Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0231%/8h= −25.3% APRpaid last 24h +0.017%

Price spread now: BingX against Kalshi−0.127%7-day average −0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$300.298% of the position

Long on Kalshi Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.111%+$11 on $10k

Price spread, last 7 days+0.026%+$3 · spread now −0.127%, 7d avg −0.013%

Together, before fees+0.137%+$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and BingX is 0.113% cheaper against Kalshi than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.013%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.111%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.111% in total (about 5.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXHYPEPERP	92.317	0.0261	pay 0.0261% / 8h	46m 34s	$1.8M	$5.4M	2.3x
Short	BingX HYPE-USDT	92.200	0.0030	get 0.0015% / 4h	46m 34s	—	$53.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.127%Rate

Funding earned: −$48.49
Price spread: −0.127% → −0.013%: −$11.33
Slippage, 4 orders: −$9.82
Fee Kalshi: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$89.64
Costs to cover: 0.298%
Break-even: never at this rate

Slippage from Kalshi: live order book, 2 min ago; BingX: live order book, 7 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	2.98 bp	8.3 bp −$8	11.7 bp −$117	18.6 bp −$1,857	doesn't fit
Sell BingX live order book, 7 min ago	0.32 bp	5.3 bp −$5	7.2 bp −$72	11.5 bp −$1,146	15.8 bp −$7,916

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
Arcus HYPE-USD	−0.0948%	1h	92.180	−0.148%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0648%	1h	92.231	−0.094%	$193K	$228K	7x	as long as short
01 Exchange HYPEUSD	−0.0128%	1h	92.151	−0.180%	$86K	$353K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0124%	1h	92.461	+0.156%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.174	−0.155%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0070%	4h	92.190	−0.138%	$157K	$663K	20x	as long as short
Bullet HYPE-USD	−0.0064%	1h	92.248	−0.075%	$110K	$580K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0026%	1h	92.180	−0.148%	$696K	$1.1M	10x	as long as short
Aster HYPEUSDT	−0.0012%	4h	92.155	−0.175%	$8.6M	$36.4M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.238	−0.086%	$126K	$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	92.224	−0.101%	$22K	$310K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.260	−0.062%	$61K	—	150x	as long as short
BingX HYPE-USDTshort	+0.0030%	4h	92.200	−0.127%	—	$53.2M	—
Bybit HYPEUSDT	+0.0040%	8h	92.170	−0.159%	$315.4M	$280.8M	75x	as long as short
Derive HYPE-PERP	+0.0041%	1h	92.169	−0.161%	$16.0M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0043%	1h	92.430	+0.122%	$209K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0048%	4h	92.186	−0.142%	$44.3M	$54.7M	75x	as long as short
Phemex HYPEUSDT	+0.0056%	8h	92.244	−0.079%	$12.5M	$2.7M	50x	as long as short
Binance HYPEUSDT	+0.0076%	4h	92.164	−0.166%	$370.5M	$897.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	92.165	−0.165%	$112.6M	$300.6M	50x	as long as short
MEXC HYPE_USDT	+0.0076%	4h	92.216	−0.109%	$87.0M	$80.4M	100x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	92.184	−0.144%	$67K	$1.2M	50x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	92.311	−0.006%	$4.9M	$29.4M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0091%	8h	92.238	−0.086%	$338K	$163K	20x	as long as short
ApeX Omni HYPEUSDT	+0.0093%	1h	92.333	+0.017%	$337K	$1.0M	50x	as long as short
Lighter HYPE	+0.0096%	1h	92.182	−0.146%	$16.0M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.219	−0.106%	$3.1M	$11.6M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.160	−0.170%	$13K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.151	−0.179%	$5.7M	$43.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.211	−0.115%	$2.01B	$663.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.235	−0.089%	$10.0M	$15.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	+0.523%	$202K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.189	−0.139%	$45.7M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.153	−0.178%	$223.1M	$97.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.181	−0.147%	$7.2M	$10.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.469	+0.164%	$28.5M	$57.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.327	+0.011%	$7.5M	$45.9M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.256	−0.066%	$663K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.224	−0.101%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.183	−0.145%	$474K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.240	−0.083%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.191	−0.136%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.370	+0.057%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.169	−0.161%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.215	−0.111%	$390K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.740%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.260	−0.062%	$4.7M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0261%	1h	92.158	−0.172%	$78K	$140K	15x	as long as short
Kalshi KXHYPEPERPlong	+0.0261%	8h	92.317	long leg	$1.8M	$5.4M	2.3x
BloFin HYPE-USDT	+0.0311%	4h	92.180	−0.148%	$16.7M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0329% / S −0.0153%	1h	92.254	−0.068%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0334%	1h	92.237	−0.086%	$20.5M	$30.4M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0433%	1h	92.286	−0.034%	$7.5M	$4.4M	50x	as long as short
Bluefin HYPE-PERP	+0.0527%	1h	92.201	−0.126%	$78K	$169K	20x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.275	−0.046%	$3.1M	$6.4M	20x	as long as short