Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0124%/8h= −13.5% APRpaid last 24h −0.003%

Price spread now: Gate against Kalshi−0.115%7-day average −0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$440.441% of the position

Long on Kalshi Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.106%+$11 on $10k

Price spread, last 7 days+0.012%+$1 · spread now −0.115%, 7d avg −0.019%

Together, before fees+0.118%+$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Gate is 0.096% cheaper against Kalshi than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.019%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.106%, 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	92.935	0.0224	pay 0.0224% / 8h	3h 59m	$1.8M	$5.4M	2.3x
Short	Gate HYPE_USDT	92.828	0.0100	get 0.0050% / 4h	3h 59m	$44.4M	$53.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.115%Rate

Funding earned: −$25.96
Price spread: −0.115% → −0.019%: −$9.59
Slippage, 4 orders: −$19.1
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$79.64
Costs to cover: 0.441%
Break-even: never at this rate

Slippage from Kalshi: live order book, 5 min ago; Gate: live order book, 5 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, 5 min ago	1.94 bp	11.1 bp −$11	12.2 bp −$122	18.4 bp −$1,841	doesn't fit
Sell Gate live order book, 5 min ago	0.05 bp	10.0 bp −$10	14.3 bp −$143	29.5 bp −$2,949	52.0 bp −$26.0K

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
Arcus HYPE-USD	−0.0948%	1h	92.862	−0.079%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0440%	1h	92.759	−0.190%	$193K	$227K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0286%	1h	92.840	−0.102%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.891	−0.047%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0063%	4h	92.856	−0.085%	$157K	$653K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.865	−0.075%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.889	−0.050%	$22K	$302K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.903	−0.035%	$62K	—	150x	as long as short
Bullet HYPE-USD	+0.0007%	1h	92.856	−0.085%	$111K	$579K	20x	as long as short
Phemex HYPEUSDT	+0.0029%	8h	92.858	−0.083%	$12.5M	$2.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	+0.0036%	4h	92.833	−0.110%	—	$53.6M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.952	+0.018%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0044%	8h	92.825	−0.118%	$316.5M	$281.2M	75x	as long as short
Aster HYPEUSDT	+0.0070%	4h	92.880	−0.060%	$8.7M	$36.2M	300x	as long as short
Bitget HYPEUSDT	+0.0086%	4h	92.836	−0.107%	$224.7M	$98.7M	75x	as long as short
edgeX HYPEUSDC	+0.0093%	4h	92.871	−0.069%	$4.9M	$29.6M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	92.896	−0.042%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.866	−0.074%	$16.1M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.875	−0.065%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.882	−0.057%	$69K	$1.1M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0099%	8h	92.834	−0.109%	$113.9M	$303.6M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.880	−0.059%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.892	−0.046%	$7.5M	$45.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.883	−0.056%	$2.02B	$663.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.935	0.000%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.859	−0.082%	$373.1M	$902.3M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0100%	1h	92.850	−0.091%	$698K	$1.1M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	−0.145%	$202K	$13K	10x	as long as short
Gate HYPE_USDTshort	+0.0100%	4h	92.828	−0.115%	$44.4M	$53.4M	75x
MEXC HYPE_USDT	+0.0100%	4h	92.843	−0.099%	$88.1M	$79.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.856	−0.085%	$46.1M	$18.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.838	−0.104%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.859	−0.082%	$28.5M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.903	−0.034%	$7.5M	$46.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.856	−0.085%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.890	−0.048%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.941	+0.006%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.926	−0.010%	$469K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.877	−0.062%	$79K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.850	−0.091%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.857	−0.084%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.866	−0.074%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.034	+0.107%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.837	−0.106%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.885	−0.054%	$393K	$164K	20x	as long as short
01 Exchange HYPEUSD	+0.0136%	1h	92.909	−0.028%	$87K	$362K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.950	+0.016%	$4.7M	$5.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.919	−0.017%	$20.6M	$30.4M	50x	as long as short
Kalshi KXHYPEPERPlong	+0.0224%	8h	92.935	long leg	$1.8M	$5.4M	2.3x
Injective HYPE/USDC PERP	+0.0242%	1h	92.870	−0.070%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0263%	1h	92.865	−0.076%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.881	−0.058%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.887	−0.052%	$16.8M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0396%	1h	92.952	+0.018%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.950	+0.016%	$3.2M	$6.4M	20x	as long as short