Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0200%/8h= +21.9% APRpaid last 24h −0.010%

Price spread now: Kalshi against Coinbase International+0.089%7-day average +0.053% · you sell dearer than you buy

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$370.374% of the position

Long on Coinbase International Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.069%−$7 on $10k

Price spread, last 4 days (all we have)+0.011%+$1 · spread now +0.089%, 7d avg +0.053%

Together, before fees−0.058%−$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Kalshi is 0.036% dearer against Coinbase International than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.053%. Mind the row above: over the last 7 days funding on this pair cost −0.069%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.069% in total (about -3.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International HYPE-PERP-INTX	95.350	−0.0064	get 0.0008% / 1h	10m 44s	$4.7M	$5.4M	50x
Short	Kalshi KXHYPEPERP	95.435	0.0136	get 0.0136% / 8h	10m 44s	$1.8M	$5.1M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Coinbase International. 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 Coinbase InternationalbpFee KalshibpOrdersPrice spread, now +0.089%Rate

Funding earned: $41.92
Price spread: +0.089% → +0.053%: $3.57
Slippage, 4 orders: −$17.39
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $8.11
Costs to cover: 0.374%
Break-even: 5.6 days

Slippage from Coinbase International: live order book, 1 min ago; Kalshi: live order book, 1 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 Coinbase International live order book, 1 min ago	2.62 bp	8.1 bp −$8	12.8 bp −$128	33.3 bp −$3,328	doesn't fit
Sell Kalshi live order book, 1 min ago	1.99 bp	9.4 bp −$9	10.9 bp −$109	19.1 bp −$1,905	doesn't fit

HYPE on 55 exchanges

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
Kraken Futures PF_HYPEUSD	−0.0280%	1h	95.401	+0.054%	$18.2M	$31.9M	50x	as long as short
Phemex HYPEUSDT	−0.0242%	8h	95.358	+0.008%	$13.0M	$2.2M	50x	as long as short
Bluefin HYPE-PERP	−0.0190%	1h	95.336	−0.015%	$79K	$131K	20x	as long as short
Aster HYPEUSDT	−0.0101%	4h	95.371	+0.022%	$9.0M	$34.6M	300x	as long as short
Aftermath Perps HYPEUSD	−0.0084%	1h	95.442	+0.096%	$22K	$17K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0080%	4h	95.339	−0.012%	$146K	$642K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.137	−0.223%	$3K	$421	25x	as long as short
Coinbase International HYPE-PERP-INTXlong	−0.0064%	1h	95.350	long leg	$4.7M	$5.4M	50x
Ondo Perps HYPE-USD.P	−0.0052%	1h	95.280	−0.073%	$678K	$1.2M	10x	as long as short
Gate HYPE_USDT	−0.0044%	4h	95.395	+0.047%	$57.4M	$54.1M	75x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX HYPE-USDT-SWAP	−0.0040%	8h	95.388	+0.040%	$119.2M	$304.5M	50x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	95.316	−0.036%	$101K	$355K	20x	as long as short
Phoenix HYPE	−0.0017%	1h	95.703	+0.370%	$197K	$1.1M	10x	as long as short
Bitget HYPEUSDT	−0.0016%	4h	95.397	+0.049%	$229.9M	$86.0M	75x	as long as short
Lighter HYPE	0.0000%	1h	95.397	+0.050%	$16.7M	$56.2M	20x	as long as short
Perpl HYPE	0.0000%	43m	95.377	+0.028%	$24K	$246K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	95.375	+0.026%	$66K	—	150x	as long as short
Backpack HYPE_USDC_PERP	+0.0018%	1h	95.359	+0.009%	$6.8M	$12.3M	20x	as long as short
edgeX HYPEUSDC	+0.0034%	4h	95.519	+0.177%	$5.1M	$28.2M	30x	as long as short
MEXC HYPE_USDT	+0.0046%	4h	95.406	+0.059%	$88.8M	$84.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0046%	4h	95.381	+0.033%	$47.8M	$17.7M	75x	as long as short
BingX HYPE-USDT	+0.0046%	4h	95.404	+0.057%	—	$50.7M	—	as long as short
Binance HYPEUSDT	+0.0047%	4h	95.401	+0.053%	$388.1M	$844.8M	75x	as long as short
Bybit HYPEUSDT	+0.0048%	8h	95.400	+0.052%	$323.8M	$262.7M	75x	as long as short
Derive HYPE-PERP	+0.0063%	1h	95.310	−0.042%	$16.5M	$5.7M	10x	as long as short
dYdX HYPE-USD	+0.0070%	1h	95.399	+0.052%	$128K	$96K	5x	as long as short
Bullet HYPE-USD	+0.0079%	1h	95.364	+0.015%	$113K	$582K	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.401	+0.053%	$3.0M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	95.332	−0.019%	$246K	$1.1M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	95.372	+0.023%	$403K	$115K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	95.335	−0.016%	$340K	$30K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	95.280	−0.073%	$17K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.318	−0.033%	$5.3M	$50.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.483	+0.139%	$2.11B	$631.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.366	+0.016%	$10.3M	$12.5M	20x	as long as short
Arcus HYPE-USD	+0.0100%	1h	95.359	+0.009%	$1.1M	$2.7M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.627	+0.290%	$230K	$20K	10x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.408	+0.061%	$30.3M	$51.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.541	+0.200%	$7.7M	$41.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.611	+0.274%	$335K	$922K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.586	+0.248%	$695K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	95.429	+0.083%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.339	−0.012%	$484K	$2.3M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.441	+0.095%	$33K	$1.3M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	95.391	+0.043%	$2.1M	$341K	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.466	+0.122%	$1.4M	$5.1M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.371	+0.022%	$18.2M	$35.6M	50x	as long as short
Kalshi KXHYPEPERPshort	+0.0136%	8h	95.435	+0.089%	$1.8M	$5.1M	2.3x
RISEx HYPE/USDC	+0.0138%	1h	95.343	−0.008%	$3.2M	$5.1M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0148%	1h	95.447	+0.102%	$7.6M	$4.3M	50x	as long as short
BloFin HYPE-USDT	+0.0191%	4h	95.400	+0.052%	$17.6M	$11.5M	75x	as long as short
Reya HYPERUSDPERP	+0.0267%	1h	95.320	−0.031%	$83K	$92K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0327% / S −0.0152%	1h	95.384	+0.036%	$1.4M	—	100x	as long as short
Hibachi HYPE/USDT-P	+0.0392%	1h	95.477	+0.134%	$206K	$268K	7x	as long as short
Injective HYPE/USDC PERP	+0.1234%	1h	95.170	−0.189%	$31K	$334K	12x	as long as short