HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0012%/8h= −1.3% APRnext payment −$0.12 per $10,000 · paid last 24h +0.030%

Price spread now: Phemex against Kalshi−0.066%7-day average −0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$580.580% of the position

Long on Kalshi Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.196%+$20 on $10k

Price spread, last 3 days (all we have)−0.078%−$8 · spread now −0.066%, 7d avg −0.016%

Together, before fees+0.118%+$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Phemex is 0.050% cheaper against Kalshi than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.016%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.196%, 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	93.442	0.0112	pay 0.0112% / 8h	6h 11m	$1.9M	$5.3M	2.3x
Short	Phemex HYPEUSDT	93.380	0.0100	get 0.0100% / 8h	2h 11m	$12.7M	$2.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.066%Rate

Funding earned: −$2.55
Price spread: −0.066% → −0.016%: −$5.02
Slippage, 4 orders: −$35.96
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$65.53
Costs to cover: 0.580%
Break-even: never at this rate

Slippage from Kalshi: live order book, 2 min ago; Phemex: live order book, 2 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	2.67 bp	10.3 bp −$10	12.4 bp −$124	19.7 bp −$1,970	doesn't fit
Sell Phemex live order book, 2 min ago	3.48 bp	18.0 bp −$18	34.8 bp −$348	doesn't fit	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	−0.0928%	1h	93.452	+0.011%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0263%	1h	93.583	+0.150%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0234%	1h	93.410	−0.034%	$700K	$932K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.337	−0.112%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.305	−0.147%	$90K	$351K	20x	as long as short
Derive HYPE-PERP	−0.0025%	1h	93.309	−0.142%	$16.4M	$7.1M	10x	as long as short
Bullet HYPE-USD	−0.0019%	1h	93.364	−0.083%	$111K	$581K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.383	−0.063%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.395	−0.051%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.391	−0.054%	$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	+0.0011%	4h	93.277	−0.177%	$8.9M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0024%	4h	93.282	−0.171%	$43.9M	$57.6M	75x	as long as short
Bybit HYPEUSDT	+0.0033%	8h	93.279	−0.174%	$324.8M	$287.2M	75x	as long as short
Popdex HYPEUSDT	+0.0040%	1h	93.287	−0.166%	$58K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0057%	4h	93.357	−0.091%	$162K	$541K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.605	+0.174%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.325	−0.125%	$18.6M	$59.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.319	−0.132%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.308	−0.143%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.320	−0.131%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.345	−0.104%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.387	−0.059%	$2.03B	$670.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.307	−0.144%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.281	−0.172%	$385.1M	$889.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.272	−0.182%	$114.5M	$315.0M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.271	−0.183%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.285	−0.168%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.281	−0.172%	$93.2M	$82.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.293	−0.159%	$46.2M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.299	−0.153%	$226.7M	$102.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.287	−0.166%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.378	−0.068%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.561	+0.127%	$29.2M	$50.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.632	+0.204%	$7.5M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.558	+0.124%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.510	+0.073%	$676K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.415	−0.029%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.406	−0.039%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.346	−0.103%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.409	−0.035%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.328	−0.122%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDTshort	+0.0100%	8h	93.380	−0.066%	$12.7M	$2.6M	50x
Extended HYPE-USD	+0.0104%	1h	93.271	−0.183%	$18.3M	$41.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.402	−0.042%	$397K	$318K	20x	as long as short
Kalshi KXHYPEPERPlong	+0.0112%	8h	93.442	long leg	$1.9M	$5.3M	2.3x
edgeX HYPEUSDC	+0.0118%	4h	93.534	+0.099%	$5.1M	$29.7M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.430	−0.013%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.348	−0.101%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.400	−0.045%	$30K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0296%	4h	93.550	+0.116%	$1.5M	$7.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0328%	1h	93.457	+0.016%	$7.4M	$4.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.405	−0.040%	$17.1M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0346% / S −0.0171%	1h	93.401	−0.044%	$1.5M	—	100x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.365	−0.083%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.449	+0.008%	$19.1M	$26.1M	50x	as long as short