Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.082%

Price spread now: Kalshi against Hyperliquid+0.061%7-day average −0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$300.299% of the position

Long on Hyperliquid Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.255%−$25 on $10k

Price spread, last 7 days+0.058%+$6 · spread now +0.061%, 7d avg −0.001%

Together, before fees−0.197%+ Points / potential airdropHyperliquid: Season 2 · farm board−$20 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.062% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.061% now, against its 7-day average of −0.001%): +$6 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid HYPE	93.447	0.0100	pay 0.0013% / 1h	44m 33s	$2.03B	$669.3M	10x
Short	Kalshi KXHYPEPERP	93.504	0	get 0.0000% / 8h	6h 44m	$1.9M	$5.4M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Hyperliquid. 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 HyperliquidbpFee KalshibpOrdersPrice spread, now +0.061%Rate

Funding earned: −$21
Price spread: +0.061% → −0.001%: $6.2
Slippage, 4 orders: −$10.91
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$44.71
Costs to cover: 0.299%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 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 Hyperliquid live order book, 10 min ago	0.05 bp	4.6 bp −$5	6.3 bp −$63	doesn't fit	doesn't fit
Sell Kalshi live order book, 4 min ago	2.19 bp	10.3 bp −$10	11.9 bp −$119	20.5 bp −$2,049	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	−0.1240%	1h	93.386	−0.065%	$197K	$233K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0218%	1h	93.330	−0.125%	$701K	$943K	10x	as long as short
Aftermath Perps HYPEUSD	−0.0188%	1h	93.399	−0.051%	$22K	$22K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.415	−0.034%	$89K	$346K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.388	−0.063%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.427	−0.021%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERPshort	0.0000%	8h	93.504	+0.061%	$1.9M	$5.4M	2.3x
Perpl HYPE	0.0000%	43m	93.434	−0.013%	$23K	$343K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.430	−0.018%	$19K	—	150x	as long as short
Aster HYPEUSDT	+0.0013%	4h	93.379	−0.072%	$8.9M	$36.1M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	+0.0016%	4h	93.400	−0.050%	$44.2M	$56.3M	75x	as long as short
Derive HYPE-PERP	+0.0017%	1h	93.351	−0.102%	$16.4M	$7.1M	10x	as long as short
Bullet HYPE-USD	+0.0019%	1h	93.411	−0.039%	$113K	$583K	20x	as long as short
Bybit HYPEUSDT	+0.0039%	8h	93.370	−0.082%	$325.2M	$287.9M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.408	−0.042%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0075%	4h	93.419	−0.030%	$180K	$536K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.415	−0.034%	$18.5M	$59.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.409	−0.041%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.390	−0.061%	$56K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.520	+0.078%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.396	−0.054%	$6.0M	$44.3M	10x	as long as short
Hyperliquid HYPElong	+0.0100%	1h	93.447	long leg	$2.03B	$669.3M	10x
Pacifica HYPE	+0.0100%	1h	93.391	−0.060%	$10.0M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.373	−0.079%	$385.6M	$888.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.385	−0.066%	$114.7M	$315.4M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.374	−0.078%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	−0.119%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.387	−0.064%	$93.0M	$81.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.383	−0.068%	$46.3M	$19.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.414	−0.035%	$226.9M	$102.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.393	−0.058%	—	$54.3M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.415	−0.034%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.375	−0.077%	$28.8M	$49.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.445	−0.002%	$7.5M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.456	+0.010%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.481	+0.036%	$676K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.462	+0.016%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.447	0.000%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.402	−0.048%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.445	−0.002%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.375	−0.077%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.407	−0.043%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.411	−0.038%	$339K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.388	−0.063%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.420	−0.028%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0107%	4h	93.435	−0.013%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.500	+0.057%	$4.9M	$5.7M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0242%	1h	93.495	+0.051%	$7.4M	$4.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.404	−0.046%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.330	−0.125%	$30K	$231K	12x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.445	−0.002%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.405	−0.045%	$17.1M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0381%	4h	93.573	+0.135%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.462	+0.016%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.481	+0.036%	$19.2M	$25.8M	50x	as long as short