Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0001%/8h= −0.1% APRpaid last 24h +0.002%

Price spread now: Coinbase International against Kalshi+0.089%7-day average −0.054% · you sell dearer than you buy

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$430.426% of the position

Long on Kalshi Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.073%+$7 on $10k

Price spread, last 4 days (all we have)−0.217%−$22 · spread now +0.089%, 7d avg −0.054%

Together, before fees−0.145%−$14 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: Coinbase International is 0.143% dearer against Kalshi than usual: you sell high and buy low, +$14 on $10k if it goes back to its 7-day average of −0.054%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXHYPEPERP	93.417	0.0145	pay 0.0145% / 8h	7h 00m	$1.8M	$5.5M	2.3x
Short	Coinbase International HYPE-PERP-INTX	93.500	0.0144	get 0.0018% / 1h	0m 51s	$4.8M	$5.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.089%Rate

Funding earned: −$0.18
Price spread: +0.089% → −0.054%: $14.26
Slippage, 4 orders: −$22.64
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$28.56
Costs to cover: 0.426%
Break-even: never at this rate

Slippage from Kalshi: live order book, 3 min ago; Coinbase International: live order book, 3 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, 3 min ago	4.71 bp	10.5 bp −$10	12.6 bp −$126	17.1 bp −$1,709	doesn't fit
Sell Coinbase International live order book, 3 min ago	4.82 bp	10.8 bp −$11	17.2 bp −$172	40.9 bp −$4,090	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	−0.1872%	1h	93.114	−0.325%	$196K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0335%	1h	93.287	−0.139%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	93.373	−0.047%	$1.0M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.316	−0.108%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0041%	4h	93.402	−0.016%	$146K	$664K	20x	as long as short
Bullet HYPE-USD	−0.0012%	1h	93.395	−0.023%	$112K	$578K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0008%	1h	93.330	−0.093%	$703K	$1.2M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.328	−0.095%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.404	−0.014%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.436	+0.020%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange HYPEUSD	+0.0016%	1h	93.440	+0.025%	$87K	$366K	20x	as long as short
Phemex HYPEUSDT	+0.0020%	8h	93.414	−0.003%	$12.6M	$2.7M	50x	as long as short
Bybit HYPEUSDT	+0.0025%	8h	93.410	−0.007%	$317.9M	$283.6M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.446	+0.031%	$209K	$1.2M	10x	as long as short
Bitget HYPEUSDT	+0.0026%	4h	93.398	−0.020%	$226.1M	$99.0M	75x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.410	−0.007%	$77K	$1.1M	50x	as long as short
Gate HYPE_USDT	+0.0064%	4h	93.385	−0.034%	$45.9M	$55.2M	75x	as long as short
edgeX HYPEUSDC	+0.0082%	4h	93.336	−0.087%	$5.0M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.371	−0.049%	$340K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.428	+0.012%	$16.1M	$63.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.424	+0.007%	$3.1M	$11.7M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.400	−0.018%	$12K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.419	+0.003%	$7.5M	$47.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.439	+0.024%	$2.03B	$665.9M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.406	−0.011%	$8.7M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.369	−0.051%	$10.1M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.408	−0.010%	$374.7M	$909.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.406	−0.012%	$114.7M	$306.2M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.328	−0.095%	$203K	$3K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.387	−0.032%	$91.8M	$81.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.406	−0.012%	$46.2M	$18.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.391	−0.028%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.444	+0.029%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.379	−0.041%	$28.8M	$56.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.407	−0.011%	$7.5M	$47.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.335	−0.088%	$342K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.244	−0.185%	$666K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.441	+0.026%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.456	+0.042%	$490K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.393	−0.026%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.388	−0.032%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.306	−0.119%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.407	−0.011%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.550	+0.142%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.359	−0.062%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.398	−0.021%	$395K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTXshort	+0.0144%	1h	93.500	+0.089%	$4.8M	$5.6M	50x
Kalshi KXHYPEPERPlong	+0.0145%	8h	93.417	long leg	$1.8M	$5.5M	2.3x
Kraken Futures PF_HYPEUSD	+0.0196%	1h	93.476	+0.064%	$20.8M	$29.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.170	−0.264%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0267%	1h	93.436	+0.020%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.442	+0.027%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.430	+0.014%	$16.8M	$11.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0467%	1h	93.502	+0.091%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	93.465	+0.051%	$3.2M	$6.3M	20x	as long as short