Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0034%/8h= +3.7% APRpaid last 24h +0.021%

Price spread now: GMX against Kalshi−0.060%7-day average −0.016% · you buy dearer than you sell

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

Long on Kalshi Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.144%+$14 on $10k

Price spread, last 4 days (all we have)+0.056%+$6 · spread now −0.060%, 7d avg −0.016%

Together, before fees+0.199%+$20 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.043% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.060% now, against its 7-day average of −0.016%). If the spread goes back, that is −$4 on $10k: about 4.3 days of funding at the current rate (+$1 a day). At the pace of the last 3 days (+0.144% in total) that is about 25 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXHYPEPERP	94.246	0.0120	pay 0.0120% / 8h	6h 13m	$1.8M	$5.6M	2.3x
Short	GMX HYPE/USD [WBTC.b-USDC]	94.190	L +0.0333% / S −0.0154%	get 0.0019% / 1h	13m 17s	$1.4M	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.060%Rate

Funding earned: $7.12
Price spread: −0.060% → −0.016%: −$4.33
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$19.21
Costs to cover: 0.220%
Break-even: 25.9 days

Slippage unknown: Kalshi: live order book, 5 min ago; GMX: 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, 5 min ago	3.24 bp	10.8 bp −$11	11.8 bp −$118	16.4 bp −$1,642	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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	−0.1328%	1h	94.055	−0.202%	$199K	$239K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0391%	1h	93.960	−0.303%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.149	−0.103%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0016%	1h	94.183	−0.067%	$112K	$580K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0015%	4h	94.155	−0.097%	$147K	$678K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.186	−0.063%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	94.173	−0.077%	$86K	$372K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.193	−0.056%	$23K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.200	−0.049%	$63K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	94.145	−0.107%	$1.1M	$4.0M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget HYPEUSDT	+0.0020%	4h	94.173	−0.077%	$227.2M	$99.3M	75x	as long as short
Bybit HYPEUSDT	+0.0023%	8h	94.200	−0.049%	$319.6M	$284.1M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	94.200	−0.049%	$209K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0027%	8h	94.145	−0.107%	$12.8M	$2.8M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0067%	1h	94.080	−0.176%	$709K	$1.2M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	94.186	−0.064%	$342K	$158K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.195	−0.054%	$16.4M	$63.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.196	−0.053%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.159	−0.092%	$72K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.160	−0.091%	$28K	$1.7M	10x	as long as short
edgeX HYPEUSDC	+0.0100%	4h	94.090	−0.166%	$5.0M	$30.2M	30x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.154	−0.097%	$7.2M	$48.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.262	+0.017%	$2.06B	$676.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.198	−0.051%	$8.8M	$36.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.185	−0.065%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.215	−0.033%	$378.2M	$919.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.204	−0.045%	$116.4M	$315.7M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.358	−0.942%	$216K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.172	−0.079%	$48.1M	$55.3M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.185	−0.065%	$90.4M	$81.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.201	−0.048%	$46.5M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.176	−0.074%	—	$53.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.192	−0.057%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.099	−0.155%	$28.9M	$56.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.125	−0.128%	$7.7M	$48.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.113	−0.141%	$337K	$998K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.142	−0.110%	$674K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.234	−0.013%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.184	−0.066%	$478K	$2.8M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.192	−0.057%	$80K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	94.165	−0.086%	$16.2M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.244	−0.002%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.185	−0.065%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.333	+0.092%	$1.4M	$6.6M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.152	−0.100%	$18.3M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.176	−0.074%	$398K	$159K	20x	as long as short
Kalshi KXHYPEPERPlong	+0.0120%	8h	94.246	long leg	$1.8M	$5.6M	2.3x
Injective HYPE/USDC PERP	+0.0122%	1h	94.310	+0.068%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.220	−0.028%	$4.7M	$6.1M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0153%	1h	94.254	+0.008%	$7.5M	$4.1M	50x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.172	−0.078%	$81K	$127K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]short	L +0.0333% / S −0.0154%	1h	94.190	−0.060%	$1.4M	—	100x
Kraken Futures PF_HYPEUSD	+0.0338%	1h	94.260	+0.015%	$21.0M	$29.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.169	−0.082%	$16.8M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	94.225	−0.022%	$3.2M	$6.3M	20x	as long as short