Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0175%/8h= −19.1% APRpaid last 24h +0.029%

Price spread now: Lighter RH against Kalshi−0.068%7-day average −0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$230.231% of the position

Long on Kalshi Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.128%+$13 on $10k

Price spread, last 7 days−0.028%−$3 · spread now −0.068%, 7d avg −0.008%

Together, before fees+0.100%+ Points / potential airdropLighter RH: Points live · farm board+$10 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 Lighter RH 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 −0.008%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.128%, 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	93.193	0.0271	pay 0.0271% / 8h	1h 09m	$1.9M	$5.2M	2.3x
Short	Lighter RH HYPE	93.130	0.0096	get 0.0012% / 1h	9m 17s	$3.1M	$11.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.068%Rate

Funding earned: −$36.71
Price spread: −0.068% → −0.008%: −$5.94
Slippage, 4 orders: −$13.09
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$65.73
Costs to cover: 0.231%
Break-even: never at this rate

Slippage from Kalshi: live order book, 4 min ago; Lighter RH: live order book, 5 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	2.90 bp	8.3 bp −$8	11.6 bp −$116	19.0 bp −$1,895	doesn't fit
Sell Lighter RH live order book, 5 min ago	1.24 bp	2.0 bp −$2	3.3 bp −$33	25.7 bp −$2,572	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	−0.0976%	1h	93.211	+0.020%	$197K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.011	−0.195%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0132%	1h	93.090	−0.111%	$698K	$1.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.163	−0.032%	$3K	$331	25x	as long as short
Aftermath Perps HYPEUSD	−0.0077%	1h	93.219	+0.028%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.151	−0.045%	$85K	$345K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0048%	4h	93.121	−0.077%	$155K	$654K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.226	+0.036%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.155	−0.041%	$23K	$316K	10x	as long as short
Phemex HYPEUSDT	+0.0001%	8h	93.163	−0.032%	$12.6M	$2.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.164	−0.031%	$62K	—	150x	as long as short
Bullet HYPE-USD	+0.0005%	1h	93.137	−0.060%	$111K	$579K	20x	as long as short
Aster HYPEUSDT	+0.0022%	4h	93.164	−0.031%	$8.8M	$35.9M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.210	+0.018%	$213K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0036%	4h	93.133	−0.064%	—	$53.0M	—	as long as short
Gate HYPE_USDT	+0.0046%	4h	93.131	−0.067%	$44.5M	$55.6M	75x	as long as short
Bybit HYPEUSDT	+0.0047%	8h	93.132	−0.065%	$320.4M	$277.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0074%	8h	93.140	−0.057%	$113.6M	$299.0M	50x	as long as short
Derive HYPE-PERP	+0.0086%	1h	93.110	−0.089%	$16.2M	$7.5M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.137	−0.060%	$16.2M	$62.1M	20x	as long as short
Lighter RH HYPEshort	+0.0096%	1h	93.130	−0.068%	$3.1M	$11.7M	20x
Popdex HYPEUSDT	+0.0096%	1h	93.138	−0.059%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	93.153	−0.043%	$339K	$162K	20x	as long as short
MEXC HYPE_USDT	+0.0098%	4h	93.116	−0.083%	$89.4M	$81.2M	100x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.120	−0.078%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.125	−0.073%	$5.8M	$43.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.194	+0.001%	$2.03B	$653.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.160	−0.035%	$10.0M	$14.8M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.123	−0.075%	$376.5M	$880.1M	75x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.136	−0.061%	$45.8M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.125	−0.073%	$225.2M	$96.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.186	−0.008%	$7.4M	$10.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.197	+0.004%	$31.4M	$53.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.289	+0.103%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.125	−0.073%	$338K	$998K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.310	+0.126%	$667K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.201	+0.009%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.158	−0.038%	$472K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.095	−0.105%	$79K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.168	−0.027%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.137	−0.060%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.155	−0.041%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.112	−0.087%	$18.3M	$42.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.109	−0.090%	$396K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0104%	4h	93.205	+0.012%	$5.0M	$28.9M	30x	as long as short
HTX HYPE-USDT	+0.0128%	4h	93.262	+0.074%	$1.4M	$6.0M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.200	+0.008%	$4.8M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0259%	1h	93.106	−0.094%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERPlong	+0.0271%	8h	93.193	long leg	$1.9M	$5.2M	2.3x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	93.159	−0.036%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.118	−0.080%	$16.9M	$11.5M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0415%	1h	93.233	+0.043%	$7.4M	$4.3M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.209	+0.017%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.390	+0.211%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0687%	1h	93.188	−0.005%	$20.7M	$29.8M	50x	as long as short