Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0101%/8h= −11.1% APRpaid last 24h −0.070%

Price spread now: Kalshi against HTX−0.193%7-day average −0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$410.407% of the position

Long on HTX Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.238%−$24 on $10k

Price spread, last 4 days (all we have)+0.404%+$40 · spread now −0.193%, 7d avg −0.019%

Together, before fees+0.166%+$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Kalshi is 0.175% cheaper against HTX than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.019%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX HYPE-USDT	93.050	0.0101	pay 0.0051% / 4h	3h 55m	$1.4M	$6.3M	75x
Short	Kalshi KXHYPEPERP	92.870	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 HTX. 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 HTXbpFee KalshibpOrdersPrice spread, now −0.193%Rate

Funding earned: −$21.26
Price spread: −0.193% → −0.019%: −$17.49
Slippage, 4 orders: −$18.66
Fee HTX: 6 bp × 2 orders: −$12
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$79.41
Costs to cover: 0.407%
Break-even: never at this rate

Slippage from HTX: live order book, 4 min ago; Kalshi: live order book, 4 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 HTX live order book, 4 min ago	2.10 bp	8.6 bp −$9	13.4 bp −$134	53.0 bp −$5,300	doesn't fit
Sell Kalshi live order book, 4 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	−0.0512%	1h	92.611	−0.471%	$193K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0266%	1h	92.810	−0.258%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.776	−0.294%	$1.1M	$3.9M	10x	as long as short
Gate HYPE_USDT	−0.0134%	4h	92.947	−0.111%	$44.5M	$53.5M	75x	as long as short
ApeX Omni HYPEUSDT	−0.0091%	1h	92.784	−0.286%	$350K	$1.0M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.814	−0.254%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0063%	4h	92.892	−0.170%	$157K	$653K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.772	−0.298%	$127K	$29K	5x	as long as short
Kalshi KXHYPEPERPshort	0.0000%	8h	92.870	−0.193%	$1.8M	$5.4M	2.3x
Perpl HYPE	0.0000%	43m	92.800	−0.268%	$22K	$302K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.897	−0.165%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0038%	8h	92.939	−0.119%	$12.6M	$2.7M	50x	as long as short
Bybit HYPEUSDT	+0.0039%	8h	92.923	−0.136%	$316.6M	$281.9M	75x	as long as short
Phoenix HYPE	+0.0043%	1h	92.888	−0.174%	$210K	$1.2M	10x	as long as short
01 Exchange HYPEUSD	+0.0056%	1h	92.868	−0.196%	$87K	$362K	20x	as long as short
Aster HYPEUSDT	+0.0072%	4h	92.899	−0.162%	$8.7M	$36.2M	300x	as long as short
Bitget HYPEUSDT	+0.0082%	4h	92.950	−0.107%	$225.1M	$98.8M	75x	as long as short
edgeX HYPEUSDC	+0.0088%	4h	92.755	−0.317%	$4.9M	$29.5M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	92.792	−0.278%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.932	−0.127%	$16.1M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.937	−0.121%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.820	−0.247%	$69K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.810	−0.258%	$39K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.767	−0.304%	$7.5M	$45.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.010	−0.043%	$2.03B	$664.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.827	−0.240%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.950	−0.107%	$373.5M	$903.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.940	−0.118%	$113.9M	$304.4M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0100%	1h	92.760	−0.312%	$697K	$1.1M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	−0.269%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.964	−0.092%	$88.2M	$79.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.956	−0.101%	$46.2M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.954	−0.103%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.969	−0.087%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.709	−0.367%	$28.4M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.766	−0.305%	$7.5M	$46.3M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.738	−0.335%	$666K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.873	−0.190%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.871	−0.192%	$468K	$2.6M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	92.841	−0.225%	$111K	$579K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.925	−0.134%	$79K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.900	−0.162%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.913	−0.147%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.925	−0.134%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDTlong	+0.0101%	4h	93.050	long leg	$1.4M	$6.3M	75x
Extended HYPE-USD	+0.0104%	1h	92.894	−0.167%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.917	−0.143%	$393K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.960	−0.097%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	93.008	−0.045%	$20.6M	$30.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.760	−0.312%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0264%	1h	92.853	−0.212%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.870	−0.193%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.910	−0.150%	$16.8M	$11.7M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0438%	1h	93.020	−0.032%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.874	−0.189%	$3.2M	$6.4M	20x	as long as short