Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0032%/8h= −3.6% APRpaid last 24h +0.028%

Price spread now: ApeX Omni against Kalshi−0.016%7-day average −0.036% · you buy dearer than you sell

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$410.413% of the position

Long on Kalshi Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.193%+$19 on $10k

Price spread, last 3 days (all we have)−0.136%−$14 · spread now −0.016%, 7d avg −0.036%

Together, before fees+0.057%+$6 on $10k · with fees, hour by hour

The price spread pays, funding is against you. ApeX Omni is 0.020% dearer against Kalshi than usual: you sell high and buy low (spread −0.016% now, against its 7-day average of −0.036%): +$2 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 2.1 days. Mind the row above: over the last 7 days funding on this pair paid +0.193%, 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	93.661	0.0132	pay 0.0132% / 8h	4h 26m	$1.9M	$5.0M	2.3x
Short	ApeX Omni HYPEUSDT	93.646	0.0100	get 0.0013% / 1h	26m 57s	$346K	$1.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni 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 ApeX OmnibpOrdersPrice spread, now −0.016%Rate

Funding earned: −$6.82
Price spread: −0.016% → −0.036%: $2.05
Slippage, 4 orders: −$21.34
Fee Kalshi: 5 bp × 2 orders: −$10
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$46.11
Costs to cover: 0.413%
Break-even: never at this rate

Slippage from Kalshi: live order book, 2 min ago; ApeX Omni: 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 Kalshi live order book, 2 min ago	2.03 bp	11.1 bp −$11	12.5 bp −$125	18.3 bp −$1,829	doesn't fit
Sell ApeX Omni live order book, 2 min ago	2.40 bp	9.3 bp −$9	13.8 bp −$138	doesn't fit	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	−0.0872%	1h	93.521	−0.150%	$198K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0369%	1h	93.718	+0.061%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.497	−0.175%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.593	−0.073%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0067%	1h	93.540	−0.129%	$703K	$909K	10x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.573	−0.094%	$86K	$366K	20x	as long as short
Derive HYPE-PERP	−0.0017%	1h	93.529	−0.141%	$16.3M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.663	+0.002%	$127K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.575	−0.092%	$23K	$329K	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0002%	4h	93.617	−0.047%	$166K	$583K	20x	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 −0.0003%	1h	93.620	−0.044%	$26K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	93.687	+0.028%	$214K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0015%	4h	93.593	−0.073%	$8.9M	$36.0M	300x	as long as short
Bybit HYPEUSDT	+0.0018%	8h	93.620	−0.044%	$321.7M	$283.3M	75x	as long as short
MEXC HYPE_USDT	+0.0056%	4h	93.612	−0.052%	$87.7M	$81.8M	100x	as long as short
Binance HYPEUSDT	+0.0057%	4h	93.626	−0.037%	$382.6M	$895.6M	75x	as long as short
edgeX HYPEUSDC	+0.0064%	4h	93.635	−0.027%	$5.1M	$29.7M	30x	as long as short
Phemex HYPEUSDT	+0.0072%	8h	93.625	−0.038%	$12.8M	$2.6M	50x	as long as short
Gate HYPE_USDT	+0.0084%	4h	93.610	−0.054%	$44.5M	$59.1M	75x	as long as short
Bullet HYPE-USD	+0.0090%	1h	93.576	−0.091%	$112K	$577K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.652	−0.010%	$18.8M	$60.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.620	−0.044%	$3.0M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.589	−0.077%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.592	−0.073%	$398K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.596	−0.069%	$340K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.550	−0.119%	$43K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.576	−0.091%	$5.7M	$44.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.613	−0.051%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.616	−0.048%	$115.2M	$320.3M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.625	−0.039%	$204K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.597	−0.068%	$46.4M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.633	−0.030%	$226.8M	$102.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.612	−0.052%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.639	−0.023%	$7.8M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.564	−0.103%	$31.2M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.632	−0.031%	$7.6M	$45.1M	10x	as long as short
ApeX Omni HYPEUSDTshort	+0.0100%	1h	93.646	−0.016%	$346K	$1.1M	50x
StandX HYPE-USD	+0.0100%	1h	93.649	−0.013%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.639	−0.023%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.604	−0.061%	$490K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.590	−0.076%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.615	−0.049%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.587	−0.079%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.800%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.588	−0.078%	$18.3M	$42.8M	50x	as long as short
Kalshi KXHYPEPERPlong	+0.0132%	8h	93.661	long leg	$1.9M	$5.0M	2.3x
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.670	+0.010%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0213%	4h	93.771	+0.117%	$1.5M	$7.8M	75x	as long as short
Hyperliquid HYPE	+0.0227%	1h	93.660	−0.001%	$2.03B	$676.4M	10x	as long as short
BloFin HYPE-USDT	+0.0229%	4h	93.600	−0.065%	$17.1M	$12.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.595	−0.071%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.644	−0.018%	$2.8M	$6.9M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0337% / S −0.0163%	1h	93.615	−0.049%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0466%	1h	93.693	+0.034%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0579%	1h	93.674	+0.014%	$20.9M	$29.5M	50x	as long as short