Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.031%

Price spread now: Kalshi against Arcus+0.146%7-day average +0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$250.252% of the position

Long on Arcus Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.026%−$3 on $10k

Price spread, last 7 days−0.059%−$6 · spread now +0.146%, 7d avg +0.022%

Together, before fees−0.085%−$9 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.124% dearer against Arcus than usual: you sell high and buy low (spread +0.146% now, against its 7-day average of +0.022%): +$12 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 4.1 days. At the pace of the last 3 days (−0.026% in total) that is about 16 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus HYPE-USD	93.256	0.0100	pay 0.0013% / 1h	1m 36s	$1.2M	$4.1M	10x
Short	Kalshi KXHYPEPERP	93.392	0	get 0.0000% / 8h	6h 01m	$1.9M	$5.3M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Arcus. 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 ArcusbpFee KalshibpOrdersPrice spread, now +0.146%Rate

Funding earned: −$21
Price spread: +0.146% → +0.022%: $12.4
Slippage, 4 orders: −$10.7
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$33.8
Costs to cover: 0.252%
Break-even: never at this rate

Slippage from Arcus: live order book, 2 min ago; Kalshi: live order book, 2 min ago.

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 Arcus live order book, 2 min ago	0.22 bp	2.5 bp −$2	4.0 bp −$40	20.1 bp −$2,012	doesn't fit
Sell Kalshi live order book, 2 min ago	2.36 bp	9.7 bp −$10	11.4 bp −$114	18.6 bp −$1,864	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	−0.0800%	1h	93.293	+0.039%	$197K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0264%	1h	93.302	+0.049%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0219%	1h	93.230	−0.028%	$701K	$933K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.310	+0.058%	$90K	$360K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.294	+0.041%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0043%	1h	93.279	+0.025%	$111K	$580K	20x	as long as short
Derive HYPE-PERP	−0.0037%	1h	93.244	−0.013%	$16.4M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.280	+0.026%	$127K	$32K	5x	as long as short
Kalshi KXHYPEPERPshort	0.0000%	8h	93.392	+0.146%	$1.9M	$5.3M	2.3x
Perpl HYPE	0.0000%	43m	93.313	+0.061%	$23K	$334K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.335	+0.084%	$20K	—	150x	as long as short
Aster HYPEUSDT	+0.0010%	4h	93.279	+0.025%	$8.9M	$35.8M	300x	as long as short
Bybit HYPEUSDT	+0.0028%	8h	93.268	+0.013%	$324.9M	$287.3M	75x	as long as short
Popdex HYPEUSDT	+0.0032%	1h	93.284	+0.030%	$57K	$1.2M	50x	as long as short
Gate HYPE_USDT	+0.0034%	4h	93.284	+0.030%	$44.0M	$58.1M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0050%	4h	93.318	+0.066%	$167K	$512K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.279	+0.025%	$215K	$1.2M	10x	as long as short
Vest HYPE-PERP	+0.0076%	1h	93.302	+0.049%	—	$454K	5x	as long as short
SoDEX HYPE-USD	+0.0094%	1h	93.297	+0.044%	$2.0M	$2.0M	10x	as long as short
Bluefin HYPE-PERP	+0.0095%	1h	93.287	+0.033%	$76K	$168K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.314	+0.062%	$18.6M	$60.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.305	+0.053%	$3.1M	$12.4M	20x	as long as short
StandX HYPE-USD	+0.0097%	1h	93.283	+0.029%	$674K	$2.5M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.295	+0.042%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.310	+0.058%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.283	+0.029%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.330	+0.079%	$2.03B	$671.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.308	+0.056%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.284	+0.030%	$384.9M	$889.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.261	+0.005%	$114.7M	$314.7M	50x	as long as short
Arcus HYPE-USDlong	+0.0100%	1h	93.256	long leg	$1.2M	$4.1M	10x
Bulk HYPE-USD	+0.0100%	1h	93.271	+0.017%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.266	+0.011%	$92.7M	$82.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.276	+0.021%	$46.2M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.292	+0.039%	$226.6M	$102.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.272	+0.017%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.299	+0.046%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.211	−0.048%	$29.0M	$50.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.271	+0.016%	$7.5M	$45.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.255	−0.001%	$405K	$1.0M	50x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.334	+0.084%	$493K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.329	+0.078%	$32K	$1.6M	20x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.297	+0.044%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.275	+0.020%	$18.4M	$41.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.313	+0.061%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0105%	4h	93.244	−0.013%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.390	+0.144%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.297	+0.043%	$78K	$158K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0275%	1h	93.404	+0.159%	$7.4M	$4.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.910	+0.701%	$31K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0298%	4h	93.467	+0.226%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.330	+0.079%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.243	−0.014%	$17.1M	$12.4M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.347	+0.097%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.427	+0.183%	$19.6M	$26.8M	50x	as long as short