Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0197%/8h= −21.6% APRpaid last 24h −0.007%

Price spread now: Bullet against Kalshi−0.106%7-day average −0.021% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$340.340% of the position

Long on Kalshi Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.063%+$6 on $10k

Price spread, last 4 days (all we have)+0.124%+$12 · spread now −0.106%, 7d avg −0.021%

Together, before fees+0.186%+$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Bullet is 0.085% cheaper against Kalshi than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.021%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.063%, 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 3 days it paid 0.063% in total (about 6.6% 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	93.514	0.0103	pay 0.0103% / 8h	5h 31m	$1.8M	$5.6M	2.3x
Short	Bullet HYPE-USD	93.415	−0.0094	pay 0.0012% / 1h	31m 55s	$111K	$579K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.106%Rate

Funding earned: −$41.37
Price spread: −0.106% → −0.021%: −$8.53
Slippage, 4 orders: −$15.98
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$83.87
Costs to cover: 0.340%
Break-even: never at this rate

Slippage from Kalshi: live order book, 2 min ago; Bullet: live order book, 12 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	3.42 bp	8.7 bp −$9	11.8 bp −$118	19.5 bp −$1,947	doesn't fit
Sell Bullet live order book, 12 min ago	0.43 bp	8.3 bp −$8	13.3 bp −$133	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
Hibachi HYPE/USDT-P	−0.1024%	1h	93.380	−0.143%	$198K	$240K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0190%	1h	93.476	−0.040%	$22K	$21K	10x	as long as short
Bullet HYPE-USDshort	−0.0094%	1h	93.415	−0.106%	$111K	$579K	20x
Ondo Perps HYPE-USD.P	−0.0082%	1h	93.400	−0.122%	$703K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.458	−0.060%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.437	−0.082%	$86K	$369K	20x	as long as short
Bluefin HYPE-PERP	−0.0026%	1h	93.404	−0.118%	$79K	$156K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0022%	4h	93.390	−0.133%	$145K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.517	+0.003%	$128K	$28K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.428	−0.092%	$20K	$290K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	+0.0002%	8h	93.400	−0.122%	$315.2M	$288.0M	75x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.445	−0.074%	$83K	—	150x	as long as short
BingX HYPE-USDT	+0.0002%	4h	93.411	−0.110%	—	$53.5M	—	as long as short
Derive HYPE-PERP	+0.0007%	1h	93.302	−0.226%	$16.2M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0017%	1h	93.482	−0.034%	$209K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0044%	4h	93.415	−0.106%	$225.1M	$99.6M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0076%	8h	93.463	−0.055%	$334K	$161K	20x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.460	−0.057%	$5.0M	$30.6M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.377	−0.147%	$1.0M	$4.0M	10x	as long as short
Phemex HYPEUSDT	+0.0090%	8h	93.429	−0.091%	$12.8M	$2.8M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.412	−0.109%	$16.1M	$64.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.407	−0.114%	$3.1M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.434	−0.086%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.460	−0.058%	$21K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.385	−0.138%	$7.4M	$50.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.496	−0.019%	$2.04B	$682.2M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.427	−0.093%	$8.8M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.467	−0.050%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.414	−0.107%	$373.8M	$929.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.404	−0.118%	$115.3M	$314.8M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.405	−0.117%	$48.5M	$55.3M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.404	−0.118%	$90.5M	$84.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.418	−0.103%	$46.3M	$18.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.424	−0.096%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.339	−0.187%	$28.7M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.507	−0.007%	$7.5M	$48.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.469	−0.048%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.514	0.000%	$677K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.472	−0.045%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.435	−0.084%	$469K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.476	−0.041%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.404	−0.118%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.551	+0.040%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.438	−0.081%	$216K	$15K	10x	as long as short
Kalshi KXHYPEPERPlong	+0.0103%	8h	93.514	long leg	$1.8M	$5.6M	2.3x
Extended HYPE-USD	+0.0104%	1h	93.370	−0.154%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.406	−0.115%	$395K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.420	−0.101%	$4.7M	$6.1M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0152% / S +0.0022%	1h	93.439	−0.081%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.410	+0.958%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.393	−0.129%	$77K	$129K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0306%	1h	93.502	−0.013%	$7.4M	$4.2M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.435	−0.084%	$16.9M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0416%	1h	93.485	−0.031%	$20.9M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.464	−0.053%	$3.2M	$6.4M	20x	as long as short