Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0317%/8h= +34.7% APRpaid last 24h −0.035%

Price spread now: Kalshi against Backpack+0.081%54s7-day average −0.248% · you sell dearer than you buy

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$290.292% of the position

Long on Backpack Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.243%−$24 on $10k

Price spread, last 7 days+0.269%+$27 · spread now +0.081%, 7d avg −0.248%

Together, before fees+0.026%+$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Kalshi is 0.329% dearer against Backpack than usual: you sell high and buy low: +$33 more if the spread goes back to its 7-day average of −0.248%. Mind the row above: over the last 7 days funding on this pair cost −0.243%, so the current rate has only just turned in your favour. The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack HYPE_USDC_PERP	93.796	−0.0048	get 0.0006% / 1h	29m 11s	$7.8M	$10.3M	20x
Short	Kalshi KXHYPEPERP	93.872	0.0270	get 0.0270% / 8h	2h 29m	$1.9M	$5.1M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Backpack. 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 BackpackbpFee KalshibpOrdersPrice spread, now +0.081%Rate

Funding earned: $66.64
Price spread: +0.081% → −0.248%: $32.94
Slippage, 4 orders: −$9.23
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $70.35
Costs to cover: 0.292%
Break-even: from the start

Slippage from Backpack: live order book, 5 min ago; Kalshi: live order book, 5 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 Backpack live order book, 5 min ago	0.05 bp	5.1 bp −$5	6.3 bp −$63	34.7 bp −$3,472	doesn't fit
Sell Kalshi live order book, 5 min ago	2.73 bp	8.1 bp −$8	10.9 bp −$109	20.2 bp −$2,021	doesn't fit

HYPE on 54 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	−0.0904%	1h	93.685	−0.119%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.697	−0.106%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0151%	1h	93.587	−0.223%	$22K	$21K	10x	as long as short
Phemex HYPEUSDT	−0.0134%	8h	93.757	−0.042%	$12.7M	$2.7M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0092%	1h	93.600	−0.209%	$701K	$958K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.716	−0.085%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0056%	4h	93.776	−0.021%	$156K	$648K	20x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.834	+0.041%	$86K	$350K	20x	as long as short
Gate HYPE_USDT	−0.0050%	4h	93.813	+0.018%	$44.5M	$54.8M	75x	as long as short
Backpack HYPE_USDC_PERPlong	−0.0048%	1h	93.796	long leg	$7.8M	$10.3M	20x

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0011%	4h	93.847	+0.054%	$8.9M	$36.0M	300x	as long as short
Bybit HYPEUSDT	−0.0001%	8h	93.795	−0.001%	$322.2M	$281.5M	75x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.868	+0.077%	$129K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.814	+0.019%	$22K	$326K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.825	+0.030%	$26K	—	150x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.805	+0.010%	—	$53.9M	—	as long as short
Bullet HYPE-USD	+0.0056%	1h	93.817	+0.022%	$112K	$578K	20x	as long as short
MEXC HYPE_USDT	+0.0058%	4h	93.828	+0.034%	$88.1M	$82.8M	100x	as long as short
edgeX HYPEUSDC	+0.0059%	4h	93.654	−0.151%	$5.1M	$30.1M	30x	as long as short
Binance HYPEUSDT	+0.0060%	4h	93.810	+0.015%	$381.6M	$897.7M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.705	−0.097%	$211K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0067%	8h	93.815	+0.020%	$115.3M	$309.9M	50x	as long as short
Derive HYPE-PERP	+0.0092%	1h	93.770	−0.028%	$16.3M	$7.7M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.856	+0.064%	$341K	$164K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.829	+0.035%	$16.4M	$62.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.816	+0.021%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.818	+0.023%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.806	+0.011%	$399K	$177K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.800	+0.004%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.808	+0.013%	$5.7M	$45.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.921	+0.133%	$2.05B	$671.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.837	+0.044%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.822	+0.028%	$46.3M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.799	+0.003%	$226.9M	$98.6M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.610	−0.198%	$31.0M	$54.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.468	−0.350%	$7.5M	$48.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.658	−0.147%	$338K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.762	−0.036%	$669K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.857	+0.065%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.843	+0.050%	$470K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.783	−0.014%	$79K	$172K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.883	+0.093%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.790	−0.006%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.348	−0.478%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.765	−0.033%	$18.3M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.850	+0.058%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.790	−0.006%	$30K	$339K	12x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.864	+0.072%	$3.2M	$7.0M	20x	as long as short
HTX HYPE-USDT	+0.0217%	4h	93.979	+0.195%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0254%	1h	93.813	+0.018%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERPshort	+0.0270%	8h	93.872	+0.081%	$1.9M	$5.1M	2.3x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0156%	1h	93.825	+0.031%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0389%	1h	93.893	+0.103%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0679%	1h	93.883	+0.092%	$21.0M	$29.9M	50x	as long as short