Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0100%/8h= +11.0% APRpaid last 24h +0.007%

Price spread now: Bulk against Kalshi+0.070%7-day average +0.010% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$270.275% of the position

Long on Kalshi Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.087%+$9 on $10k

Price spread, last 4 days (all we have)+0.033%+$3 · spread now +0.070%, 7d avg +0.010%

Together, before fees+0.120%+$12 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 Bulk is 0.060% dearer against Kalshi than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.010%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXHYPEPERP	93.442	0	get 0.0000% / 8h	5h 35m	$1.8M	$5.6M	2.3x
Short	Bulk HYPE-USD	93.507	0.0100	get 0.0013% / 1h	35m 11s	$216K	$15K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now +0.070%Rate

Funding earned: $21
Price spread: +0.070% → +0.010%: $5.95
Slippage, 4 orders: −$10.5
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$0.55
Costs to cover: 0.275%
Break-even: 7.2 days

Slippage from Kalshi: live order book, 4 min ago; Bulk: live order book, 9 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, 4 min ago	3.15 bp	9.0 bp −$9	11.5 bp −$115	17.4 bp −$1,741	doesn't fit
Sell Bulk live order book, 9 min ago	0.54 bp	4.0 bp −$4	4.7 bp −$47	9.0 bp −$901	21.5 bp −$10.8K

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	−0.1048%	1h	93.346	−0.103%	$198K	$240K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0190%	1h	93.520	+0.084%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0091%	1h	93.330	−0.120%	$703K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.376	−0.071%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0075%	1h	93.339	−0.110%	$110K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.359	−0.089%	$86K	$369K	20x	as long as short
Bluefin HYPE-PERP	−0.0035%	1h	93.333	−0.117%	$79K	$155K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0021%	4h	93.334	−0.116%	$145K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.345	−0.103%	$128K	$28K	5x	as long as short
Kalshi KXHYPEPERPlong	0.0000%	8h	93.442	long leg	$1.8M	$5.6M	2.3x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.338	−0.112%	$20K	$289K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.368	−0.080%	$83K	—	150x	as long as short
BingX HYPE-USDT	+0.0002%	4h	93.358	−0.090%	—	$53.6M	—	as long as short
Bybit HYPEUSDT	+0.0002%	8h	93.350	−0.098%	$315.0M	$287.9M	75x	as long as short
Derive HYPE-PERP	+0.0007%	1h	93.302	−0.149%	$16.2M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0017%	1h	93.482	+0.043%	$209K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0042%	4h	93.378	−0.068%	$225.0M	$99.8M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0077%	8h	93.418	−0.025%	$334K	$161K	20x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.460	+0.020%	$5.0M	$30.6M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.326	−0.124%	$1.0M	$4.0M	10x	as long as short
Phemex HYPEUSDT	+0.0091%	8h	93.382	−0.064%	$12.7M	$2.8M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.355	−0.094%	$16.1M	$63.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.360	−0.088%	$3.1M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.336	−0.113%	$80K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.350	−0.098%	$21K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.382	−0.065%	$7.4M	$50.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.449	+0.007%	$2.04B	$681.5M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.367	−0.080%	$8.8M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.382	−0.064%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.362	−0.086%	$373.8M	$929.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.357	−0.091%	$115.2M	$314.7M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.362	−0.086%	$48.4M	$55.2M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.362	−0.086%	$89.3M	$83.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.359	−0.089%	$46.2M	$18.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.387	−0.059%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.339	−0.111%	$28.7M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.507	+0.070%	$7.5M	$48.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.469	+0.029%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.507	+0.070%	$677K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.417	−0.027%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.364	−0.083%	$469K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.385	−0.061%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.344	−0.105%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.504	+0.066%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USDshort	+0.0100%	1h	93.507	+0.070%	$216K	$15K	10x
Extended HYPE-USD	+0.0104%	1h	93.314	−0.137%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.384	−0.062%	$395K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.440	−0.002%	$4.7M	$6.1M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0152% / S +0.0022%	1h	93.385	−0.061%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.290	−0.163%	$30K	$339K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0264%	1h	93.435	−0.007%	$7.4M	$4.2M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.334	−0.116%	$77K	$129K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.358	−0.090%	$16.9M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0416%	1h	93.416	−0.028%	$20.8M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.388	−0.058%	$3.2M	$6.4M	20x	as long as short