Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0358%/8h= −39.1% APRpaid last 24h −0.036%

Price spread now: Ondo Perps against Kalshi−0.028%7-day average −0.003% · you buy dearer than you sell

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

Long on Kalshi Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.024%+$2 on $10k

Price spread, last 7 days−0.615%−$62 · spread now −0.028%, 7d avg −0.003%

Together, before fees−0.591%+ Points / potential airdropOndo Perps: Active · farm board−$59 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Ondo Perps is 0.025% cheaper against Kalshi than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.003%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.024% in total (about 1.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXHYPEPERP	94.987	0.0108	pay 0.0108% / 8h	2h 19m	$1.8M	$5.2M	2.3x
Short	Ondo Perps HYPE-USD.P	94.960	−0.0250	pay 0.0031% / 1h	19m 16s	$691K	$1.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Kalshi. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Ondo PerpsbpOrdersPrice spread, now −0.028%Rate

Funding earned: −$75.08
Price spread: −0.028% → −0.003%: −$2.51
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$92.58
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Kalshi: live order book, 2 min ago; Ondo Perps: no order-book sample. 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, 2 min ago	2.79 bp	10.2 bp −$10	11.2 bp −$112	17.0 bp −$1,703	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

HYPE on 54 exchanges

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	−0.1408%	1h	94.803	−0.193%	$211K	$262K	7x	as long as short
Bluefin HYPE-PERP	−0.0570%	1h	95.002	+0.016%	$79K	$139K	20x	as long as short
Kraken Futures PF_HYPEUSD	−0.0376%	1h	94.984	−0.003%	$18.6M	$35.5M	50x	as long as short
Bullet HYPE-USD	−0.0344%	1h	94.970	−0.018%	$113K	$581K	20x	as long as short
Ondo Perps HYPE-USD.Pshort	−0.0250%	1h	94.960	−0.028%	$691K	$1.3M	10x
Phemex HYPEUSDT	−0.0180%	8h	94.864	−0.129%	$12.9M	$2.8M	50x	as long as short
Arcus HYPE-USD	−0.0159%	1h	94.887	−0.105%	$1.1M	$2.6M	10x	as long as short
01 Exchange HYPEUSD	−0.0152%	1h	95.001	+0.015%	$92K	$349K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0147%	1h	94.960	−0.028%	$22K	$17K	10x	as long as short
Vest HYPE-PERP	−0.0090%	1h	95.010	+0.024%	—	$80K	5x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hotstuff HYPE-PERP	−0.0080%	1h	94.882	−0.111%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0072%	4h	94.978	−0.009%	$54.2M	$54.6M	75x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0024%	1h	94.990	+0.003%	$4.7M	$5.6M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0023%	4h	94.942	−0.047%	$147K	$646K	20x	as long as short
SoDEX HYPE-USD	−0.0011%	1h	94.979	−0.008%	$2.1M	$378K	10x	as long as short
Aster HYPEUSDT	−0.0001%	4h	94.947	−0.042%	$9.0M	$34.3M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.928	−0.062%	$130K	$92K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.955	−0.034%	$23K	$263K	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0001%	8h	94.964	−0.024%	$118.8M	$312.5M	50x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.990	+0.003%	$99K	—	150x	as long as short
BingX HYPE-USDT	+0.0002%	4h	94.960	−0.028%	—	$49.3M	—	as long as short
Phoenix HYPE	+0.0017%	1h	94.881	−0.112%	$200K	$1.0M	10x	as long as short
Bulk HYPE-USD	+0.0031%	1h	95.069	+0.086%	$231K	$12K	10x	as long as short
Bybit HYPEUSDT	+0.0033%	8h	94.980	−0.007%	$320.2M	$272.8M	75x	as long as short
Bitget HYPEUSDT	+0.0034%	4h	94.971	−0.017%	$228.2M	$89.7M	75x	as long as short
Lighter HYPE	+0.0040%	1h	94.885	−0.107%	$16.2M	$61.1M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0061%	8h	94.902	−0.090%	$339K	$36K	20x	as long as short
Polymarket Perps HYPE-USD	+0.0088%	1h	94.997	+0.011%	$499K	$2.5M	20x	as long as short
edgeX HYPEUSDC	+0.0093%	4h	94.934	−0.056%	$5.0M	$29.9M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.905	−0.086%	$3.2M	$10.0M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.979	−0.008%	$270K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	94.920	−0.071%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.892	−0.099%	$7.3M	$53.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.086	+0.104%	$2.11B	$656.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.917	−0.074%	$10.2M	$13.6M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.970	−0.018%	$381.6M	$877.5M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.971	−0.017%	$89.2M	$87.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.967	−0.021%	$47.2M	$17.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.998	+0.012%	$7.8M	$10.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.906	−0.086%	$29.8M	$54.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.825	−0.171%	$7.7M	$41.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.974	−0.014%	$348K	$965K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.957	−0.032%	$691K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.947	−0.042%	$33K	$1.4M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.966	−0.022%	$1.4M	$6.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.950	−0.039%	$18.2M	$40.9M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.936	−0.054%	$401K	$130K	20x	as long as short
Kalshi KXHYPEPERPlong	+0.0108%	8h	94.987	long leg	$1.8M	$5.2M	2.3x
Deribit HYPE_USDC-PERPETUAL	+0.0118%	1h	95.074	+0.092%	$7.5M	$4.3M	50x	as long as short
RISEx HYPE/USDC	+0.0166%	1h	94.939	−0.050%	$3.2M	$5.9M	20x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.884	−0.109%	$85K	$99K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.011	+0.026%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.965	−0.023%	$17.3M	$11.8M	75x	as long as short
Injective HYPE/USDC PERP	+0.0850%	1h	95.480	+0.519%	$31K	$335K	12x	as long as short