Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0173%/8h= −19.0% APRpaid last 24h +0.029%

Price spread now: Aevo against Kalshi−0.045%7-day average −0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$520.517% of the position

Long on Kalshi Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days+0.203%+$20 on $10k

Price spread, last 4 days (all we have)−0.285%−$28 · spread now −0.045%, 7d avg −0.027%

Together, before fees−0.081%−$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.027%, so right now this pair is about funding alone: −$5 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.203%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXHYPEPERP	93.380	0.0277	pay 0.0277% / 8h	1h 36m	$1.9M	$5.0M	2.3x
Short	Aevo HYPE-PERP	93.338	0.0104	get 0.0013% / 1h	36m 24s	$397K	$162K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Kalshi. 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 KalshibpFee AevobpOrdersPrice spread, now −0.045%Rate

Funding earned: −$36.38
Price spread: −0.045% → −0.027%: −$1.83
Slippage, 4 orders: −$25.68
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$89.9
Costs to cover: 0.517%
Break-even: never at this rate

Slippage from Kalshi: live order book, 2 min ago; Aevo: live order book, 28 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 Kalshi live order book, 2 min ago	5.09 bp	11.6 bp −$12	13.8 bp −$138	20.9 bp −$2,093	doesn't fit
Sell Aevo live order book, 28 min ago	3.81 bp	14.3 bp −$14	15.4 bp −$154	17.9 bp −$1,795	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	−0.1296%	1h	93.292	−0.094%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.254	−0.135%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0085%	1h	93.340	−0.043%	$699K	$982K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.343	−0.040%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.351	−0.031%	$85K	$344K	20x	as long as short
Phemex HYPEUSDT	−0.0056%	8h	93.365	−0.016%	$12.6M	$2.7M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0053%	1h	93.379	−0.001%	$22K	$21K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0045%	4h	93.354	−0.028%	$155K	$634K	20x	as long as short
Bullet HYPE-USD	−0.0016%	1h	93.392	+0.013%	$112K	$577K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.361	−0.021%	$128K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.398	+0.019%	$23K	$322K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.414	+0.037%	$62K	—	150x	as long as short
Aster HYPEUSDT	+0.0017%	4h	93.366	−0.015%	$8.8M	$35.5M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.398	+0.019%	$213K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0026%	4h	93.386	+0.006%	—	$53.0M	—	as long as short
Bybit HYPEUSDT	+0.0032%	8h	93.380	0.000%	$321.3M	$277.2M	75x	as long as short
Gate HYPE_USDT	+0.0058%	4h	93.384	+0.004%	$44.6M	$54.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0078%	8h	93.385	+0.005%	$114.2M	$302.0M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.424	+0.047%	$16.3M	$61.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.397	+0.018%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.341	−0.042%	$69K	$1.2M	50x	as long as short
MEXC HYPE_USDT	+0.0096%	4h	93.372	−0.009%	$89.8M	$80.7M	100x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.431	+0.055%	$339K	$162K	20x	as long as short
Binance HYPEUSDT	+0.0098%	4h	93.393	+0.014%	$378.7M	$876.4M	75x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.340	−0.043%	$17K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.388	+0.008%	$5.8M	$43.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.437	+0.061%	$2.04B	$653.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.412	+0.034%	$10.0M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.580	+0.214%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.374	−0.006%	$45.9M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.358	−0.024%	$225.8M	$96.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.350	−0.032%	$7.4M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.317	−0.068%	$31.1M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.307	−0.078%	$7.5M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.310	−0.075%	$339K	$999K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.386	+0.006%	$666K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.392	+0.012%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.381	+0.001%	$472K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.375	−0.005%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.341	−0.042%	$16.2M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.423	+0.046%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.352	−0.030%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.350	−0.032%	$18.4M	$43.6M	50x	as long as short
Aevo HYPE-PERPshort	+0.0104%	1h	93.338	−0.045%	$397K	$162K	20x
edgeX HYPEUSDC	+0.0108%	4h	93.349	−0.033%	$5.1M	$29.6M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.400	+0.021%	$4.8M	$5.6M	50x	as long as short
HTX HYPE-USDT	+0.0195%	4h	93.540	+0.171%	$1.4M	$6.0M	75x	as long as short
Reya HYPERUSDPERP	+0.0258%	1h	93.358	−0.023%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERPlong	+0.0277%	8h	93.380	long leg	$1.9M	$5.0M	2.3x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.410	+0.032%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0336%	4h	93.364	−0.017%	$17.0M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0393%	1h	93.441	+0.065%	$7.4M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.453	+0.078%	$3.2M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.180	−0.214%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0685%	1h	93.423	+0.046%	$20.7M	$29.9M	50x	as long as short