Settings8H · net · $10k
FundingCostsSizeExchangesMy alerts
Funding arb · Price arb /

HYPE

all HYPE markets
SwapBacktest
Alert: funding
Measured
My alerts

Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Alert: spread
My alerts

Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Funding you earn now, next payment 22:00 UTC−0.0016%/8h= −1.7% APRpaid last 24h +0.033%
Price spread now: Backpack against Kalshi−0.050%7-day average +0.235% · you buy dearer than you sell
Net, funding: paid 7d − costs−$8as in the Funding arb table
Net, price: spread back to 7d avg − costs−$61as in the Price arb table
costs, in and out, $10k−$320.323% of the position
Long on KalshiShort on Backpack
What this pair did over the last
the charts below follow
Funding, last 7 days+0.243%+$24 on $10k
Price spread, last 7 days−0.524%−$52 · spread now −0.050%, 7d avg +0.235%
Together, before fees−0.281%−$28 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Backpack is 0.286% cheaper against Kalshi than usual: you would sell low and buy high (−$29 if the spread goes back to its 7-day average of +0.235%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.243%, so the current rate has only just turned against you.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongKalshi KXHYPEPERP93.4830.0116pay 0.0116% / 8h6h 35m$1.9M$5.3M2.3x
ShortBackpack HYPE_USDC_PERP93.4360.0100get 0.0013% / 1h35m 35s$7.9M$11.7M20x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Backpack 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

Funding earned
−$3.29
Price spread: −0.050% → +0.235%
−$28.55
Slippage, 4 orders
−$12.27
Fee Kalshi: 5 bp × 2 orders
−$10
Fee Backpack: 5 bp × 2 orders
−$10
Net
−$64.11
Costs to cover
0.323%
Break-even
never at this rate
Slippage from Kalshi: live order book, 3 min ago; Backpack: live order book, 4 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Kalshi live order book, 3 min ago2.57 bp10.5 bp −$1112.1 bp −$12117.7 bp −$1,774doesn't fit
Sell Backpack live order book, 4 min ago0.05 bp5.1 bp −$56.5 bp −$65178.6 bp −$17.9Kdoesn't fit

