Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:20 UTC−0.0135%/8h= −14.8% APRpaid last 24h +0.010%

Price spread now: Perpl against Kalshi−0.086%7-day average −0.021% · you buy dearer than you sell

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

Long on Kalshi Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.044%+$4 on $10k

Price spread, last 3 days (all we have)+0.168%+$17 · spread now −0.086%, 7d avg −0.021%

Together, before fees+0.212%+ Points / potential airdropPerpl: Active · farm board+$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Perpl is 0.066% cheaper against Kalshi than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.021%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXHYPEPERP	93.806	0.0135	pay 0.0135% / 8h	6h 24m	$1.9M	$5.3M	2.3x
Short	Perpl HYPE	93.725	0	get 0.0000% / 43m	11m 09s	$23K	$337K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.086%Rate

Funding earned: −$28.45
Price spread: −0.086% → −0.021%: −$6.58
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$58.83
Costs to cover: 0.238%
Break-even: never at this rate

Slippage unknown: Kalshi: live order book, 4 min ago; Perpl: 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, 4 min ago	2.56 bp	10.4 bp −$10	11.7 bp −$117	18.8 bp −$1,881	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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 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	−0.1008%	1h	93.638	−0.179%	$198K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0297%	1h	93.630	−0.188%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0236%	1h	93.630	−0.188%	$702K	$935K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.719	−0.093%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.745	−0.065%	$90K	$349K	20x	as long as short
Bullet HYPE-USD	−0.0027%	1h	93.725	−0.087%	$112K	$583K	20x	as long as short
Derive HYPE-PERP	−0.0009%	1h	93.678	−0.136%	$16.5M	$7.0M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.721	−0.091%	$128K	$32K	5x	as long as short
Perpl HYPEshort	0.0000%	43m	93.725	−0.086%	$23K	$337K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.760	−0.049%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0027%	4h	93.723	−0.088%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0036%	4h	93.711	−0.101%	$44.1M	$57.0M	75x	as long as short
Bybit HYPEUSDT	+0.0037%	8h	93.711	−0.101%	$326.4M	$287.0M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0064%	4h	93.713	−0.099%	$175K	$536K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.742	−0.068%	$216K	$1.2M	10x	as long as short
Popdex HYPEUSDT	+0.0072%	1h	93.706	−0.107%	$57K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.763	−0.045%	$18.6M	$59.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.744	−0.066%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.751	−0.059%	$341K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.710	−0.102%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.707	−0.106%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.811	+0.005%	$2.04B	$669.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.746	−0.064%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.716	−0.096%	$386.6M	$888.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.710	−0.102%	$115.1M	$316.0M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.694	−0.119%	$1.2M	$4.0M	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.716	−0.096%	$93.8M	$82.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.727	−0.084%	$46.5M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.733	−0.078%	$227.6M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.715	−0.097%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.747	−0.063%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.652	−0.164%	$29.0M	$50.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.613	−0.206%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.545	−0.278%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.686	−0.128%	$677K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.751	−0.059%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.751	−0.059%	$495K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.729	−0.082%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.761	−0.048%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.715	−0.097%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.689	−0.125%	$12.8M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.556	−0.266%	$204K	$12K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.715	−0.097%	$18.3M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.712	−0.100%	$399K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0105%	4h	93.554	−0.268%	$5.1M	$29.5M	30x	as long as short
Kalshi KXHYPEPERPlong	+0.0135%	8h	93.806	long leg	$1.9M	$5.3M	2.3x
Deribit HYPE_USDC-PERPETUAL	+0.0166%	1h	93.826	+0.021%	$7.4M	$4.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.760	−0.049%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.717	−0.095%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.610	−0.209%	$30K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0313%	4h	93.884	+0.083%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0164%	1h	93.755	−0.055%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.691	−0.123%	$17.1M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.787	−0.020%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0572%	1h	93.807	+0.001%	$19.2M	$26.0M	50x	as long as short