Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0177%/8h= −19.4% APRpaid last 24h +0.030%

Price spread now: GRVT against Kalshi−0.049%7-day average +0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$320.317% of the position

Long on Kalshi Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days+0.193%+$19 on $10k

Price spread, last 7 days−0.077%−$8 · spread now −0.049%, 7d avg +0.010%

Together, before fees+0.116%+ Points / potential airdropGRVT: Active · farm board+$12 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 GRVT 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 +0.010%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.193%, 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	93.353	0.0277	pay 0.0277% / 8h	1h 37m	$1.9M	$5.1M	2.3x
Short	GRVT HYPE_USDT_Perp	93.307	0.0100	get 0.0050% / 4h	1h 37m	$7.5M	$45.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.049%Rate

Funding earned: −$37.22
Price spread: −0.049% → +0.010%: −$5.95
Slippage, 4 orders: −$12.65
Fee Kalshi: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$74.82
Costs to cover: 0.317%
Break-even: never at this rate

Slippage from Kalshi: live order book, 1 min ago; GRVT: live order book, 2 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, 1 min ago	5.09 bp	11.6 bp −$12	13.8 bp −$138	20.9 bp −$2,093	doesn't fit
Sell GRVT live order book, 2 min ago	0.32 bp	4.9 bp −$5	6.2 bp −$62	doesn't fit	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	−0.1288%	1h	93.228	−0.133%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.198	−0.166%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0091%	1h	93.220	−0.142%	$700K	$981K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.301	−0.056%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.381	+0.030%	$85K	$345K	20x	as long as short
Phemex HYPEUSDT	−0.0056%	8h	93.365	+0.013%	$12.6M	$2.7M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0051%	1h	93.372	+0.020%	$22K	$21K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0046%	4h	93.351	−0.002%	$156K	$633K	20x	as long as short
Bullet HYPE-USD	−0.0016%	1h	93.336	−0.018%	$111K	$577K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.361	+0.008%	$128K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.398	+0.049%	$23K	$322K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.385	+0.034%	$62K	—	150x	as long as short
Aster HYPEUSDT	+0.0016%	4h	93.338	−0.017%	$8.8M	$35.5M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.398	+0.048%	$213K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0026%	4h	93.364	+0.012%	—	$53.0M	—	as long as short
Bybit HYPEUSDT	+0.0032%	8h	93.355	+0.002%	$321.3M	$277.1M	75x	as long as short
Gate HYPE_USDT	+0.0052%	4h	93.356	+0.003%	$44.5M	$54.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0078%	8h	93.352	−0.001%	$114.2M	$302.0M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.322	−0.034%	$16.3M	$61.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.311	−0.045%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.371	+0.019%	$69K	$1.2M	50x	as long as short
MEXC HYPE_USDT	+0.0096%	4h	93.366	+0.014%	$89.8M	$80.7M	100x	as long as short
Binance HYPEUSDT	+0.0096%	4h	93.367	+0.015%	$378.9M	$876.4M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.336	−0.018%	$339K	$162K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.330	−0.025%	$17K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.299	−0.058%	$5.8M	$43.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.452	+0.106%	$2.04B	$653.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.343	−0.011%	$10.0M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.580	+0.243%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.395	+0.045%	$45.9M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.351	−0.002%	$225.7M	$96.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.246	−0.115%	$7.4M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.317	−0.039%	$31.1M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perpshort	+0.0100%	4h	93.307	−0.049%	$7.5M	$45.6M	10x
ApeX Omni HYPEUSDT	+0.0100%	1h	93.310	−0.046%	$339K	$999K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.326	−0.029%	$666K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.395	+0.045%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.390	+0.040%	$472K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.362	+0.010%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.341	−0.013%	$16.2M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.423	+0.075%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.352	−0.001%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.314	−0.042%	$18.4M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.338	−0.017%	$397K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0108%	4h	93.349	−0.004%	$5.1M	$29.6M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.400	+0.050%	$4.8M	$5.6M	50x	as long as short
HTX HYPE-USDT	+0.0195%	4h	93.540	+0.200%	$1.4M	$6.0M	75x	as long as short
Reya HYPERUSDPERP	+0.0258%	1h	93.346	−0.007%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERPlong	+0.0277%	8h	93.353	long leg	$1.9M	$5.1M	2.3x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.398	+0.048%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0337%	4h	93.271	−0.088%	$16.9M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0393%	1h	93.441	+0.094%	$7.4M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.423	+0.075%	$3.2M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.180	−0.185%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0685%	1h	93.423	+0.075%	$20.7M	$29.9M	50x	as long as short