Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0279%/8h= −30.5% APRpaid last 24h 0.000%

Price spread now: dYdX against Kalshi−0.082%7-day average −0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$360.364% of the position

Long on Kalshi Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.053%+$5 on $10k

Price spread, last 4 days (all we have)+0.060%+$6 · spread now −0.082%, 7d avg −0.023%

Together, before fees+0.114%+$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and dYdX is 0.059% cheaper against Kalshi than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.023%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.053%, 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 7 days it paid 0.053% in total (about 2.8% 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	93.460	0.0279	pay 0.0279% / 8h	2h 03m	$1.9M	$4.9M	2.3x
Short	dYdX HYPE-USD	93.383	0	get 0.0000% / 1h	3m 34s	$128K	$31K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.082%Rate

Funding earned: −$58.55
Price spread: −0.082% → −0.023%: −$5.9
Slippage, 4 orders: −$16.43
Fee Kalshi: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$100.88
Costs to cover: 0.364%
Break-even: never at this rate

Slippage from Kalshi: live order book, 5 min ago; dYdX: live order book, just now.

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, 5 min ago	3.16 bp	10.9 bp −$11	12.5 bp −$125	18.0 bp −$1,800	doesn't fit
Sell dYdX live order book, just now	1.65 bp	6.7 bp −$7	25.4 bp −$254	197.4 bp −$19.7K	962.4 bp −$481.2K

HYPE on 54 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	−0.1120%	1h	93.308	−0.162%	$196K	$227K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.282	−0.190%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.404	−0.060%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0075%	8h	93.388	−0.077%	$12.6M	$2.7M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0062%	1h	93.320	−0.150%	$699K	$905K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0053%	4h	93.381	−0.085%	$156K	$640K	20x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.399	−0.065%	$85K	$347K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0034%	1h	93.481	+0.022%	$22K	$21K	10x	as long as short
Aster HYPEUSDT	−0.0003%	4h	93.441	−0.021%	$8.8M	$35.7M	300x	as long as short
dYdX HYPE-USDshort	0.0000%	1h	93.383	−0.082%	$128K	$31K	5x

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.485	+0.027%	$22K	$321K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.438	−0.023%	$26K	—	150x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.378	−0.088%	—	$53.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0013%	1h	93.393	−0.072%	$7.4M	$10.4M	20x	as long as short
Bybit HYPEUSDT	+0.0014%	8h	93.369	−0.097%	$320.3M	$276.9M	75x	as long as short
Gate HYPE_USDT	+0.0016%	4h	93.364	−0.103%	$44.3M	$55.4M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.424	−0.039%	$210K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0074%	4h	93.382	−0.083%	$88.2M	$83.5M	100x	as long as short
Bullet HYPE-USD	+0.0075%	1h	93.425	−0.037%	$112K	$578K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	93.376	−0.090%	$114.7M	$302.3M	50x	as long as short
Binance HYPEUSDT	+0.0080%	4h	93.385	−0.080%	$379.9M	$880.0M	75x	as long as short
edgeX HYPEUSDC	+0.0085%	4h	93.295	−0.177%	$5.0M	$30.0M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.445	−0.016%	$16.3M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.432	−0.030%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.394	−0.071%	$67K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.412	−0.051%	$397K	$172K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.468	+0.008%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.410	−0.053%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.415	−0.049%	$5.7M	$43.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.528	+0.073%	$2.04B	$657.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.427	−0.035%	$10.0M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	−0.134%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.423	−0.040%	$46.2M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.371	−0.095%	$225.9M	$97.1M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.349	−0.119%	$31.1M	$54.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.360	−0.107%	$7.5M	$46.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.340	−0.128%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.464	+0.004%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.447	−0.014%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.475	+0.016%	$475K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.370	−0.096%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.367	−0.100%	$16.2M	$7.7M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.524	+0.068%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.401	−0.063%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.349	−0.119%	$18.3M	$43.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.410	−0.053%	$4.9M	$5.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	94.180	+0.770%	$31K	$339K	12x	as long as short
HTX HYPE-USDT	+0.0194%	4h	93.600	+0.150%	$1.4M	$5.9M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.483	+0.024%	$3.2M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0256%	1h	93.426	−0.037%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERPlong	+0.0279%	8h	93.460	long leg	$1.9M	$4.9M	2.3x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.429	−0.033%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0382%	1h	93.477	+0.018%	$7.4M	$4.4M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0682%	1h	93.474	+0.015%	$20.8M	$29.8M	50x	as long as short