Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0130%/8h= −14.3% APRpaid last 24h −0.088%

Price spread now: Kalshi against Injective+0.165%7-day average −0.149% · you sell dearer than you buy

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

Long on Injective Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−2.487%−$249 on $10k

Price spread, last 3 days (all we have)+0.011%+$1 · spread now +0.165%, 7d avg −0.149%

Together, before fees−2.475%−$248 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.314% dearer against Injective than usual: you sell high and buy low (spread +0.165% now, against its 7-day average of −0.149%): +$31 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 8.0 days. At the pace of the last 7 days (−2.487% in total) that is about 21 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective HYPE/USDC PERP	92.950	0.0239	pay 0.0030% / 1h	31m 01s	$30K	$338K	12x
Short	Kalshi KXHYPEPERP	93.103	0.0109	get 0.0109% / 8h	5h 31m	$1.9M	$5.3M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpFee KalshibpOrdersPrice spread, now +0.165%Rate

Funding earned: −$27.34
Price spread: +0.165% → −0.149%: $31.38
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$5.98
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: live order book, 53 min ago; 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 Injective live order book, 53 min ago	15.46 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Kalshi live order book, 3 min ago	2.95 bp	11.3 bp −$11	12.6 bp −$126	20.2 bp −$2,021	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
Aftermath Perps HYPEUSD	−0.0392%	1h	93.095	+0.156%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0240%	1h	93.053	+0.111%	$196K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	92.986	+0.039%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0125%	1h	92.950	0.000%	$698K	$924K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.046	+0.103%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.033	+0.089%	$90K	$362K	20x	as long as short
Popdex HYPEUSDT	−0.0016%	1h	93.026	+0.082%	$57K	$1.2M	50x	as long as short
Aster HYPEUSDT	−0.0003%	4h	92.966	+0.017%	$8.8M	$36.0M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.124	+0.187%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.063	+0.122%	$23K	$331K	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 −0.0001%	1h	93.044	+0.101%	$20K	—	150x	as long as short
Bybit HYPEUSDT	+0.0024%	8h	92.880	−0.075%	$322.4M	$287.2M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0027%	4h	92.974	+0.026%	$171K	$518K	20x	as long as short
Bullet HYPE-USD	+0.0028%	1h	93.009	+0.064%	$111K	$579K	20x	as long as short
Derive HYPE-PERP	+0.0033%	1h	92.935	−0.016%	$16.2M	$7.1M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.118	+0.181%	$214K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0040%	4h	92.933	−0.018%	$43.7M	$58.4M	75x	as long as short
Binance HYPEUSDT	+0.0073%	4h	92.896	−0.058%	$381.7M	$894.5M	75x	as long as short
MEXC HYPE_USDT	+0.0076%	4h	92.924	−0.028%	$89.8M	$81.9M	100x	as long as short
edgeX HYPEUSDC	+0.0086%	4h	93.085	+0.145%	$5.1M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.999	+0.053%	$18.5M	$58.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.975	+0.027%	$3.1M	$12.1M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	93.038	+0.095%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.050	+0.108%	$34K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.025	+0.081%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.957	+0.008%	$2.02B	$671.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.042	+0.099%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.876	−0.080%	$113.6M	$313.3M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.390	+0.473%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.949	−0.001%	$47.0M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.933	−0.018%	$225.2M	$103.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.924	−0.028%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.955	+0.005%	$7.8M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.034	+0.091%	$29.0M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.144	+0.209%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.095	+0.156%	$412K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.031	+0.087%	$673K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.044	+0.101%	$492K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.964	+0.015%	$75K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.038	+0.095%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.948	−0.002%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	92.967	+0.018%	$12.7M	$2.6M	50x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.058	+0.116%	—	$454K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.931	−0.020%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.013	+0.067%	$396K	$318K	20x	as long as short
Kalshi KXHYPEPERPshort	+0.0109%	8h	93.103	+0.165%	$1.9M	$5.3M	2.3x
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.020	+0.075%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERPlong	+0.0239%	1h	92.950	long leg	$30K	$338K	12x
HTX HYPE-USDT	+0.0245%	4h	93.158	+0.224%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	92.999	+0.052%	$77K	$158K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.081	+0.140%	$2.7M	$6.8M	20x	as long as short
BloFin HYPE-USDT	+0.0293%	4h	92.998	+0.052%	$16.9M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0158%	1h	93.040	+0.097%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0460%	1h	93.068	+0.127%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0467%	1h	93.057	+0.115%	$20.8M	$28.9M	50x	as long as short