Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 13:00 UTC+0.0053%/8h= +5.8% APRpaid last 24h +0.006%

Price spread now: Kalshi against Extended+0.165%7-day average +0.035% · you sell dearer than you buy

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$11as in the Price arb table

costs, in and out, $10k−$240.243% of the position

Long on Extended 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−0.136%−$14 · spread now +0.165%, 7d avg +0.035%

Together, before fees−0.312%+ Points / potential airdropExtended: Active · farm board−$31 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Kalshi is 0.130% dearer against Extended than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.035%. 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	Extended HYPE-USD	95.593	0.0104	pay 0.0013% / 1h	24m 56s	$18.2M	$35.4M	50x
Short	Kalshi KXHYPEPERP	95.751	0.0157	get 0.0157% / 8h	7h 24m	$1.8M	$5.0M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Extended. 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 ExtendedbpFee KalshibpOrdersPrice spread, now +0.165%Rate

Funding earned: $11.04
Price spread: +0.165% → +0.035%: $13
Slippage, 4 orders: −$9.27
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$0.23
Costs to cover: 0.243%
Break-even: 7.1 days

Slippage from Extended: live order book, 2 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 Extended live order book, 2 min ago	0.05 bp	2.6 bp −$3	4.0 bp −$40	22.1 bp −$2,213	doesn't fit
Sell Kalshi live order book, 2 min ago	2.24 bp	11.0 bp −$11	12.4 bp −$124	18.5 bp −$1,846	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
Hibachi HYPE/USDT-P	−0.1616%	1h	95.686	+0.098%	$207K	$318K	7x	as long as short
Bluefin HYPE-PERP	−0.0608%	1h	95.594	+0.001%	$79K	$129K	20x	as long as short
Phemex HYPEUSDT	−0.0211%	8h	95.629	+0.038%	$13.0M	$2.2M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0204%	1h	95.672	+0.083%	$18.2M	$32.0M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0148%	1h	95.768	+0.184%	$22K	$17K	10x	as long as short
Aster HYPEUSDT	−0.0113%	4h	95.622	+0.031%	$9.8M	$33.9M	300x	as long as short
Orderly PERP_HYPE_USDC	−0.0084%	4h	95.642	+0.051%	$147K	$635K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.137	−0.477%	$3K	$114	25x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0064%	1h	95.650	+0.060%	$4.7M	$5.4M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0056%	1h	95.770	+0.185%	$681K	$1.3M	10x	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	−0.0035%	8h	95.606	+0.014%	$120.2M	$307.5M	50x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	95.695	+0.107%	$102K	$351K	20x	as long as short
Bitget HYPEUSDT	−0.0026%	4h	95.620	+0.028%	$231.6M	$87.5M	75x	as long as short
Backpack HYPE_USDC_PERP	−0.0023%	1h	95.591	−0.002%	$6.8M	$12.1M	20x	as long as short
Phoenix HYPE	0.0000%	1h	95.925	+0.347%	$197K	$1.3M	10x	as long as short
Perpl HYPE	0.0000%	43m	95.725	+0.138%	$24K	$246K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	95.668	+0.079%	$67K	—	150x	as long as short
KuCoin HYPEUSDTM	+0.0020%	4h	95.625	+0.034%	$47.9M	$17.2M	75x	as long as short
Lighter HYPE	+0.0024%	1h	95.643	+0.052%	$16.8M	$55.7M	20x	as long as short
Nado HYPE-PERP	+0.0029%	1h	95.665	+0.076%	$4.2M	$50.1M	10x	as long as short
Gate HYPE_USDT	+0.0042%	4h	95.611	+0.019%	$59.2M	$53.9M	75x	as long as short
Derive HYPE-PERP	+0.0066%	1h	95.591	−0.002%	$16.5M	$4.6M	10x	as long as short
edgeX HYPEUSDC	+0.0066%	4h	95.808	+0.225%	$5.1M	$27.9M	30x	as long as short
Bybit HYPEUSDT	+0.0067%	8h	95.617	+0.025%	$324.4M	$266.3M	75x	as long as short
MEXC HYPE_USDT	+0.0070%	4h	95.625	+0.034%	$89.7M	$82.9M	100x	as long as short
BingX HYPE-USDT	+0.0070%	4h	95.631	+0.040%	—	$52.5M	—	as long as short
Binance HYPEUSDT	+0.0071%	4h	95.621	+0.029%	$390.4M	$835.8M	75x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.655	+0.065%	$3.0M	$10.0M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	95.686	+0.097%	$213K	$1.1M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	95.645	+0.054%	$404K	$115K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	95.697	+0.109%	$341K	$30K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	95.650	+0.060%	$30K	$1.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.718	+0.131%	$2.12B	$624.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.733	+0.147%	$10.3M	$12.1M	20x	as long as short
Arcus HYPE-USD	+0.0100%	1h	95.696	+0.108%	$1.1M	$2.6M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.827	+0.245%	$230K	$18K	10x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.774	+0.190%	$30.4M	$50.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.785	+0.201%	$7.7M	$41.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.828	+0.246%	$336K	$915K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.829	+0.247%	$693K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	95.761	+0.176%	—	$71K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.676	+0.087%	$421K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	95.663	+0.073%	$113K	$581K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.703	+0.115%	$33K	$1.3M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	95.642	+0.051%	$2.1M	$331K	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.845	+0.264%	$1.4M	$5.1M	75x	as long as short
Extended HYPE-USDlong	+0.0104%	1h	95.593	long leg	$18.2M	$35.4M	50x
dYdX HYPE-USD	+0.0135%	1h	95.756	+0.171%	$127K	$92K	5x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0016%	1h	95.677	+0.088%	$1.4M	—	100x	as long as short
Kalshi KXHYPEPERPshort	+0.0157%	8h	95.751	+0.165%	$1.8M	$5.0M	2.3x
RISEx HYPE/USDC	+0.0159%	1h	95.689	+0.101%	$3.2M	$5.0M	20x	as long as short
Injective HYPE/USDC PERP	+0.0163%	1h	96.110	+0.541%	$31K	$334K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0199%	1h	95.727	+0.140%	$7.6M	$4.2M	50x	as long as short
Reya HYPERUSDPERP	+0.0267%	1h	95.638	+0.047%	$84K	$82K	15x	as long as short
BloFin HYPE-USDT	+0.0283%	4h	95.654	+0.064%	$17.8M	$11.5M	75x	as long as short