Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.011%

Price spread now: Aster against Kalshi+0.104%7-day average −0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$320.319% of the position

Long on Kalshi Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days+0.137%+$14 on $10k

Price spread, last 7 days−0.127%−$13 · spread now +0.104%, 7d avg −0.015%

Together, before fees+0.010%+ Points / potential airdropAster: Stage 5 · farm board+$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Aster is 0.119% dearer against Kalshi than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of −0.015%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXHYPEPERP	94.773	0	get 0.0000% / 8h	3h 22m	$1.8M	$5.6M	2.3x
Short	Aster HYPEUSDT	94.872	0.0100	get 0.0050% / 4h	3h 22m	$9.0M	$38.3M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster 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 AsterbpOrdersPrice spread, now +0.104%Rate

Funding earned: $21
Price spread: +0.104% → −0.015%: $11.9
Slippage, 4 orders: −$13.91
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: $0.99
Costs to cover: 0.319%
Break-even: 6.7 days

Slippage from Kalshi: live order book, 1 min ago; Aster: 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, 1 min ago	2.74 bp	11.2 bp −$11	13.3 bp −$133	18.0 bp −$1,802	doesn't fit
Sell Aster live order book, 2 min ago	0.05 bp	4.5 bp −$5	6.2 bp −$62	13.3 bp −$1,329	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	−0.0816%	1h	94.764	−0.010%	$211K	$267K	7x	as long as short
Bluefin HYPE-PERP	−0.0569%	1h	94.823	+0.053%	$80K	$148K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0298%	1h	94.505	−0.283%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0243%	1h	94.918	+0.153%	$113K	$577K	20x	as long as short
Phemex HYPEUSDT	−0.0215%	8h	94.810	+0.039%	$12.9M	$2.9M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0156%	1h	94.570	−0.214%	$702K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	94.866	+0.098%	$90K	$364K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.870	+0.102%	$1.0M	$3.3M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.838	+0.069%	$3K	$331	25x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.848	+0.079%	$18.9M	$35.5M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0010%	8h	94.870	+0.102%	$319.8M	$293.5M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0007%	4h	94.840	+0.071%	$147K	$676K	20x	as long as short
Gate HYPE_USDT	−0.0002%	4h	94.907	+0.141%	$52.0M	$55.5M	75x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.826	+0.056%	$130K	$92K	5x	as long as short
Kalshi KXHYPEPERPlong	0.0000%	8h	94.773	long leg	$1.8M	$5.6M	2.3x
Perpl HYPE	0.0000%	43m	94.852	+0.084%	$19K	$275K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.860	+0.092%	$114K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.372	−0.423%	$209K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0010%	1h	94.160	−0.647%	$16.3M	$7.5M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.880	+0.113%	$4.7M	$5.9M	50x	as long as short
Bitget HYPEUSDT	+0.0032%	4h	94.900	+0.134%	$228.3M	$97.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0038%	1h	94.819	+0.049%	$7.6M	$10.4M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0040%	8h	94.896	+0.130%	$118.3M	$328.2M	50x	as long as short
Vest HYPE-PERP	+0.0042%	1h	94.945	+0.181%	—	$190K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0042%	8h	94.923	+0.158%	$339K	$39K	20x	as long as short
SoDEX HYPE-USD	+0.0056%	1h	94.864	+0.096%	$2.1M	$2.0M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.880	+0.112%	$16.3M	$63.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.880	+0.113%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.891	+0.125%	$150K	$1.2M	50x	as long as short
edgeX HYPEUSDC	+0.0097%	4h	94.374	−0.421%	$5.0M	$30.8M	30x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.880	+0.113%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.873	+0.106%	$7.2M	$51.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.020	+0.261%	$2.09B	$672.4M	10x	as long as short
Aster HYPEUSDTshort	+0.0100%	4h	94.872	+0.104%	$9.0M	$38.3M	300x
Pacifica HYPE	+0.0100%	1h	94.905	+0.139%	$10.2M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.900	+0.134%	$381.7M	$930.6M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.213	−0.590%	$219K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.905	+0.139%	$96.0M	$87.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.892	+0.126%	$47.4M	$19.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.901	+0.135%	—	$52.6M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	94.267	−0.534%	$29.8M	$56.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.416	−0.377%	$7.6M	$44.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.358	−0.438%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.612	−0.170%	$691K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.962	+0.199%	$501K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.906	+0.140%	$33K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.950	+0.187%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.873	+0.105%	$18.3M	$43.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.892	+0.126%	$401K	$148K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.927	+0.163%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.419%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0224%	1h	94.965	+0.203%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.882	+0.115%	$83K	$105K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	94.895	+0.128%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.864	+0.096%	$17.4M	$12.5M	75x	as long as short