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 −0.014%

Price spread now: Kalshi against Derive+0.106%7-day average +0.060% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Derive Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.168%−$17 on $10k

Price spread, last 4 days (all we have)+0.047%+$5 · spread now +0.106%, 7d avg +0.060%

Together, before fees−0.121%−$12 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.046% dearer against Derive than usual: you sell high and buy low (spread +0.106% now, against its 7-day average of +0.060%): +$5 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 37 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive HYPE-PERP	92.733	0.0100	pay 0.0013% / 1h	55m 45s	$16.1M	$7.5M	10x
Short	Kalshi KXHYPEPERP	92.832	0	get 0.0000% / 8h	7h 55m	$1.8M	$5.4M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Derive. 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 DerivebpFee KalshibpOrdersPrice spread, now +0.106%Rate

Funding earned: −$21
Price spread: +0.106% → +0.060%: $4.61
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$32.39
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; Kalshi: live order book, 3 min ago. Net counts fees only.

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 Derive no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 3 min ago	3.50 bp	9.8 bp −$10	11.8 bp −$118	19.5 bp −$1,955	doesn't fit

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0512%	1h	92.750	+0.018%	$193K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0266%	1h	92.818	+0.092%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.667	−0.072%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.753	+0.021%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0063%	4h	92.722	−0.012%	$157K	$653K	20x	as long as short
Gate HYPE_USDT	−0.0018%	4h	92.807	+0.079%	$44.5M	$53.4M	75x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.772	+0.042%	$127K	$29K	5x	as long as short
Kalshi KXHYPEPERPshort	0.0000%	8h	92.832	+0.106%	$1.8M	$5.4M	2.3x
Perpl HYPE	0.0000%	43m	92.703	−0.032%	$22K	$302K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.746	+0.014%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange HYPEUSD	+0.0040%	1h	92.732	−0.001%	$87K	$362K	20x	as long as short
Bybit HYPEUSDT	+0.0041%	8h	92.790	+0.061%	$316.1M	$281.8M	75x	as long as short
Phoenix HYPE	+0.0043%	1h	92.888	+0.167%	$210K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0044%	8h	92.754	+0.022%	$12.5M	$2.7M	50x	as long as short
Popdex HYPEUSDT	+0.0056%	1h	92.702	−0.034%	$69K	$1.1M	50x	as long as short
Aster HYPEUSDT	+0.0072%	4h	92.802	+0.074%	$8.7M	$36.2M	300x	as long as short
Bitget HYPEUSDT	+0.0082%	4h	92.786	+0.057%	$224.7M	$98.8M	75x	as long as short
edgeX HYPEUSDC	+0.0093%	4h	92.869	+0.146%	$4.9M	$29.5M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	92.792	+0.063%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.813	+0.086%	$16.0M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.798	+0.070%	$3.1M	$11.6M	20x	as long as short
Bullet HYPE-USD	+0.0099%	1h	92.735	+0.002%	$111K	$579K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.680	−0.057%	$38K	$1.7M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0099%	8h	92.797	+0.069%	$113.9M	$303.8M	50x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.716	−0.018%	$7.5M	$45.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.843	+0.118%	$2.02B	$664.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.827	+0.101%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.823	+0.097%	$373.0M	$903.1M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0100%	1h	92.720	−0.014%	$697K	$1.1M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	+0.072%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.820	+0.093%	$88.1M	$79.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.848	+0.124%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.819	+0.092%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.855	+0.131%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.709	−0.026%	$28.4M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.886	+0.165%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.892	+0.171%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.845	+0.120%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.784	+0.055%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.748	+0.016%	$468K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.730	−0.004%	$79K	$168K	20x	as long as short
Derive HYPE-PERPlong	+0.0100%	1h	92.733	long leg	$16.1M	$7.5M	10x
SunX HYPE-USDT	+0.0100%	4h	92.673	−0.065%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.754	+0.022%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.798	+0.069%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.757	+0.026%	$392K	$164K	20x	as long as short
HTX HYPE-USDT	+0.0118%	4h	92.871	+0.148%	$1.4M	$6.3M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.810	+0.083%	$4.7M	$5.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.829	+0.103%	$20.6M	$30.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.050	+0.342%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0264%	1h	92.709	−0.027%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.727	−0.007%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.727	−0.007%	$16.7M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0397%	1h	92.853	+0.129%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.757	+0.026%	$3.1M	$6.4M	20x	as long as short