Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0112%/8h= −12.3% APRpaid last 24h −0.092%

Price spread now: Arcus against Kalshi−0.232%7-day average −0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$250.253% of the position

Long on Kalshi Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.041%−$4 on $10k

Price spread, last 7 days+0.158%+$16 · spread now −0.232%, 7d avg −0.025%

Together, before fees+0.117%+$12 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 Arcus is 0.207% cheaper against Kalshi than usual: you would sell low and buy high (−$21 if the spread goes back to its 7-day average of −0.025%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXHYPEPERP	94.740	0	get 0.0000% / 8h	3h 55m	$1.9M	$5.5M	2.3x
Short	Arcus HYPE-USD	94.520	−0.0112	pay 0.0014% / 1h	55m 34s	$1.0M	$3.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus 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 ArcusbpOrdersPrice spread, now −0.232%Rate

Funding earned: −$23.5
Price spread: −0.232% → −0.025%: −$20.68
Slippage, 4 orders: −$10.85
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$69.53
Costs to cover: 0.253%
Break-even: never at this rate

Slippage from Kalshi: live order book, 3 min ago; Arcus: live order book, 3 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, 3 min ago	2.48 bp	7.6 bp −$8	12.1 bp −$121	19.0 bp −$1,898	doesn't fit
Sell Arcus live order book, 3 min ago	0.53 bp	3.1 bp −$3	8.4 bp −$84	30.0 bp −$2,998	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	−0.1448%	1h	94.686	−0.057%	$207K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0328%	1h	94.533	−0.218%	$80K	$151K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0285%	1h	94.576	−0.173%	$22K	$20K	10x	as long as short
Phemex HYPEUSDT	−0.0168%	8h	94.583	−0.166%	$12.9M	$2.9M	50x	as long as short
Arcus HYPE-USDshort	−0.0112%	1h	94.520	−0.232%	$1.0M	$3.5M	10x
Bullet HYPE-USD	−0.0097%	1h	94.571	−0.178%	$112K	$575K	20x	as long as short
01 Exchange HYPEUSD	−0.0096%	1h	94.554	−0.196%	$87K	$364K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0083%	1h	94.630	−0.116%	$714K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.668	−0.076%	$3K	$331	25x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.607	−0.140%	$20.3M	$30.3M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0006%	4h	94.575	−0.174%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.744	+0.005%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERPlong	0.0000%	8h	94.740	long leg	$1.9M	$5.5M	2.3x
Phoenix HYPE	0.0000%	1h	94.723	−0.018%	$210K	$1.2M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.648	−0.097%	$19K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.597	−0.151%	$124K	—	150x	as long as short
Bitget HYPEUSDT	+0.0014%	4h	94.526	−0.226%	$226.8M	$100.0M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.570	−0.179%	$4.7M	$6.2M	50x	as long as short
Derive HYPE-PERP	+0.0022%	1h	94.691	−0.051%	$16.4M	$7.4M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0047%	8h	94.532	−0.220%	$338K	$154K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0063%	8h	94.532	−0.220%	$117.8M	$326.0M	50x	as long as short
Vest HYPE-PERP	+0.0073%	1h	94.718	−0.023%	—	$190K	5x	as long as short
SoDEX HYPE-USD	+0.0076%	1h	94.556	−0.194%	$2.1M	$1.9M	10x	as long as short
Lighter HYPE	+0.0080%	1h	94.527	−0.225%	$16.2M	$61.7M	20x	as long as short
edgeX HYPEUSDC	+0.0092%	4h	94.580	−0.169%	$5.0M	$30.6M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.516	−0.236%	$3.2M	$10.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.536	−0.215%	$121K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.550	−0.201%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.635	−0.111%	$7.3M	$53.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.612	−0.135%	$2.08B	$690.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.518	−0.235%	$9.6M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.567	−0.183%	$10.2M	$14.8M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.523	−0.229%	$379.6M	$933.1M	75x	as long as short
Bybit HYPEUSDT	+0.0100%	8h	94.530	−0.222%	$317.7M	$288.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.685	−0.058%	$219K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.513	−0.240%	$50.7M	$53.6M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.526	−0.226%	$93.2M	$84.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.509	−0.244%	$46.8M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.534	−0.217%	—	$53.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.490	−0.264%	$7.5M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.549	−0.201%	$29.9M	$55.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.625	−0.121%	$7.6M	$44.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.574	−0.175%	$351K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.715	−0.026%	$696K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.705	−0.037%	$499K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.691	−0.052%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.750	+0.011%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.501	−0.252%	$18.4M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.667	−0.077%	$400K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.578	−0.171%	$3.2M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	94.840	+0.106%	$31K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.574	−0.175%	$83K	$118K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0279%	1h	94.653	−0.092%	$7.5M	$4.4M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0326% / S −0.0152%	1h	94.636	−0.110%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.728	−0.013%	$15.8M	$12.4M	75x	as long as short