Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0008%/8h= +0.9% APRpaid last 24h +0.012%

Price spread now: Phoenix against Kalshi−0.050%74s7-day average +0.096% · you buy dearer than you sell

Net, funding: paid 7d − costs+$11as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$310.313% of the position

Long on Kalshi Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.419%+$42 on $10k

Price spread, last 7 days+0.141%+$14 · spread now −0.050%, 7d avg +0.096%

Together, before fees+0.560%+$56 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phoenix is 0.146% cheaper against Kalshi than usual: you would sell low and buy high, −$15 on $10k if it goes back to its 7-day average of +0.096%. The two prices were read 74 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXHYPEPERP	95.271	0	get 0.0000% / 8h	3h 08m	$1.9M	$5.4M	2.3x
Short	Phoenix HYPE	95.223	0.0008	get 0.0001% / 1h	8m 05s	$212K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.050%Rate

Funding earned: $1.77
Price spread: −0.050% → +0.096%: −$14.63
Slippage, 4 orders: −$14.32
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$44.18
Costs to cover: 0.313%
Break-even: 181.3 days

Slippage from Kalshi: live order book, 1 min ago; Phoenix: 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, 1 min ago	2.73 bp	8.1 bp −$8	11.7 bp −$117	18.3 bp −$1,833	doesn't fit
Sell Phoenix live order book, 5 min ago	1.26 bp	5.9 bp −$6	9.7 bp −$97	121.6 bp −$12.2K	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	−0.0904%	1h	95.115	−0.163%	$212K	$265K	7x	as long as short
Bluefin HYPE-PERP	−0.0541%	1h	95.117	−0.162%	$79K	$149K	20x	as long as short
Phemex HYPEUSDT	−0.0264%	8h	95.117	−0.162%	$13.0M	$2.8M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0233%	1h	95.158	−0.119%	$22K	$19K	10x	as long as short
Bullet HYPE-USD	−0.0193%	1h	95.201	−0.073%	$113K	$579K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0140%	1h	95.120	−0.158%	$695K	$1.3M	10x	as long as short
dYdX HYPE-USD	−0.0113%	1h	95.256	−0.016%	$131K	$93K	5x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	95.193	−0.082%	$92K	$358K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	95.168	−0.108%	$1.0M	$3.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.204	−0.070%	$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
Kraken Futures PF_HYPEUSD	−0.0047%	1h	95.164	−0.113%	$18.9M	$35.7M	50x	as long as short
Gate HYPE_USDT	−0.0020%	4h	95.179	−0.097%	$53.0M	$56.9M	75x	as long as short
BingX HYPE-USDT	−0.0012%	4h	95.186	−0.089%	—	$50.6M	—	as long as short
Bybit HYPEUSDT	−0.0005%	8h	95.220	−0.054%	$320.2M	$283.3M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0004%	4h	95.138	−0.140%	$148K	$669K	20x	as long as short
Vest HYPE-PERP	−0.0001%	1h	95.251	−0.021%	—	$126K	5x	as long as short
Kalshi KXHYPEPERPlong	0.0000%	8h	95.271	long leg	$1.9M	$5.4M	2.3x
Perpl HYPE	0.0000%	43m	95.212	−0.062%	$19K	$272K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.212	−0.062%	$87K	—	150x	as long as short
Phoenix HYPEshort	+0.0008%	1h	95.223	−0.050%	$212K	$1.2M	10x
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	95.230	−0.043%	$4.7M	$5.8M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0035%	8h	95.200	−0.075%	$118.7M	$322.9M	50x	as long as short
Bitget HYPEUSDT	+0.0042%	4h	95.176	−0.100%	$228.5M	$94.2M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0050%	8h	95.217	−0.057%	$340K	$38K	20x	as long as short
Backpack HYPE_USDC_PERP	+0.0057%	1h	95.150	−0.127%	$7.6M	$10.1M	20x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	95.137	−0.141%	$5.1M	$30.9M	30x	as long as short
Aster HYPEUSDT	+0.0092%	4h	95.190	−0.085%	$9.0M	$36.5M	300x	as long as short
Lighter HYPE	+0.0096%	1h	95.154	−0.123%	$16.3M	$64.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.169	−0.107%	$3.2M	$10.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	95.189	−0.086%	$273K	$1.3M	50x	as long as short
SoDEX HYPE-USD	+0.0099%	1h	95.156	−0.121%	$2.1M	$1.9M	10x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	95.170	−0.106%	$40K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.185	−0.090%	$7.2M	$55.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.303	+0.034%	$2.10B	$672.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.218	−0.056%	$10.3M	$14.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	95.208	−0.066%	$382.8M	$911.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.176	−0.100%	$222K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	95.180	−0.096%	$98.9M	$89.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.164	−0.112%	$47.5M	$18.5M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.189	−0.086%	$29.9M	$56.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.207	−0.067%	$7.7M	$43.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.052	−0.230%	$348K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.213	−0.061%	$692K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.187	−0.088%	$501K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.113	−0.166%	$32K	$1.5M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.304	+0.035%	$1.4M	$6.7M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.131	−0.147%	$18.2M	$42.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.168	−0.108%	$402K	$136K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.215	−0.059%	$3.1M	$6.3M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0149%	1h	95.239	−0.034%	$7.5M	$4.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.380	+0.114%	$31K	$340K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	95.154	−0.123%	$83K	$89K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.243	−0.030%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	95.180	−0.096%	$17.2M	$12.3M	75x	as long as short