Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0036%/8h= −4.0% APRpaid last 24h +0.089%

Price spread now: Injective against Kalshi+0.433%7-day average +0.143% · you sell dearer than you buy

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

Long on Kalshi Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+2.457%+$246 on $10k

Price spread, last 3 days (all we have)−0.707%−$71 · spread now +0.433%, 7d avg +0.143%

Together, before fees+1.750%+$175 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.290% dearer against Kalshi than usual: you sell high and buy low (spread +0.433% now, against its 7-day average of +0.143%): +$29 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 27 days. Mind the row above: over the last 7 days funding on this pair paid +2.457%, 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	94.083	0.0241	pay 0.0241% / 8h	3h 08m	$1.9M	$5.1M	2.3x
Short	Injective HYPE/USDC PERP	94.490	0.0205	get 0.0026% / 1h	8m 51s	$31K	$338K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.433%Rate

Funding earned: −$7.6
Price spread: +0.433% → +0.143%: $28.98
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $11.36
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Kalshi: live order book, 5 min ago; Injective: live order book, 65 min ago. 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	2.23 bp	8.0 bp −$8	10.6 bp −$106	17.1 bp −$1,713	doesn't fit
Sell Injective live order book, 65 min ago	32.41 bp	doesn't fit	doesn't fit	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	−0.1168%	1h	93.966	−0.125%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.924	−0.169%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0210%	1h	93.984	−0.105%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0102%	1h	93.870	−0.226%	$710K	$959K	10x	as long as short
Phemex HYPEUSDT	−0.0095%	8h	93.940	−0.152%	$12.8M	$2.6M	50x	as long as short
dYdX HYPE-USD	−0.0089%	1h	94.078	−0.005%	$129K	$31K	5x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.018	−0.069%	$86K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.036	−0.050%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0048%	1h	93.989	−0.100%	$113K	$580K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0029%	4h	93.938	−0.154%	$159K	$643K	20x	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	−0.0012%	4h	93.896	−0.199%	$44.4M	$60.3M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.046	−0.040%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.010	−0.078%	$27K	—	150x	as long as short
Derive HYPE-PERP	+0.0009%	1h	93.925	−0.168%	$16.4M	$7.3M	10x	as long as short
Aster HYPEUSDT	+0.0012%	4h	93.926	−0.167%	$8.9M	$36.1M	300x	as long as short
Bybit HYPEUSDT	+0.0015%	8h	93.890	−0.205%	$323.2M	$279.7M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	94.071	−0.013%	$218K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0052%	4h	93.903	−0.191%	$88.4M	$83.3M	100x	as long as short
Binance HYPEUSDT	+0.0053%	4h	93.907	−0.187%	$383.4M	$894.3M	75x	as long as short
edgeX HYPEUSDC	+0.0065%	4h	93.937	−0.155%	$5.1M	$29.6M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0073%	8h	93.901	−0.193%	$116.1M	$315.1M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.985	−0.104%	$18.9M	$60.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.964	−0.126%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.017	−0.070%	$65K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.969	−0.122%	$400K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.104	+0.023%	$342K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.030	−0.056%	$31K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.020	−0.066%	$6.6M	$44.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.017	−0.070%	$2.05B	$668.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.070	−0.014%	$10.1M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.528	−0.590%	$204K	$12K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.912	−0.182%	$46.6M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.911	−0.183%	$227.4M	$100.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.888	−0.207%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.871	−0.225%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.920	−0.174%	$31.4M	$53.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.053	−0.032%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.946	−0.146%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.959	−0.132%	$671K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.050	−0.035%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.049	−0.036%	$475K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.926	−0.167%	$76K	$170K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.049	−0.036%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.955	−0.136%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.869	−0.227%	$18.4M	$45.2M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.970	−0.120%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERPshort	+0.0205%	1h	94.490	+0.433%	$31K	$338K	12x
BloFin HYPE-USDT	+0.0212%	4h	94.058	−0.027%	$17.1M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.063	−0.022%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERPlong	+0.0241%	8h	94.083	long leg	$1.9M	$5.1M	2.3x
Reya HYPERUSDPERP	+0.0252%	1h	93.976	−0.113%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0158%	1h	94.009	−0.078%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0366%	4h	94.211	+0.136%	$1.5M	$5.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0431%	1h	94.060	−0.024%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0672%	1h	94.012	−0.075%	$21.0M	$29.8M	50x	as long as short