Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0024%/8h= −2.6% APRpaid last 24h +0.008%

Price spread now: Lighter against Kalshi−0.027%7-day average +0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$220.216% of the position

Long on Kalshi Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.157%+$16 on $10k

Price spread, last 7 days−0.017%−$2 · spread now −0.027%, 7d avg +0.021%

Together, before fees+0.140%+ Points / potential airdropLighter: Season 3 · farm board+$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Lighter is 0.049% cheaper against Kalshi than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.021%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.157%, 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	94.190	0.0120	pay 0.0120% / 8h	6h 13m	$1.8M	$5.6M	2.3x
Short	Lighter HYPE	94.164	0.0096	get 0.0012% / 1h	13m 32s	$16.3M	$63.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.027%Rate

Funding earned: −$5.03
Price spread: −0.027% → +0.021%: −$4.85
Slippage, 4 orders: −$11.56
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$31.44
Costs to cover: 0.216%
Break-even: never at this rate

Slippage from Kalshi: live order book, 5 min ago; Lighter: live order book, 6 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, 5 min ago	3.24 bp	10.8 bp −$11	11.8 bp −$118	16.4 bp −$1,642	doesn't fit
Sell Lighter live order book, 6 min ago	0.93 bp	1.4 bp −$1	2.3 bp −$23	14.0 bp −$1,401	46.1 bp −$23.1K

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	94.084	−0.113%	$199K	$239K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0393%	1h	93.908	−0.300%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.149	−0.044%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0018%	1h	94.145	−0.048%	$112K	$580K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0016%	4h	94.127	−0.067%	$147K	$678K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.186	−0.004%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	94.173	−0.018%	$86K	$372K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.127	−0.067%	$23K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.156	−0.036%	$63K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	94.145	−0.048%	$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	94.160	−0.032%	$227.1M	$99.3M	75x	as long as short
Bybit HYPEUSDT	+0.0024%	8h	94.139	−0.054%	$319.4M	$283.9M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	94.174	−0.017%	$209K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0026%	8h	94.175	−0.016%	$12.8M	$2.8M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0067%	1h	94.080	−0.117%	$709K	$1.2M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	94.186	−0.004%	$342K	$158K	20x	as long as short
Lighter HYPEshort	+0.0096%	1h	94.164	−0.027%	$16.3M	$63.6M	20x
Lighter RH HYPE	+0.0096%	1h	94.165	−0.027%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.159	−0.033%	$72K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.160	−0.032%	$28K	$1.7M	10x	as long as short
edgeX HYPEUSDC	+0.0100%	4h	94.090	−0.106%	$5.0M	$30.2M	30x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.124	−0.071%	$7.2M	$48.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.253	+0.067%	$2.06B	$675.9M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.160	−0.032%	$8.8M	$36.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.185	−0.005%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.166	−0.026%	$378.0M	$919.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.142	−0.051%	$116.3M	$315.2M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.358	−0.883%	$216K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.158	−0.034%	$48.0M	$55.3M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.168	−0.023%	$90.4M	$81.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.168	−0.023%	$46.5M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.158	−0.034%	—	$53.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.192	+0.002%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.099	−0.096%	$28.9M	$56.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.979	−0.224%	$7.7M	$48.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.161	−0.031%	$345K	$994K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.124	−0.070%	$673K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.191	+0.001%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.144	−0.049%	$484K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.176	−0.015%	$80K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	94.152	−0.040%	$16.2M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.213	+0.024%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.182	−0.008%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.267	+0.082%	$1.4M	$6.6M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.126	−0.068%	$18.3M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.175	−0.016%	$398K	$159K	20x	as long as short
Kalshi KXHYPEPERPlong	+0.0120%	8h	94.190	long leg	$1.8M	$5.6M	2.3x
Injective HYPE/USDC PERP	+0.0122%	1h	94.180	−0.011%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.160	−0.032%	$4.7M	$6.1M	50x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.108	−0.087%	$80K	$127K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	94.146	−0.047%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0334%	1h	94.260	+0.074%	$7.5M	$4.1M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0338%	1h	94.263	+0.078%	$21.0M	$29.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.105	−0.090%	$16.8M	$12.0M	75x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	94.225	+0.037%	$3.2M	$6.3M	20x	as long as short