Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0163%/8h= −17.9% APRpaid last 24h −0.048%

Price spread now: Kalshi against Deribit+0.007%7-day average −0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$370.371% of the position

Long on Deribit Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.153%−$15 on $10k

Price spread, last 3 days (all we have)+0.040%+$4 · spread now +0.007%, 7d avg −0.015%

Together, before fees−0.114%−$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.023% dearer against Deribit than usual: you sell high and buy low (spread +0.007% now, against its 7-day average of −0.015%): +$2 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 11 hours. At the pace of the last 7 days (−0.153% in total) that is about 25 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit HYPE_USDC-PERPETUAL	94.112	0.0356	pay 0.0044% / 1h	38m 31s	$7.5M	$4.6M	50x
Short	Kalshi KXHYPEPERP	94.119	0.0193	get 0.0193% / 8h	3h 38m	$1.9M	$5.1M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Deribit. 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 DeribitbpFee KalshibpOrdersPrice spread, now +0.007%Rate

Funding earned: −$34.33
Price spread: +0.007% → −0.015%: $2.26
Slippage, 4 orders: −$20.07
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$69.13
Costs to cover: 0.371%
Break-even: never at this rate

Slippage from Deribit: live order book, 1 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 Deribit live order book, 1 min ago	1.75 bp	7.6 bp −$8	9.4 bp −$94	doesn't fit	doesn't fit
Sell Kalshi live order book, 5 min ago	3.40 bp	11.9 bp −$12	13.5 bp −$135	21.3 bp −$2,134	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	−0.1472%	1h	93.969	−0.152%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	94.078	−0.036%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0273%	1h	94.036	−0.081%	$22K	$23K	10x	as long as short
Phemex HYPEUSDT	−0.0194%	8h	94.071	−0.044%	$12.8M	$2.6M	50x	as long as short
dYdX HYPE-USD	−0.0193%	1h	94.163	+0.055%	$128K	$29K	5x	as long as short
Ondo Perps HYPE-USD.P	−0.0166%	1h	93.990	−0.130%	$705K	$935K	10x	as long as short
Bullet HYPE-USD	−0.0085%	1h	94.024	−0.094%	$112K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.237	+0.133%	$86K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.032	−0.085%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0012%	4h	94.186	+0.079%	$44.5M	$59.4M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0012%	4h	94.035	−0.082%	$170K	$592K	20x	as long as short
Bybit HYPEUSDT	−0.0010%	8h	94.180	+0.072%	$323.7M	$281.0M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.084	−0.030%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.064	−0.051%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0017%	4h	94.156	+0.047%	$8.9M	$36.1M	300x	as long as short
Derive HYPE-PERP	+0.0024%	1h	93.986	−0.134%	$16.4M	$7.1M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	94.122	+0.011%	$219K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0044%	4h	94.154	+0.045%	$88.8M	$82.2M	100x	as long as short
Bluefin HYPE-PERP	+0.0045%	1h	94.018	−0.100%	$76K	$170K	20x	as long as short
Binance HYPEUSDT	+0.0046%	4h	94.196	+0.089%	$384.5M	$892.5M	75x	as long as short
edgeX HYPEUSDC	+0.0057%	4h	94.034	−0.083%	$5.1M	$29.8M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0081%	8h	94.199	+0.092%	$116.1M	$319.5M	50x	as long as short
Popdex HYPEUSDT	+0.0088%	1h	94.219	+0.114%	$64K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.184	+0.076%	$19.0M	$58.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.168	+0.060%	$3.1M	$12.0M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.035	−0.081%	$400K	$193K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.226	+0.121%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.210	+0.104%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.221	+0.116%	$6.7M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.207	+0.101%	$2.05B	$673.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.186	+0.079%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.126	+0.015%	$46.6M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.221	+0.116%	$228.6M	$101.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.185	+0.078%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.038	−0.079%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.010	−0.108%	$31.6M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.030	−0.087%	$7.6M	$45.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.016	−0.102%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.047	−0.069%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.183	+0.076%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.216	+0.111%	$481K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.111	−0.001%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.011	−0.107%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.120	+0.009%	$205K	$4K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.170	+0.061%	$19.0M	$43.7M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.170	+0.062%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0181%	4h	94.032	−0.085%	$17.0M	$12.3M	75x	as long as short
Kalshi KXHYPEPERPshort	+0.0193%	8h	94.119	+0.007%	$1.9M	$5.1M	2.3x
Injective HYPE/USDC PERP	+0.0205%	1h	94.260	+0.157%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.234	+0.130%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.187	+0.080%	$77K	$144K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0157%	1h	94.061	−0.054%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0356%	1h	94.112	long leg	$7.5M	$4.6M	50x
HTX HYPE-USDT	+0.0413%	4h	94.220	+0.115%	$1.5M	$6.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.111	−0.001%	$21.0M	$29.7M	50x	as long as short