Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.082%

Price spread now: Hyperliquid against Kalshi−0.037%46s7-day average +0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$4as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$300.299% of the position

Long on Kalshi Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.255%+$25 on $10k

Price spread, last 7 days−0.081%−$8 · spread now −0.037%, 7d avg +0.001%

Together, before fees+0.173%+ Points / potential airdropHyperliquid: Season 2 · farm board+$17 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.038% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.037% now, against its 7-day average of +0.001%). If the spread goes back, that is −$4 on $10k: about 31 hours of funding at the current rate (+$3 a day). The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXHYPEPERP	93.504	0	get 0.0000% / 8h	6h 44m	$1.9M	$5.4M	2.3x
Short	Hyperliquid HYPE	93.469	0.0100	get 0.0013% / 1h	44m 30s	$2.04B	$669.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −0.037%Rate

Funding earned: $21
Price spread: −0.037% → +0.001%: −$3.84
Slippage, 4 orders: −$10.91
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$12.75
Costs to cover: 0.299%
Break-even: 11.3 days

Slippage from Kalshi: live order book, 4 min ago; Hyperliquid: live order book, 10 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	2.19 bp	9.9 bp −$10	12.3 bp −$123	17.9 bp −$1,789	doesn't fit
Sell Hyperliquid live order book, 10 min ago	0.05 bp	5.1 bp −$5	6.4 bp −$64	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	−0.1240%	1h	93.370	−0.144%	$197K	$233K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0218%	1h	93.330	−0.186%	$701K	$943K	10x	as long as short
Aftermath Perps HYPEUSD	−0.0193%	1h	93.399	−0.112%	$22K	$22K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.415	−0.095%	$89K	$346K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.388	−0.124%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.427	−0.082%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERPlong	0.0000%	8h	93.504	long leg	$1.9M	$5.4M	2.3x
Perpl HYPE	0.0000%	43m	93.394	−0.117%	$23K	$343K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.430	−0.079%	$19K	—	150x	as long as short
Aster HYPEUSDT	+0.0013%	4h	93.390	−0.122%	$8.9M	$36.0M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	+0.0016%	4h	93.400	−0.111%	$44.2M	$56.3M	75x	as long as short
Derive HYPE-PERP	+0.0017%	1h	93.351	−0.163%	$16.4M	$7.1M	10x	as long as short
Bullet HYPE-USD	+0.0030%	1h	93.411	−0.100%	$112K	$583K	20x	as long as short
Bybit HYPEUSDT	+0.0039%	8h	93.390	−0.122%	$325.3M	$287.9M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.408	−0.103%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0075%	4h	93.419	−0.091%	$180K	$536K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.415	−0.095%	$18.5M	$59.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.409	−0.102%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.390	−0.122%	$56K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.520	+0.017%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.397	−0.114%	$6.0M	$44.3M	10x	as long as short
Hyperliquid HYPEshort	+0.0100%	1h	93.469	−0.037%	$2.04B	$669.3M	10x
Pacifica HYPE	+0.0100%	1h	93.391	−0.121%	$10.0M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.387	−0.125%	$385.7M	$888.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.391	−0.121%	$114.7M	$315.5M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.374	−0.139%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	−0.180%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.397	−0.114%	$93.0M	$81.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.411	−0.099%	$46.3M	$19.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.420	−0.090%	$226.9M	$102.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.392	−0.120%	—	$54.3M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.415	−0.095%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.375	−0.137%	$28.8M	$49.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.445	−0.063%	$7.5M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.456	−0.051%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.481	−0.025%	$676K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.440	−0.069%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.423	−0.087%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.402	−0.109%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.445	−0.063%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.375	−0.138%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.407	−0.104%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.411	−0.099%	$339K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.388	−0.124%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.420	−0.089%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0107%	4h	93.435	−0.074%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.500	−0.004%	$4.9M	$5.7M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0242%	1h	93.495	−0.010%	$7.4M	$4.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.400	−0.111%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.330	−0.186%	$30K	$231K	12x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.443	−0.065%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.405	−0.106%	$17.1M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0381%	4h	93.573	+0.074%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.462	−0.045%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.481	−0.025%	$19.2M	$25.8M	50x	as long as short