HYPE on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Hibachi HYPE/USDT-P−0.1104%1h93.433−0.053%$197K$233K7xas long as short
Aftermath Perps HYPEUSD−0.0256%1h93.396−0.093%$22K$22K10xas long as short
Ondo Perps HYPE-USD.P−0.0249%1h93.370−0.121%$701K$941K10xas long as short
01 Exchange HYPEUSD−0.0080%1h93.512+0.031%$89K$348K20xas long as short
Hotstuff HYPE-PERP−0.0080%1h93.414−0.074%$3K$33125xas long as short
Bullet HYPE-USD−0.0016%1h93.392−0.097%$112K$583K20xas long as short
Derive HYPE-PERP−0.0003%1h93.345−0.147%$16.4M$7.1M10xas long as short
dYdX HYPE-USD0.0000%1h93.485+0.002%$127K$32K5xas long as short
Perpl HYPE0.0000%43m93.417−0.071%$23K$337K10xas long as short
gTrade (Gains Network) HYPE/USDL +0.0002% / S −0.0001%1h93.424−0.064%$20K—150xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Aster HYPEUSDT+0.0012%4h93.475−0.009%$8.9M$35.9M300xas long as short
Gate HYPE_USDT+0.0028%4h93.486+0.003%$44.1M$56.5M75xas long as short
Bybit HYPEUSDT+0.0037%8h93.480−0.003%$325.7M$287.4M75xas long as short
Phoenix HYPE+0.0068%1h93.464−0.020%$216K$1.2M10xas long as short
Orderly PERP_HYPE_USDC+0.0070%4h93.408−0.080%$180K$529K20xas long as short
Popdex HYPEUSDT+0.0080%1h93.485+0.002%$57K$1.2M50xas long as short
Lighter HYPE+0.0096%1h93.498+0.016%$18.5M$59.5M20xas long as short
Lighter RH HYPE+0.0096%1h93.473−0.011%$3.1M$12.3M20xas long as short
Paradex HYPE-USD-PERP+0.0100%8h93.462−0.022%$339K$170K20xas long as short
Katana Perps HYPE-USD+0.0100%8h93.490+0.007%$40K$1.7M10xas long as short
Nado HYPE-PERP+0.0100%1h93.484+0.002%$6.0M$44.2M10xas long as short
Hyperliquid HYPE+0.0100%1h93.486+0.003%$2.03B$667.9M10xas long as short
Pacifica HYPE+0.0100%1h93.491+0.009%$10.0M$14.4M20xas long as short
Binance HYPEUSDT+0.0100%4h93.484+0.001%$385.5M$888.7M75xas long as short
OKX HYPE-USDT-SWAP+0.0100%8h93.484+0.001%$114.8M$315.3M50xas long as short
Arcus HYPE-USD+0.0100%1h93.458−0.027%$1.2M$4.0M10xas long as short
Bulk HYPE-USD+0.0100%1h93.403−0.086%$204K$12K10xas long as short
MEXC HYPE_USDT+0.0100%4h93.488+0.005%$92.8M$82.0M100xas long as short
KuCoin HYPEUSDTM+0.0100%4h93.451−0.034%$46.4M$18.9M75xas long as short
Bitget HYPEUSDT+0.0100%4h93.510+0.029%$227.1M$102.1M75xas long as short
BingX HYPE-USDT+0.0100%4h93.470−0.014%—$54.2M—as long as short
Backpack HYPE_USDC_PERPshort+0.0100%1h93.436−0.050%$7.9M$11.7M20x
Variational Omni HYPE+0.0100%8h93.375−0.115%$28.9M$49.9M—as long as short
GRVT HYPE_USDT_Perp+0.0100%4h93.494+0.012%$7.5M$45.0M10xas long as short
ApeX Omni HYPEUSDT+0.0100%1h93.482−0.001%$406K$1.0M50xas long as short
StandX HYPE-USD+0.0100%1h93.470−0.014%$676K$2.4M20xas long as short
Vest HYPE-PERP+0.0100%1h93.497+0.015%—$454K5xas long as short
Polymarket Perps HYPE-USD+0.0100%1h93.512+0.031%$494K$2.6M20xas long as short
Bluefin HYPE-PERP+0.0100%1h93.398−0.091%$76K$168K20xas long as short
SunX HYPE-USDT+0.0100%4h93.443−0.043%$32K$1.6M20xas long as short
SoDEX HYPE-USD+0.0100%1h93.389−0.101%$2.0M$2.0M10xas long as short
Phemex HYPEUSDT+0.0100%8h93.407−0.081%$12.7M$2.6M50xas long as short
Extended HYPE-USD+0.0104%1h93.474−0.010%$18.4M$41.1M50xas long as short
Aevo HYPE-PERP+0.0104%1h93.373−0.118%$397K$318K20xas long as short
edgeX HYPEUSDC+0.0113%4h93.336−0.157%$5.1M$29.5M30xas long as short
Kalshi KXHYPEPERPlong+0.0116%8h93.483long leg$1.9M$5.3M2.3x
Coinbase International HYPE-PERP-INTX+0.0208%1h93.400−0.089%$4.9M$5.7M50xas long as short
Reya HYPERUSDPERP+0.0245%1h93.484+0.001%$78K$158K15xas long as short
Deribit HYPE_USDC-PERPETUAL+0.0253%1h93.491+0.009%$7.4M$4.6M50xas long as short
Injective HYPE/USDC PERP+0.0285%1h93.330−0.164%$30K$231K12xas long as short
GMX HYPE/USD [WBTC.b-USDC]L +0.0338% / S −0.0164%1h93.444−0.042%$1.4M—100xas long as short
BloFin HYPE-USDT+0.0340%4h93.449−0.036%$17.1M$12.5M75xas long as short
HTX HYPE-USDT+0.0340%4h93.662+0.191%$1.5M$7.6M75xas long as short
RISEx HYPE/USDC+0.0467%1h93.557+0.080%$2.8M$6.8M20xas long as short
Kraken Futures PF_HYPEUSD+0.0573%1h93.492+0.009%$19.2M$25.9M50xas long as short