Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: Kalshi against Bulk−0.005%7-day average −0.014% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$300.298% of the position

Long on Bulk Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.106%−$11 on $10k

Price spread, last 4 days (all we have)−0.049%−$5 · spread now −0.005%, 7d avg −0.014%

Together, before fees−0.155%−$16 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.014%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk HYPE-USD	92.800	0.0100	pay 0.0013% / 1h	56m 40s	$202K	$13K	10x
Short	Kalshi KXHYPEPERP	92.795	0	get 0.0000% / 8h	7h 56m	$1.8M	$5.4M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Bulk. 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 BulkbpFee KalshibpOrdersPrice spread, now −0.005%Rate

Funding earned: −$21
Price spread: −0.005% → −0.014%: $0.88
Slippage, 4 orders: −$12.8
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$49.92
Costs to cover: 0.298%
Break-even: never at this rate

Slippage from Bulk: live order book, 62 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 Bulk live order book, 62 min ago	1.08 bp	4.6 bp −$5	6.5 bp −$65	15.2 bp −$1,521	44.9 bp −$22.4K
Sell Kalshi live order book, 2 min ago	3.50 bp	9.8 bp −$10	11.8 bp −$118	19.5 bp −$1,955	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	−0.0472%	1h	92.744	−0.060%	$193K	$228K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0281%	1h	92.823	+0.025%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.667	−0.143%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.753	−0.051%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0063%	4h	92.702	−0.106%	$157K	$653K	20x	as long as short
Gate HYPE_USDT	−0.0018%	4h	92.685	−0.124%	$44.4M	$53.4M	75x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.772	−0.030%	$127K	$29K	5x	as long as short
Kalshi KXHYPEPERPshort	0.0000%	8h	92.795	−0.005%	$1.8M	$5.4M	2.3x
Perpl HYPE	0.0000%	43m	92.769	−0.034%	$22K	$302K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.778	−0.024%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HYPEUSDT	+0.0040%	8h	92.758	−0.045%	$12.5M	$2.7M	50x	as long as short
01 Exchange HYPEUSD	+0.0040%	1h	92.732	−0.073%	$87K	$362K	20x	as long as short
Bybit HYPEUSDT	+0.0041%	8h	92.670	−0.140%	$315.6M	$281.7M	75x	as long as short
Phoenix HYPE	+0.0043%	1h	92.888	+0.095%	$210K	$1.2M	10x	as long as short
Popdex HYPEUSDT	+0.0056%	1h	92.702	−0.106%	$69K	$1.1M	50x	as long as short
Bullet HYPE-USD	+0.0057%	1h	92.753	−0.051%	$111K	$579K	20x	as long as short
Aster HYPEUSDT	+0.0068%	4h	92.724	−0.082%	$8.7M	$36.2M	300x	as long as short
Bitget HYPEUSDT	+0.0082%	4h	92.679	−0.130%	$224.3M	$98.7M	75x	as long as short
edgeX HYPEUSDC	+0.0093%	4h	92.869	+0.074%	$4.9M	$29.5M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	92.717	−0.089%	$338K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.735	−0.070%	$16.0M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.737	−0.068%	$3.1M	$11.6M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0099%	8h	92.688	−0.121%	$113.8M	$303.0M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.680	−0.129%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.755	−0.048%	$7.4M	$45.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.803	+0.003%	$2.02B	$664.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.722	−0.084%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.710	−0.097%	$372.5M	$902.8M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0100%	1h	92.720	−0.086%	$697K	$1.1M	10x	as long as short
Bulk HYPE-USDlong	+0.0100%	1h	92.800	long leg	$202K	$13K	10x
MEXC HYPE_USDT	+0.0100%	4h	92.700	−0.108%	$88.0M	$79.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.746	−0.058%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.685	−0.124%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.780	−0.022%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.859	+0.063%	$28.5M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.886	+0.093%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.892	+0.099%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.845	+0.048%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.833	+0.035%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.791	−0.010%	$468K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.708	−0.099%	$78K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.714	−0.093%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.756	−0.047%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.728	−0.078%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.900	+0.108%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.663	−0.147%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.765	−0.038%	$392K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.800	0.000%	$4.7M	$5.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.799	−0.002%	$20.6M	$30.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.050	+0.269%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0263%	1h	92.746	−0.059%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.758	−0.046%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.727	−0.079%	$16.7M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0440%	1h	92.842	+0.045%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.757	−0.046%	$3.1M	$6.4M	20x	as long as short