Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0171%/8h= −18.7% APRpaid last 24h +0.015%

Price spread now: Derive against Kalshi−0.110%7-day average −0.057% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Kalshi Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.170%+$17 on $10k

Price spread, last 3 days (all we have)+0.001%$0 · spread now −0.110%, 7d avg −0.057%

Together, before fees+0.172%+$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Derive is 0.052% cheaper against Kalshi than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.057%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.170%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXHYPEPERP	94.096	0.0159	pay 0.0159% / 8h	4h 01m	$1.9M	$5.1M	2.3x
Short	Derive HYPE-PERP	93.993	−0.0011	pay 0.0001% / 1h	1m 12s	$16.4M	$7.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now −0.110%Rate

Funding earned: −$35.9
Price spread: −0.110% → −0.057%: −$5.22
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Derive: 3 bp × 2 orders: −$6
Net: −$57.12
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kalshi: live order book, 2 min ago; Derive: no order-book sample. Net counts fees only.

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	2.92 bp	10.7 bp −$11	12.2 bp −$122	17.2 bp −$1,720	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1400%	1h	93.873	−0.237%	$199K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0343%	1h	93.963	−0.142%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.874	−0.236%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0133%	1h	93.930	−0.176%	$705K	$925K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.013	−0.088%	$86K	$368K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.983	−0.120%	$3K	$331	25x	as long as short
Derive HYPE-PERPshort	−0.0011%	1h	93.993	−0.110%	$16.4M	$7.2M	10x
dYdX HYPE-USD	−0.0007%	1h	93.976	−0.128%	$128K	$30K	5x	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	94.054	−0.045%	$169K	$594K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.002	−0.099%	$23K	$329K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.074	−0.023%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	93.898	−0.210%	$217K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0015%	4h	94.041	−0.058%	$8.9M	$36.1M	300x	as long as short
Bybit HYPEUSDT	+0.0017%	8h	94.030	−0.070%	$323.6M	$283.9M	75x	as long as short
Phemex HYPEUSDT	+0.0026%	8h	94.000	−0.102%	$12.8M	$2.6M	50x	as long as short
Binance HYPEUSDT	+0.0046%	4h	94.047	−0.052%	$384.4M	$898.4M	75x	as long as short
MEXC HYPE_USDT	+0.0046%	4h	94.050	−0.049%	$88.5M	$82.3M	100x	as long as short
edgeX HYPEUSDC	+0.0057%	4h	94.017	−0.084%	$5.1M	$29.7M	30x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	94.015	−0.086%	$60K	$1.2M	50x	as long as short
Gate HYPE_USDT	+0.0068%	4h	94.038	−0.062%	$44.2M	$60.1M	75x	as long as short
Bullet HYPE-USD	+0.0072%	1h	94.038	−0.062%	$112K	$578K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0088%	8h	94.036	−0.064%	$116.0M	$323.1M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.104	+0.008%	$18.9M	$60.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.078	−0.019%	$3.1M	$12.4M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.068	−0.030%	$400K	$318K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	94.040	−0.060%	$42K	$1.6M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.030	−0.070%	$342K	$171K	20x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.014	−0.087%	$6.6M	$44.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.144	+0.051%	$2.05B	$680.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.017	−0.084%	$10.1M	$14.5M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.889	−0.220%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.071	−0.027%	$46.6M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.057	−0.041%	$227.8M	$102.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.035	−0.065%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.082	−0.015%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.972	−0.131%	$31.4M	$54.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.864	−0.247%	$7.6M	$45.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.055	−0.044%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.964	−0.140%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.052	−0.047%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.062	−0.036%	$472K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.071	−0.027%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.060	−0.038%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.059	−0.039%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.334%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.040	−0.059%	$18.4M	$42.8M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.070	−0.028%	$4.9M	$5.7M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0156% / S +0.0022%	1h	94.067	−0.031%	$1.5M	—	100x	as long as short
Kalshi KXHYPEPERPlong	+0.0159%	8h	94.096	long leg	$1.9M	$5.1M	2.3x
BloFin HYPE-USDT	+0.0183%	4h	94.000	−0.102%	$17.0M	$12.6M	75x	as long as short
HTX HYPE-USDT	+0.0194%	4h	94.200	+0.111%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	94.030	−0.070%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.041	−0.058%	$2.8M	$6.9M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0409%	1h	94.166	+0.074%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0576%	1h	94.158	+0.066%	$21.1M	$29.5M	50x	as long as short