82K	$134K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.196	+0.010%	$16.9M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0413%	1h	94.267	+0.085%	$20.2M	$30.3M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	94.215	+0.030%	$3.1M	$6.4M	20x	as long as short