Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Katana Perps against Variational Omni+0.074%7-day average −0.020% · you sell dearer than you buy

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

Long on Variational Omni Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.016%−$2 on $10k

Price spread, last 7 days−0.108%−$11 · spread now +0.074%, 7d avg −0.020%

Together, before fees−0.124%+ Points / potential airdropVariational Omni: Active · farm board−$12 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 0.094% dearer against Variational Omni than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of −0.020%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni HYPE	93.281	0.0100	pay 0.0100% / 8h	6h 48m	$30.9M	$55.0M	—
Short	Katana Perps HYPE-USD	93.350	0.0100	get 0.0100% / 8h	6h 48m	$37K	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Variational Omni. 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 Variational OmnibpFee Katana PerpsbpOrdersPrice spread, now +0.074%Rate

Funding earned: −$0.04
Price spread: +0.074% → −0.020%: $9.42
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: $5.58
Costs to cover: 0.038%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 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 Variational Omni RFQ quote, 1 min ago	0.51 bp	doesn't fit	7.3 bp −$73	22.6 bp −$2,255	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	−0.1064%	1h	93.383	+0.110%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.226	−0.058%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0180%	1h	93.379	+0.106%	$22K	$21K	10x	as long as short
Backpack HYPE_USDC_PERP	−0.0136%	1h	93.390	+0.117%	$7.8M	$10.6M	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0107%	1h	93.450	+0.182%	$699K	$979K	10x	as long as short
Gate HYPE_USDT	−0.0082%	4h	93.328	+0.051%	$44.2M	$53.8M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.453	+0.185%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.337	+0.061%	$85K	$361K	20x	as long as short
Phemex HYPEUSDT	−0.0062%	8h	93.400	+0.128%	$12.7M	$2.7M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0050%	4h	93.324	+0.047%	$158K	$646K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0019%	4h	93.402	+0.130%	$8.9M	$36.2M	300x	as long as short
ApeX Omni HYPEUSDT	−0.0006%	1h	93.312	+0.034%	$337K	$1.1M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.455	+0.187%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.368	+0.094%	$22K	$333K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.387	+0.114%	$26K	—	150x	as long as short
BingX HYPE-USDT	+0.0012%	4h	93.358	+0.083%	—	$54.2M	—	as long as short
Bybit HYPEUSDT	+0.0021%	8h	93.360	+0.085%	$319.4M	$283.0M	75x	as long as short
edgeX HYPEUSDC	+0.0038%	4h	93.103	−0.190%	$5.0M	$29.8M	30x	as long as short
MEXC HYPE_USDT	+0.0042%	4h	93.313	+0.035%	$87.5M	$82.1M	100x	as long as short
Bullet HYPE-USD	+0.0045%	1h	93.363	+0.088%	$111K	$579K	20x	as long as short
Binance HYPEUSDT	+0.0047%	4h	93.373	+0.099%	$380.6M	$904.5M	75x	as long as short
Bluefin HYPE-PERP	+0.0048%	1h	93.343	+0.067%	$79K	$174K	20x	as long as short
Derive HYPE-PERP	+0.0058%	1h	93.336	+0.060%	$16.2M	$7.6M	10x	as long as short
Phoenix HYPE	+0.0060%	1h	93.190	−0.097%	$212K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0064%	8h	93.371	+0.097%	$115.1M	$315.5M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.354	+0.078%	$397K	$177K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.429	+0.159%	$16.4M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.428	+0.158%	$3.1M	$11.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.332	+0.055%	$64K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.395	+0.123%	$339K	$165K	20x	as long as short
Katana Perps HYPE-USDshort	+0.0100%	8h	93.350	+0.074%	$37K	$1.6M	10x
Nado HYPE-PERP	+0.0100%	1h	93.356	+0.080%	$6.6M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.425	+0.155%	$2.04B	$672.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.419	+0.148%	$10.0M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.351	+0.076%	$46.0M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.363	+0.088%	$226.0M	$100.7M	75x	as long as short
Variational Omni HYPElong	+0.0100%	8h	93.281	long leg	$30.9M	$55.0M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.172	−0.117%	$7.5M	$46.9M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.508	+0.244%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.410	+0.139%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.362	+0.087%	$467K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.424	+0.154%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.363	+0.088%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.250	−0.033%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.348	+0.072%	$18.4M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.410	+0.139%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.440	+0.171%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0175%	4h	93.407	+0.136%	$17.0M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.378	+0.104%	$2.7M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0253%	1h	93.298	+0.019%	$79K	$142K	15x	as long as short
Kalshi KXHYPEPERP	+0.0258%	8h	93.590	+0.332%	$1.9M	$5.2M	2.3x	as long as short
HTX HYPE-USDT	+0.0267%	4h	93.558	+0.297%	$1.5M	$6.1M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0158%	1h	93.380	+0.106%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0510%	1h	93.476	+0.210%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0682%	1h	93.456	+0.189%	$20.8M	$29.9M	50x	as long as short