Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0035%/8h= +3.9% APRpaid last 24h −0.023%

Price spread now: Kalshi against Binance+0.141%7-day average −0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$310.311% of the position

Long on Binance Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.177%−$18 on $10k

Price spread, last 7 days−0.026%−$3 · spread now +0.141%, 7d avg −0.001%

Together, before fees−0.203%−$20 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Kalshi is 0.142% dearer against Binance than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of −0.001%. Mind the row above: over the last 7 days funding on this pair cost −0.177%, 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	Binance HYPEUSDT	93.674	0.0100	pay 0.0050% / 4h	2h 23m	$386.4M	$888.1M	75x
Short	Kalshi KXHYPEPERP	93.806	0.0135	get 0.0135% / 8h	6h 23m	$1.9M	$5.3M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Binance. 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 BinancebpFee KalshibpOrdersPrice spread, now +0.141%Rate

Funding earned: $7.45
Price spread: +0.141% → −0.001%: $14.22
Slippage, 4 orders: −$11.07
Fee Binance: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$9.4
Costs to cover: 0.311%
Break-even: 15.8 days

Slippage from Binance: live order book, 6 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 Binance live order book, 6 min ago	0.05 bp	5.1 bp −$5	6.6 bp −$66	14.4 bp −$1,444	32.2 bp −$16.1K
Sell Kalshi live order book, 5 min ago	2.56 bp	10.5 bp −$11	12.3 bp −$123	17.7 bp −$1,770	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	−0.1008%	1h	93.638	−0.039%	$198K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0296%	1h	93.649	−0.026%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0237%	1h	93.630	−0.047%	$702K	$934K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.716	+0.045%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.683	+0.010%	$90K	$348K	20x	as long as short
Bullet HYPE-USD	−0.0016%	1h	93.717	+0.046%	$111K	$583K	20x	as long as short
Derive HYPE-PERP	−0.0009%	1h	93.678	+0.005%	$16.5M	$7.0M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.721	+0.050%	$128K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.703	+0.031%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.746	+0.077%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0029%	4h	93.712	+0.041%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0034%	4h	93.683	+0.010%	$44.1M	$57.0M	75x	as long as short
Bybit HYPEUSDT	+0.0037%	8h	93.667	−0.007%	$326.2M	$287.1M	75x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.649	−0.027%	$57K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0064%	4h	93.713	+0.042%	$175K	$536K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.742	+0.073%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.723	+0.052%	$18.6M	$59.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.723	+0.052%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.690	+0.017%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.710	+0.038%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.674	+0.001%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.789	+0.123%	$2.04B	$669.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.707	+0.035%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDTlong	+0.0100%	4h	93.674	long leg	$386.4M	$888.1M	75x
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.678	+0.004%	$115.0M	$316.0M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.642	−0.034%	$1.2M	$4.0M	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.687	+0.014%	$93.7M	$82.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.672	−0.002%	$46.5M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.689	+0.016%	$227.5M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.662	−0.013%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.747	+0.078%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.652	−0.024%	$29.0M	$50.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.613	−0.065%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.545	−0.138%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.752	+0.083%	$678K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.732	+0.062%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.718	+0.047%	$495K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.729	+0.059%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.761	+0.093%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.715	+0.044%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.689	+0.016%	$12.8M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.556	−0.126%	$204K	$12K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.643	−0.034%	$18.3M	$41.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.712	+0.041%	$399K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0105%	4h	93.554	−0.128%	$5.1M	$29.5M	30x	as long as short
Kalshi KXHYPEPERPshort	+0.0135%	8h	93.806	+0.141%	$1.9M	$5.3M	2.3x
Deribit HYPE_USDC-PERPETUAL	+0.0166%	1h	93.826	+0.162%	$7.4M	$4.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.760	+0.092%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.678	+0.005%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.610	−0.068%	$30K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0313%	4h	93.884	+0.224%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0164%	1h	93.747	+0.078%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.691	+0.018%	$17.1M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.719	+0.048%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0572%	1h	93.807	+0.142%	$19.2M	$26.0M	50x	as long as short