Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.047%

Price spread now: HTX against Kalshi+0.051%7-day average +0.019% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$390.386% of the position

Long on Kalshi Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.216%+$22 on $10k

Price spread, last 4 days (all we have)−0.373%−$37 · spread now +0.051%, 7d avg +0.019%

Together, before fees−0.157%−$16 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and HTX is 0.032% dearer against Kalshi than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.019%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXHYPEPERP	94.352	0	get 0.0000% / 8h	3h 29m	$1.8M	$5.5M	2.3x
Short	HTX HYPE-USDT	94.400	0.0100	get 0.0050% / 4h	3h 29m	$1.4M	$6.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.051%Rate

Funding earned: $21
Price spread: +0.051% → +0.019%: $3.17
Slippage, 4 orders: −$16.55
Fee Kalshi: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$14.38
Costs to cover: 0.386%
Break-even: 11.8 days

Slippage from Kalshi: live order book, 4 min ago; HTX: live order book, 4 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, 4 min ago	2.65 bp	7.7 bp −$8	11.4 bp −$114	19.0 bp −$1,897	doesn't fit
Sell HTX live order book, 4 min ago	0.05 bp	11.1 bp −$11	15.6 bp −$156	59.7 bp −$5,973	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	−0.0816%	1h	94.297	−0.058%	$210K	$267K	7x	as long as short
Bluefin HYPE-PERP	−0.0613%	1h	94.161	−0.202%	$79K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0294%	1h	94.498	+0.155%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0263%	1h	94.207	−0.154%	$112K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0188%	1h	94.230	−0.129%	$701K	$1.3M	10x	as long as short
Gate HYPE_USDT	−0.0114%	4h	94.225	−0.135%	$51.5M	$55.3M	75x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.223	−0.137%	$89K	$366K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.235	−0.124%	$1.0M	$3.4M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.253	−0.105%	$3K	$331	25x	as long as short
Kraken Futures PF_HYPEUSD	−0.0048%	1h	94.202	−0.159%	$18.8M	$35.4M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0040%	8h	94.224	−0.136%	$317.3M	$294.5M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0010%	4h	94.183	−0.179%	$147K	$678K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.298	−0.057%	$129K	$92K	5x	as long as short
Kalshi KXHYPEPERPlong	0.0000%	8h	94.352	long leg	$1.8M	$5.5M	2.3x
Perpl HYPE	0.0000%	43m	94.232	−0.128%	$19K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.247	−0.111%	$113K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.289	−0.067%	$209K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0010%	1h	94.160	−0.203%	$16.3M	$7.5M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.230	−0.129%	$4.7M	$5.9M	50x	as long as short
Bitget HYPEUSDT	+0.0030%	4h	94.239	−0.120%	$226.7M	$98.5M	75x	as long as short
Vest HYPE-PERP	+0.0038%	1h	94.294	−0.061%	—	$190K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0043%	8h	94.295	−0.061%	$337K	$39K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0046%	8h	94.225	−0.135%	$117.6M	$327.3M	50x	as long as short
SoDEX HYPE-USD	+0.0049%	1h	94.240	−0.119%	$2.1M	$2.0M	10x	as long as short
Backpack HYPE_USDC_PERP	+0.0052%	1h	94.188	−0.174%	$7.5M	$10.4M	20x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	94.360	+0.008%	$5.0M	$30.9M	30x	as long as short
Phemex HYPEUSDT	+0.0082%	8h	94.264	−0.093%	$12.9M	$2.9M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.201	−0.160%	$16.2M	$62.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.200	−0.161%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.232	−0.127%	$148K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.250	−0.108%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.238	−0.120%	$7.2M	$51.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.331	−0.022%	$2.07B	$689.2M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.219	−0.141%	$9.5M	$38.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.289	−0.066%	$10.1M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.242	−0.117%	$379.5M	$933.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.564	+0.225%	$220K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.242	−0.117%	$92.9M	$86.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.242	−0.117%	$47.0M	$19.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.235	−0.124%	—	$53.7M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	94.329	−0.024%	$29.9M	$56.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.643	+0.308%	$7.6M	$44.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.293	−0.063%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.294	−0.061%	$693K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.316	−0.038%	$497K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.334	−0.019%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDTshort	+0.0100%	4h	94.400	+0.051%	$1.4M	$6.9M	75x
Extended HYPE-USD	+0.0104%	1h	94.214	−0.146%	$18.2M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.279	−0.077%	$399K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.294	−0.062%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.867%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0164%	1h	94.286	−0.070%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.166	−0.197%	$82K	$105K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	94.269	−0.088%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.295	−0.060%	$17.2M	$12.5M	75x	as long as short