Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0110%/8h= −12.0% APRpaid last 24h −0.033%

Price spread now: Katana Perps against RISEx−0.153%7-day average −0.045% · you buy dearer than you sell

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

Long on RISEx Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.123%−$12 on $10k

Price spread, last 7 days+0.082%+$8 · spread now −0.153%, 7d avg −0.045%

Together, before fees−0.041%−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Katana Perps is 0.108% cheaper against RISEx than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.045%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx HYPE/USDC	93.162	0.0210	pay 0.0026% / 1h	39m 02s	$2.7M	$6.7M	20x
Short	Katana Perps HYPE-USD	93.020	0.0100	get 0.0100% / 8h	6h 39m	$18K	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against RISEx. 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 RISExbpFee Katana PerpsbpOrdersPrice spread, now −0.153%Rate

Funding earned: −$23.05
Price spread: −0.153% → −0.045%: −$10.75
Slippage, 4 orders: no order book: not counted
Fee RISEx: 3 bp × 2 orders: −$6
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$43.6
Costs to cover: 0.098%
Break-even: never at this rate

Slippage unknown: RISEx: live order book, 5 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 RISEx live order book, 5 min ago	2.03 bp	5.0 bp −$5	6.1 bp −$61	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	92.980	−0.196%	$196K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	92.992	−0.183%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0167%	1h	93.221	+0.063%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0152%	1h	93.080	−0.088%	$696K	$981K	10x	as long as short
Gate HYPE_USDT	−0.0096%	4h	93.250	+0.094%	$44.2M	$54.2M	75x	as long as short
Backpack HYPE_USDC_PERP	−0.0090%	1h	93.247	+0.091%	$7.8M	$10.4M	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.153	−0.010%	$84K	$357K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.062	−0.108%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0057%	4h	93.228	+0.070%	$156K	$652K	20x	as long as short
Aster HYPEUSDT	−0.0042%	4h	93.249	+0.093%	$8.8M	$36.3M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin HYPE-PERP	−0.0028%	1h	93.257	+0.102%	$79K	$174K	20x	as long as short
Phemex HYPEUSDT	−0.0025%	8h	93.199	+0.039%	$12.6M	$2.7M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.089	−0.079%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.255	+0.099%	$22K	$333K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.286	+0.133%	$25K	—	150x	as long as short
Bybit HYPEUSDT	+0.0003%	8h	93.230	+0.073%	$320.7M	$286.0M	75x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.256	+0.101%	—	$54.3M	—	as long as short
Bullet HYPE-USD	+0.0030%	1h	93.263	+0.108%	$111K	$579K	20x	as long as short
MEXC HYPE_USDT	+0.0040%	4h	93.248	+0.092%	$87.6M	$82.5M	100x	as long as short
Binance HYPEUSDT	+0.0040%	4h	93.246	+0.090%	$379.3M	$906.9M	75x	as long as short
edgeX HYPEUSDC	+0.0056%	4h	93.325	+0.174%	$5.1M	$29.8M	30x	as long as short
Phoenix HYPE	+0.0060%	1h	93.233	+0.076%	$212K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0067%	8h	93.234	+0.077%	$114.8M	$315.3M	50x	as long as short
Derive HYPE-PERP	+0.0067%	1h	93.215	+0.056%	$16.2M	$7.6M	10x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.277	+0.123%	$397K	$177K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.239	+0.082%	$339K	$165K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.269	+0.114%	$16.4M	$62.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.265	+0.110%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.152	−0.011%	$65K	$1.2M	50x	as long as short
Katana Perps HYPE-USDshort	+0.0100%	8h	93.020	−0.153%	$18K	$1.6M	10x
Nado HYPE-PERP	+0.0100%	1h	93.215	+0.056%	$5.6M	$45.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.334	+0.184%	$2.04B	$668.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.157	−0.005%	$10.0M	$14.8M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.404	+0.259%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.281	+0.127%	$46.0M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.255	+0.099%	$225.6M	$100.8M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.151	−0.013%	$30.9M	$55.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.195	+0.035%	$7.5M	$48.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.355	+0.207%	$337K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.050	−0.121%	$664K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.242	+0.085%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.208	+0.049%	$466K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.322	+0.171%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.260	+0.105%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.205	+0.046%	$18.3M	$44.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.310	+0.158%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.050	−0.121%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0175%	4h	93.407	+0.263%	$17.0M	$12.1M	75x	as long as short
RISEx HYPE/USDClong	+0.0210%	1h	93.162	long leg	$2.7M	$6.7M	20x
HTX HYPE-USDT	+0.0237%	4h	93.400	+0.255%	$1.4M	$6.1M	75x	as long as short
Reya HYPERUSDPERP	+0.0254%	1h	93.254	+0.099%	$79K	$142K	15x	as long as short
Kalshi KXHYPEPERP	+0.0260%	8h	93.286	+0.133%	$1.9M	$5.2M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0158%	1h	93.279	+0.125%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0672%	1h	93.369	+0.222%	$7.4M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0683%	1h	93.363	+0.215%	$20.8M	$30.2M	50x	as long as short