Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0008%/8h= −0.9% APRpaid last 24h +0.016%

Price spread now: Bitget against Kalshi−0.153%7-day average −0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$380.378% of the position

Long on Kalshi Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.114%+$11 on $10k

Price spread, last 7 days+0.046%+$5 · spread now −0.153%, 7d avg −0.019%

Together, before fees+0.160%+$16 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bitget is 0.135% cheaper against Kalshi than usual: you would sell low and buy high, −$13 on $10k if it goes back to its 7-day average of −0.019%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXHYPEPERP	93.221	0.0108	pay 0.0108% / 8h	5h 36m	$1.9M	$5.3M	2.3x
Short	Bitget HYPEUSDT	93.078	0.0100	get 0.0050% / 4h	1h 36m	$225.6M	$102.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.153%Rate

Funding earned: −$1.77
Price spread: −0.153% → −0.019%: −$13.47
Slippage, 4 orders: −$15.79
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$53.02
Costs to cover: 0.378%
Break-even: never at this rate

Slippage from Kalshi: live order book, 2 min ago; Bitget: 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	2.63 bp	10.9 bp −$11	12.2 bp −$122	17.6 bp −$1,761	doesn't fit
Sell Bitget live order book, 2 min ago	0.05 bp	7.9 bp −$8	13.2 bp −$132	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
Aftermath Perps HYPEUSD	−0.0362%	1h	93.223	+0.002%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0184%	1h	93.205	−0.017%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.101	−0.129%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0103%	1h	93.150	−0.076%	$700K	$924K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.161	−0.064%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	93.125	−0.103%	$90K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.189	−0.034%	$127K	$32K	5x	as long as short
Popdex HYPEUSDT	0.0000%	1h	93.125	−0.103%	$58K	$1.2M	50x	as long as short
Perpl HYPE	0.0000%	43m	93.144	−0.082%	$23K	$331K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.150	−0.076%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0008%	4h	93.092	−0.138%	$8.8M	$36.0M	300x	as long as short
Bybit HYPEUSDT	+0.0027%	8h	93.067	−0.165%	$323.0M	$286.9M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0033%	4h	93.112	−0.117%	$171K	$519K	20x	as long as short
Phoenix HYPE	+0.0034%	1h	93.374	+0.164%	$214K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0035%	1h	93.106	−0.123%	$111K	$579K	20x	as long as short
Gate HYPE_USDT	+0.0038%	4h	93.089	−0.142%	$43.8M	$57.9M	75x	as long as short
Derive HYPE-PERP	+0.0039%	1h	93.083	−0.148%	$16.3M	$7.1M	10x	as long as short
Binance HYPEUSDT	+0.0089%	4h	93.078	−0.154%	$382.6M	$892.6M	75x	as long as short
MEXC HYPE_USDT	+0.0090%	4h	93.065	−0.167%	$89.8M	$81.8M	100x	as long as short
Lighter HYPE	+0.0096%	1h	93.152	−0.074%	$18.5M	$58.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.123	−0.105%	$3.1M	$12.1M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	93.143	−0.084%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.150	−0.076%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.120	−0.109%	$5.9M	$44.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.126	−0.102%	$2.02B	$670.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.153	−0.073%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.064	−0.168%	$113.8M	$313.4M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.390	+0.181%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.104	−0.126%	$47.1M	$18.9M	75x	as long as short
Bitget HYPEUSDTshort	+0.0100%	4h	93.078	−0.153%	$225.6M	$102.8M	75x
BingX HYPE-USDT	+0.0100%	4h	93.098	−0.132%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.118	−0.110%	$7.8M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.354	+0.143%	$29.0M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.268	+0.050%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.246	+0.027%	$412K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.210	−0.012%	$674K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.183	−0.041%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.158	−0.068%	$493K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.116	−0.113%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.178	−0.046%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.105	−0.124%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.153	−0.073%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.050	−0.183%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.094	−0.136%	$396K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0106%	4h	93.228	+0.008%	$5.1M	$29.6M	30x	as long as short
Kalshi KXHYPEPERPlong	+0.0108%	8h	93.221	long leg	$1.9M	$5.3M	2.3x
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.190	−0.033%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.070	−0.162%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.100	−0.130%	$78K	$158K	15x	as long as short
HTX HYPE-USDT	+0.0259%	4h	93.300	+0.085%	$1.5M	$7.7M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.204	−0.018%	$2.8M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0319%	1h	93.211	−0.011%	$7.4M	$4.6M	50x	as long as short
BloFin HYPE-USDT	+0.0329%	4h	93.087	−0.144%	$16.9M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0159%	1h	93.154	−0.071%	$1.5M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0466%	1h	93.200	−0.023%	$20.8M	$28.9M	50x	as long as short