Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.002%

Price spread now: Nado against Kalshi−0.028%7-day average −0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$270.271% of the position

Long on Kalshi Short on Nado

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.067%+$7 on $10k

Price spread, last 7 days+0.028%+$3 · spread now −0.028%, 7d avg −0.001%

Together, before fees+0.095%+ Points / potential airdropNado: Active · farm board+$10 on $10k · with fees, hour by hour

Funding pays, the price is against you. Nado is 0.027% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.028% now, against its 7-day average of −0.001%). If the spread goes back, that is −$3 on $10k: about 22 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXHYPEPERP	95.102	0	get 0.0000% / 8h	3h 01m	$1.8M	$5.3M	2.3x
Short	Nado HYPE-PERP	95.075	0.0100	get 0.0012% / 1h	1m 18s	$7.3M	$55.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.028%Rate

Funding earned: $21
Price spread: −0.028% → −0.001%: −$2.71
Slippage, 4 orders: −$10.12
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$8.83
Costs to cover: 0.271%
Break-even: 9.9 days

Slippage from Kalshi: live order book, 2 min ago; Nado: live order book, 3 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, 2 min ago	3.15 bp	8.4 bp −$8	11.2 bp −$112	18.5 bp −$1,851	doesn't fit
Sell Nado live order book, 3 min ago	0.05 bp	3.9 bp −$4	6.4 bp −$64	doesn't fit	doesn't fit

HYPE on 54 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	−0.1040%	1h	94.971	−0.138%	$211K	$265K	7x	as long as short
Bluefin HYPE-PERP	−0.0546%	1h	94.998	−0.109%	$79K	$149K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0214%	1h	95.195	+0.098%	$22K	$19K	10x	as long as short
Bullet HYPE-USD	−0.0208%	1h	95.050	−0.055%	$112K	$580K	20x	as long as short
Phemex HYPEUSDT	−0.0193%	8h	95.004	−0.103%	$13.0M	$2.8M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0150%	1h	95.010	−0.097%	$695K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	95.039	−0.066%	$91K	$356K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	95.025	−0.081%	$1.0M	$3.1M	10x	as long as short
dYdX HYPE-USD	−0.0101%	1h	95.179	+0.081%	$131K	$93K	5x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.131	+0.030%	$3K	$331	25x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0066%	4h	95.020	−0.086%	$53.1M	$57.1M	75x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	95.041	−0.064%	$18.8M	$35.7M	50x	as long as short
Vest HYPE-PERP	−0.0030%	1h	95.115	+0.014%	—	$88K	5x	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	95.007	−0.100%	$148K	$669K	20x	as long as short
Bybit HYPEUSDT	−0.0004%	8h	95.036	−0.069%	$319.6M	$282.9M	75x	as long as short
Kalshi KXHYPEPERPlong	0.0000%	8h	95.102	long leg	$1.8M	$5.3M	2.3x
Perpl HYPE	0.0000%	43m	95.025	−0.081%	$19K	$272K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.062	−0.042%	$86K	—	150x	as long as short
BingX HYPE-USDT	+0.0004%	4h	95.040	−0.065%	—	$50.4M	—	as long as short
Phoenix HYPE	+0.0008%	1h	95.157	+0.058%	$203K	$1.2M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	95.060	−0.044%	$4.7M	$5.7M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0030%	8h	95.028	−0.078%	$118.6M	$321.4M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0044%	8h	95.088	−0.015%	$340K	$38K	20x	as long as short
Bitget HYPEUSDT	+0.0048%	4h	95.035	−0.070%	$228.4M	$93.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0054%	1h	95.002	−0.105%	$7.4M	$10.2M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0066%	1h	95.115	+0.014%	$7.5M	$4.4M	50x	as long as short
SoDEX HYPE-USD	+0.0071%	1h	95.024	−0.082%	$2.1M	$1.6M	10x	as long as short
Aster HYPEUSDT	+0.0076%	4h	95.032	−0.074%	$9.0M	$36.4M	300x	as long as short
edgeX HYPEUSDC	+0.0096%	4h	95.176	+0.078%	$5.1M	$31.1M	30x	as long as short
Lighter HYPE	+0.0096%	1h	95.066	−0.038%	$16.2M	$64.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.080	−0.023%	$3.2M	$10.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	95.048	−0.057%	$266K	$1.3M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	95.030	−0.076%	$40K	$1.5M	10x	as long as short
Nado HYPE-PERPshort	+0.0100%	1h	95.075	−0.028%	$7.3M	$55.4M	10x
Hyperliquid HYPE	+0.0100%	1h	95.173	+0.075%	$2.10B	$673.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.092	−0.011%	$10.2M	$14.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	95.038	−0.067%	$382.5M	$909.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.176	+0.078%	$222K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	95.042	−0.063%	$87.0M	$90.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.040	−0.065%	$47.4M	$18.3M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.229	+0.134%	$29.9M	$55.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.148	+0.048%	$7.7M	$43.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.146	+0.046%	$349K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.051	−0.054%	$691K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.076	−0.027%	$499K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.899	−0.213%	$32K	$1.5M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.180	+0.082%	$1.4M	$6.7M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.008	−0.099%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.091	−0.012%	$402K	$136K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.210	+0.114%	$3.2M	$6.2M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.480	+0.397%	$31K	$340K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	95.018	−0.088%	$85K	$93K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.106	+0.004%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	95.141	+0.041%	$17.2M	$12.3M	75x	as long as short