Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0074%/8h= +8.1% APRpaid last 24h −0.014%

Price spread now: Katana Perps against Phoenix−0.236%7-day average −0.151% · you buy dearer than you sell

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

Long on Phoenix Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.139%−$14 on $10k

Price spread, last 7 days+0.072%+$7 · spread now −0.236%, 7d avg −0.151%

Together, before fees−0.068%−$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. Katana Perps is 0.085% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.236% now, against its 7-day average of −0.151%). If the spread goes back, that is −$9 on $10k: about 3.8 days of funding at the current rate (+$2 a day). Mind the row above: over the last 4 days funding on this pair cost −0.139%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix HYPE	93.210	0.0026	pay 0.0003% / 1h	7m 27s	$213K	$1.2M	10x
Short	Katana Perps HYPE-USD	92.990	0.0100	get 0.0100% / 8h	5h 07m	$24K	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Phoenix. 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 PhoenixbpFee Katana PerpsbpOrdersPrice spread, now −0.236%Rate

Funding earned: $15.55
Price spread: −0.236% → −0.151%: −$8.53
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$3.78
Costs to cover: 0.108%
Break-even: 8.7 days

Slippage unknown: Phoenix: live order book, 1 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 Phoenix live order book, 1 min ago	1.07 bp	5.5 bp −$6	10.3 bp −$103	doesn't fit	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 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	−0.0944%	1h	93.076	−0.144%	$197K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	92.875	−0.359%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0132%	1h	93.080	−0.139%	$698K	$1.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.031	−0.192%	$3K	$331	25x	as long as short
Aftermath Perps HYPEUSD	−0.0078%	1h	93.224	+0.015%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	92.973	−0.254%	$86K	$346K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0049%	4h	93.042	−0.180%	$154K	$654K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.069	−0.151%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.064	−0.157%	$23K	$316K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.093	−0.126%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet HYPE-USD	+0.0004%	1h	93.050	−0.171%	$111K	$579K	20x	as long as short
Phemex HYPEUSDT	+0.0007%	8h	93.097	−0.121%	$12.6M	$2.7M	50x	as long as short
Aster HYPEUSDT	+0.0016%	4h	93.022	−0.202%	$8.8M	$35.8M	300x	as long as short
Phoenix HYPElong	+0.0026%	1h	93.210	long leg	$213K	$1.2M	10x
BingX HYPE-USDT	+0.0038%	4h	92.997	−0.229%	—	$52.9M	—	as long as short
Gate HYPE_USDT	+0.0042%	4h	92.998	−0.227%	$44.4M	$55.6M	75x	as long as short
Bybit HYPEUSDT	+0.0047%	8h	92.960	−0.268%	$319.8M	$276.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0073%	8h	92.956	−0.273%	$113.4M	$298.2M	50x	as long as short
Derive HYPE-PERP	+0.0087%	1h	93.019	−0.205%	$16.1M	$7.5M	10x	as long as short
MEXC HYPE_USDT	+0.0094%	4h	92.988	−0.238%	$89.3M	$81.2M	100x	as long as short
Binance HYPEUSDT	+0.0095%	4h	92.982	−0.245%	$376.1M	$879.5M	75x	as long as short
Lighter HYPE	+0.0096%	1h	93.008	−0.216%	$16.2M	$62.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.023	−0.201%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.965	−0.263%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	93.045	−0.177%	$339K	$162K	20x	as long as short
Katana Perps HYPE-USDshort	+0.0100%	8h	92.990	−0.236%	$24K	$1.6M	10x
Nado HYPE-PERP	+0.0100%	1h	92.985	−0.241%	$5.8M	$43.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.083	−0.136%	$2.03B	$653.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.020	−0.204%	$10.0M	$14.8M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.028	−0.195%	$45.7M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.961	−0.267%	$224.8M	$96.3M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.016	−0.208%	$7.3M	$10.0M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.197	−0.014%	$31.4M	$53.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.172	−0.041%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.081	−0.138%	$338K	$998K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.112	−0.105%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.035	−0.188%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.012	−0.212%	$470K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.017	−0.207%	$79K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.048	−0.174%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.042	−0.180%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.155	−0.059%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.960	−0.268%	$18.3M	$42.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.026	−0.197%	$396K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0114%	4h	93.123	−0.093%	$5.0M	$28.9M	30x	as long as short
HTX HYPE-USDT	+0.0124%	4h	93.200	−0.011%	$1.4M	$6.0M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.120	−0.097%	$4.8M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0259%	1h	92.961	−0.267%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0271%	8h	93.109	−0.108%	$1.9M	$5.2M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	93.078	−0.142%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.118	−0.099%	$16.9M	$11.5M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0416%	1h	93.152	−0.062%	$7.4M	$4.3M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.078	−0.142%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.390	+0.193%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0687%	1h	93.109	−0.108%	$20.7M	$29.8M	50x	as long as short