Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0032%/8h= −3.6% APRpaid last 24h +0.028%

Price spread now: Polymarket Perps against Kalshi−0.061%7-day average −0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$340.341% of the position

Long on Kalshi Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.139%+$14 on $10k

Price spread, last 7 days−0.033%−$3 · spread now −0.061%, 7d avg −0.053%

Together, before fees+0.107%+$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.053%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.139%, 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	93.775	0.0132	pay 0.0132% / 8h	6h 22m	$1.9M	$5.3M	2.3x
Short	Polymarket Perps HYPE-USD	93.718	0.0100	get 0.0013% / 1h	22m 43s	$495K	$2.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.061%Rate

Funding earned: −$6.82
Price spread: −0.061% → −0.053%: −$0.79
Slippage, 4 orders: −$16.07
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$41.68
Costs to cover: 0.341%
Break-even: never at this rate

Slippage from Kalshi: live order book, 1 min ago; Polymarket Perps: live order book, 6 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	3.14 bp	11.0 bp −$11	12.6 bp −$126	18.0 bp −$1,805	doesn't fit
Sell Polymarket Perps live order book, 6 min ago	2.30 bp	7.5 bp −$8	9.6 bp −$96	30.1 bp −$3,007	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	−0.1008%	1h	93.638	−0.146%	$198K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0296%	1h	93.649	−0.134%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0237%	1h	93.630	−0.155%	$702K	$934K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.716	−0.063%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.683	−0.098%	$90K	$348K	20x	as long as short
Bullet HYPE-USD	−0.0016%	1h	93.717	−0.061%	$111K	$583K	20x	as long as short
Derive HYPE-PERP	−0.0009%	1h	93.675	−0.107%	$16.5M	$7.0M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.721	−0.058%	$128K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.703	−0.076%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.746	−0.031%	$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	+0.0029%	4h	93.700	−0.080%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0034%	4h	93.681	−0.100%	$44.1M	$57.1M	75x	as long as short
Bybit HYPEUSDT	+0.0037%	8h	93.645	−0.139%	$326.1M	$287.0M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0064%	4h	93.700	−0.080%	$175K	$536K	20x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.649	−0.134%	$57K	$1.2M	50x	as long as short
Phoenix HYPE	+0.0068%	1h	93.742	−0.035%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.700	−0.081%	$18.6M	$59.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.707	−0.073%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.687	−0.094%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.710	−0.069%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.674	−0.107%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.771	−0.004%	$2.04B	$669.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.680	−0.102%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.646	−0.137%	$386.3M	$888.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.636	−0.148%	$115.0M	$315.9M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.642	−0.142%	$1.2M	$4.0M	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.646	−0.138%	$93.7M	$82.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.697	−0.083%	$46.5M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.685	−0.096%	$227.5M	$102.3M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.683	−0.098%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.712	−0.067%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.652	−0.131%	$29.0M	$50.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.613	−0.173%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.545	−0.245%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.752	−0.025%	$678K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.732	−0.046%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USDshort	+0.0100%	1h	93.718	−0.061%	$495K	$2.6M	20x
Bluefin HYPE-PERP	+0.0100%	1h	93.733	−0.045%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.698	−0.082%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.724	−0.054%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.676	−0.106%	$12.8M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.556	−0.233%	$204K	$12K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.663	−0.119%	$18.3M	$41.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.744	−0.033%	$399K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0105%	4h	93.554	−0.235%	$5.1M	$29.5M	30x	as long as short
Kalshi KXHYPEPERPlong	+0.0132%	8h	93.775	long leg	$1.9M	$5.3M	2.3x
Deribit HYPE_USDC-PERPETUAL	+0.0145%	1h	93.826	+0.054%	$7.4M	$4.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.760	−0.016%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.678	−0.103%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.610	−0.176%	$30K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0310%	4h	93.864	+0.095%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0164%	1h	93.747	−0.029%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.715	−0.064%	$17.1M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.719	−0.060%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0571%	1h	93.849	+0.079%	$19.2M	$26.0M	50x	as long as short