Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Katana Perps against SoDEX−0.010%7-day average −0.017% · you buy dearer than you sell

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

Long on SoDEX Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.012%−$1 on $10k

Price spread, last 4 days (all we have)+0.293%+$29 · spread now −0.010%, 7d avg −0.017%

Together, before fees+0.280%+$28 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX HYPE-USD	93.279	0.0100	pay 0.0013% / 1h	28m 08s	$2.0M	$1.9M	10x
Short	Katana Perps HYPE-USD	93.270	0.0100	get 0.0100% / 8h	5h 28m	$17K	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against SoDEX. 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 SoDEXbpFee Katana PerpsbpOrdersPrice spread, now −0.010%Rate

Funding earned: −$0.04
Price spread: −0.010% → −0.017%: $0.77
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$11.07
Costs to cover: 0.118%
Break-even: never at this rate

Slippage unknown: SoDEX: 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 SoDEX live order book, 1 min ago	0.05 bp	6.9 bp −$7	12.8 bp −$128	95.4 bp −$9,536	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	−0.1280%	1h	93.345	+0.071%	$197K	$227K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.194	−0.091%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0106%	1h	93.320	+0.044%	$699K	$996K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.305	+0.028%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.295	+0.017%	$85K	$344K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0050%	1h	93.421	+0.152%	$22K	$21K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0044%	4h	93.269	−0.011%	$153K	$652K	20x	as long as short
Phemex HYPEUSDT	−0.0044%	8h	93.291	+0.013%	$12.6M	$2.7M	50x	as long as short
Bullet HYPE-USD	−0.0007%	1h	93.305	+0.028%	$111K	$578K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.309	+0.032%	$128K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.302	+0.025%	$23K	$319K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.324	+0.048%	$62K	—	150x	as long as short
Aster HYPEUSDT	+0.0023%	4h	93.286	+0.007%	$8.8M	$35.5M	300x	as long as short
BingX HYPE-USDT	+0.0024%	4h	93.280	+0.001%	—	$53.0M	—	as long as short
Phoenix HYPE	+0.0026%	1h	93.609	+0.354%	$213K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0039%	8h	93.300	+0.023%	$320.9M	$276.9M	75x	as long as short
Gate HYPE_USDT	+0.0058%	4h	93.280	+0.001%	$44.6M	$55.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0075%	8h	93.270	−0.010%	$114.0M	$301.4M	50x	as long as short
Derive HYPE-PERP	+0.0083%	1h	93.258	−0.022%	$16.2M	$7.5M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.311	+0.035%	$16.2M	$61.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.304	+0.027%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.290	+0.012%	$69K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.343	+0.069%	$339K	$162K	20x	as long as short
Katana Perps HYPE-USDshort	+0.0100%	8h	93.270	−0.010%	$17K	$1.6M	10x
Nado HYPE-PERP	+0.0100%	1h	93.299	+0.021%	$5.8M	$43.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.353	+0.079%	$2.04B	$654.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.331	+0.056%	$10.0M	$14.7M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.293	+0.015%	$378.5M	$876.4M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.364	+0.091%	$203K	$10K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.287	+0.009%	$89.7M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.310	+0.033%	$45.9M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.280	+0.001%	$225.5M	$96.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.278	−0.001%	$7.4M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.546	+0.286%	$31.2M	$53.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.614	+0.360%	$7.6M	$45.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.581	+0.324%	$340K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.415	+0.146%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.366	+0.093%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.333	+0.058%	$471K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.261	−0.019%	$79K	$170K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.345	+0.071%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USDlong	+0.0100%	1h	93.279	long leg	$2.0M	$1.9M	10x
edgeX HYPEUSDC	+0.0102%	4h	93.459	+0.193%	$5.1M	$29.7M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.252	−0.029%	$18.4M	$43.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.280	+0.001%	$397K	$162K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.350	+0.076%	$4.8M	$5.5M	50x	as long as short
HTX HYPE-USDT	+0.0176%	4h	93.447	+0.180%	$1.4M	$6.0M	75x	as long as short
Reya HYPERUSDPERP	+0.0258%	1h	93.299	+0.021%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0280%	8h	93.348	+0.074%	$1.9M	$5.0M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.328	+0.052%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.339	+0.064%	$16.9M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0468%	1h	93.379	+0.107%	$7.4M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.377	+0.105%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.280	+0.001%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0685%	1h	93.348	+0.074%	$20.7M	$29.7M	50x	as long as short