Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0086%/8h= +9.5% APRpaid last 24h 0.000%

Price spread now: edgeX against Kalshi−0.138%7-day average −0.037% · you buy dearer than you sell

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$310.309% of the position

Long on Kalshi Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.176%+$18 on $10k

Price spread, last 7 days+0.019%+$2 · spread now −0.138%, 7d avg −0.037%

Together, before fees+0.194%+ Points / potential airdropedgeX: Active · farm board+$19 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.102% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.138% now, against its 7-day average of −0.037%). If the spread goes back, that is −$10 on $10k: about 3.9 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXHYPEPERP	93.064	0	get 0.0000% / 8h	7h 51m	$1.8M	$5.4M	2.3x
Short	edgeX HYPEUSDC	92.935	0.0086	get 0.0043% / 4h	3h 51m	$4.9M	$29.6M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.138%Rate

Funding earned: $18.13
Price spread: −0.138% → −0.037%: −$10.16
Slippage, 4 orders: −$11.88
Fee Kalshi: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$22.92
Costs to cover: 0.309%
Break-even: 15.8 days

Slippage from Kalshi: live order book, 2 min ago; edgeX: 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, 2 min ago	3.87 bp	11.5 bp −$12	12.6 bp −$126	18.8 bp −$1,883	doesn't fit
Sell edgeX live order book, 3 min ago	0.32 bp	4.8 bp −$5	5.0 bp −$50	147.5 bp −$14.8K	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	−0.0640%	1h	92.840	−0.241%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0266%	1h	92.907	−0.168%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.985	−0.085%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.022	−0.045%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0061%	4h	92.956	−0.116%	$158K	$660K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.023	−0.044%	$128K	$29K	5x	as long as short
Kalshi KXHYPEPERPlong	0.0000%	8h	93.064	long leg	$1.8M	$5.4M	2.3x
Perpl HYPE	0.0000%	43m	93.012	−0.056%	$22K	$301K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.042	−0.024%	$62K	—	150x	as long as short
Phoenix HYPE	+0.0026%	1h	93.032	−0.034%	$210K	$1.2M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HYPEUSDT	+0.0037%	8h	92.987	−0.083%	$12.6M	$2.7M	50x	as long as short
Bybit HYPEUSDT	+0.0037%	8h	92.974	−0.097%	$316.2M	$282.7M	75x	as long as short
Gate HYPE_USDT	+0.0048%	4h	93.018	−0.049%	$44.7M	$53.7M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0062%	1h	92.970	−0.101%	$699K	$1.1M	10x	as long as short
01 Exchange HYPEUSD	+0.0064%	1h	93.050	−0.015%	$87K	$362K	20x	as long as short
Bitget HYPEUSDT	+0.0080%	4h	93.014	−0.054%	$225.4M	$99.0M	75x	as long as short
edgeX HYPEUSDCshort	+0.0086%	4h	92.935	−0.138%	$4.9M	$29.6M	30x
Aster HYPEUSDT	+0.0087%	4h	93.047	−0.018%	$8.7M	$36.2M	300x	as long as short
Lighter HYPE	+0.0096%	1h	93.025	−0.041%	$16.1M	$62.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.030	−0.037%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.017	−0.051%	$70K	$1.1M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	93.042	−0.024%	$340K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.990	−0.080%	$39K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.007	−0.061%	$7.5M	$45.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.061	−0.003%	$2.03B	$665.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.045	−0.020%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.014	−0.053%	$374.1M	$904.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.981	−0.089%	$114.1M	$304.9M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.942	−0.131%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.020	−0.047%	$87.8M	$79.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.029	−0.038%	$46.2M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.012	−0.056%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.012	−0.056%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.709	−0.382%	$28.4M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.015	−0.053%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.928	−0.146%	$351K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.011	−0.057%	$668K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.055	−0.010%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.056	−0.009%	$469K	$2.6M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.023	−0.044%	$112K	$578K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.971	−0.100%	$79K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.965	−0.106%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.003	−0.066%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.010	−0.058%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.953	−0.119%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.985	−0.085%	$393K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.060	−0.004%	$4.7M	$5.6M	50x	as long as short
HTX HYPE-USDT	+0.0158%	4h	93.145	+0.087%	$1.4M	$6.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	93.079	+0.016%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.750	−0.337%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0264%	1h	93.014	−0.054%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	93.015	−0.053%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.994	−0.075%	$16.8M	$11.7M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0449%	1h	93.108	+0.047%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	93.081	+0.018%	$3.2M	$6.4M	20x	as long as short