Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h −0.028%

Price spread now: Kalshi against ApeX Omni−0.030%7-day average +0.036% · you buy dearer than you sell

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$390.392% of the position

Long on ApeX Omni Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.193%−$19 on $10k

Price spread, last 3 days (all we have)+0.182%+$18 · spread now −0.030%, 7d avg +0.036%

Together, before fees−0.012%−$1 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kalshi is 0.066% cheaper against ApeX Omni than usual: you would sell low and buy high (spread −0.030% now, against its 7-day average of +0.036%). If the spread goes back, that is −$7 on $10k: about 6.9 days of funding at the current rate (+$1 a day). Mind the row above: over the last 7 days funding on this pair cost −0.193%, 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	ApeX Omni HYPEUSDT	94.200	0.0100	pay 0.0013% / 1h	43m 07s	$336K	$1.1M	50x
Short	Kalshi KXHYPEPERP	94.172	0.0132	get 0.0132% / 8h	4h 43m	$1.9M	$5.0M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against ApeX Omni. 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 ApeX OmnibpFee KalshibpOrdersPrice spread, now −0.030%Rate

Funding earned: $6.72
Price spread: −0.030% → +0.036%: −$6.62
Slippage, 4 orders: −$19.15
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$39.05
Costs to cover: 0.392%
Break-even: 47.7 days

Slippage from ApeX Omni: live order book, 1 min ago; Kalshi: live order book, just now.

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 ApeX Omni live order book, 1 min ago	1.54 bp	10.8 bp −$11	13.2 bp −$132	doesn't fit	doesn't fit
Sell Kalshi live order book, just now	2.71 bp	7.7 bp −$8	11.6 bp −$116	20.8 bp −$2,081	doesn't fit

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	−0.0616%	1h	94.235	+0.037%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0425%	1h	94.145	−0.058%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	94.163	−0.039%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.249	+0.052%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.244	+0.046%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.248	+0.051%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.134	−0.070%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	94.301	+0.107%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0010%	4h	94.132	−0.072%	$163K	$572K	20x	as long as short
Ondo Perps HYPE-USD.P	+0.0010%	1h	94.150	−0.053%	$705K	$909K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	+0.0020%	8h	94.060	−0.149%	$324.3M	$282.2M	75x	as long as short
01 Exchange HYPEUSD	+0.0040%	1h	94.258	+0.062%	$87K	$364K	20x	as long as short
Aster HYPEUSDT	+0.0042%	4h	94.140	−0.064%	$8.9M	$35.9M	300x	as long as short
Phemex HYPEUSDT	+0.0053%	8h	94.114	−0.091%	$12.8M	$2.6M	50x	as long as short
Gate HYPE_USDT	+0.0072%	4h	94.057	−0.152%	$44.3M	$58.4M	75x	as long as short
Binance HYPEUSDT	+0.0077%	4h	94.072	−0.136%	$385.1M	$891.1M	75x	as long as short
MEXC HYPE_USDT	+0.0078%	4h	94.074	−0.134%	$88.9M	$81.1M	100x	as long as short
edgeX HYPEUSDC	+0.0087%	4h	94.189	−0.012%	$5.1M	$29.9M	30x	as long as short
Derive HYPE-PERP	+0.0093%	1h	94.057	−0.152%	$16.5M	$7.1M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.113	−0.092%	$19.0M	$59.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.108	−0.098%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.250	+0.053%	$64K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.248	+0.051%	$342K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.250	+0.053%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.243	+0.045%	$5.8M	$44.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.262	+0.066%	$10.2M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.068	−0.140%	$116.0M	$319.8M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.095	−0.111%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.089	−0.118%	$47.2M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.072	−0.136%	$227.8M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.063	−0.145%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.103	−0.103%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.203	+0.003%	$31.9M	$53.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.223	+0.024%	$7.6M	$45.0M	10x	as long as short
ApeX Omni HYPEUSDTlong	+0.0100%	1h	94.200	long leg	$336K	$1.1M	50x
StandX HYPE-USD	+0.0100%	1h	94.203	+0.003%	$681K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.272	+0.077%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.271	+0.075%	$498K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	94.074	−0.134%	$112K	$579K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.103	−0.103%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.085	−0.122%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.070	−0.138%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.160	−0.042%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.050	−0.160%	$18.4M	$42.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.106	−0.100%	$400K	$318K	20x	as long as short
Kalshi KXHYPEPERPshort	+0.0132%	8h	94.172	−0.030%	$1.9M	$5.0M	2.3x
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.110	−0.096%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0228%	4h	94.250	+0.053%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	94.154	−0.049%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.301	+0.108%	$2.8M	$6.9M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0292%	1h	94.165	−0.037%	$7.4M	$4.6M	50x	as long as short
BloFin HYPE-USDT	+0.0309%	4h	94.057	−0.152%	$17.0M	$12.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0341% / S −0.0165%	1h	94.158	−0.044%	$1.4M	—	100x	as long as short
Hyperliquid HYPE	+0.0531%	1h	94.151	−0.052%	$2.05B	$668.7M	10x	as long as short
Kraken Futures PF_HYPEUSD	+0.0576%	1h	94.170	−0.031%	$21.0M	$29.2M	50x	as long as short