Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0096%/8h= +10.5% APRpaid last 24h +0.003%

Price spread now: Popdex against Kalshi−0.053%7-day average +0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$260.262% of the position

Long on Kalshi Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.080%+$8 on $10k

Price spread, last 7 days+0.034%+$3 · spread now −0.053%, 7d avg +0.002%

Together, before fees+0.115%+$11 on $10k · with fees, hour by hour

Funding pays, the price is against you. Popdex is 0.055% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.053% now, against its 7-day average of +0.002%). If the spread goes back, that is −$5 on $10k: about 46 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXHYPEPERP	95.102	0	get 0.0000% / 8h	3h 02m	$1.8M	$5.3M	2.3x
Short	Popdex HYPEUSDT	95.052	0.0096	get 0.0012% / 1h	2m 03s	$266K	$1.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now −0.053%Rate

Funding earned: $20.16
Price spread: −0.053% → +0.002%: −$5.5
Slippage, 4 orders: −$9.8
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$11.54
Costs to cover: 0.262%
Break-even: 11.0 days

Slippage from Kalshi: live order book, 2 min ago; Popdex: 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	3.15 bp	8.4 bp −$8	11.2 bp −$112	18.5 bp −$1,851	doesn't fit
Sell Popdex live order book, 2 min ago	0.16 bp	3.4 bp −$3	3.9 bp −$39	24.3 bp −$2,433	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	−0.1008%	1h	95.068	−0.035%	$212K	$265K	7x	as long as short
Bluefin HYPE-PERP	−0.0547%	1h	95.019	−0.087%	$79K	$149K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0221%	1h	95.216	+0.120%	$22K	$19K	10x	as long as short
Phemex HYPEUSDT	−0.0214%	8h	95.074	−0.029%	$13.0M	$2.8M	50x	as long as short
Bullet HYPE-USD	−0.0211%	1h	95.037	−0.068%	$112K	$580K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0149%	1h	95.010	−0.097%	$696K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	95.057	−0.047%	$91K	$357K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	95.060	−0.044%	$1.0M	$3.1M	10x	as long as short
dYdX HYPE-USD	−0.0101%	1h	95.179	+0.081%	$131K	$93K	5x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.131	+0.030%	$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
Gate HYPE_USDT	−0.0070%	4h	95.017	−0.089%	$53.1M	$57.1M	75x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	95.038	−0.068%	$18.8M	$35.7M	50x	as long as short
Vest HYPE-PERP	−0.0026%	1h	95.136	+0.036%	—	$97K	5x	as long as short
Bybit HYPEUSDT	−0.0011%	8h	95.040	−0.065%	$319.6M	$283.1M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	95.013	−0.094%	$148K	$670K	20x	as long as short
Kalshi KXHYPEPERPlong	0.0000%	8h	95.102	long leg	$1.8M	$5.3M	2.3x
Perpl HYPE	0.0000%	43m	95.051	−0.054%	$19K	$272K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.062	−0.042%	$86K	—	150x	as long as short
BingX HYPE-USDT	+0.0004%	4h	95.046	−0.059%	—	$50.4M	—	as long as short
Phoenix HYPE	+0.0008%	1h	95.295	+0.203%	$204K	$1.2M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	95.060	−0.044%	$4.7M	$5.7M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0030%	8h	95.050	−0.055%	$118.6M	$321.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0045%	8h	95.133	+0.032%	$340K	$38K	20x	as long as short
Bitget HYPEUSDT	+0.0048%	4h	95.034	−0.072%	$228.3M	$93.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0054%	1h	95.002	−0.105%	$7.4M	$10.2M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0065%	1h	95.123	+0.022%	$7.5M	$4.4M	50x	as long as short
SoDEX HYPE-USD	+0.0075%	1h	95.033	−0.073%	$2.1M	$1.6M	10x	as long as short
Aster HYPEUSDT	+0.0080%	4h	95.023	−0.083%	$9.0M	$36.4M	300x	as long as short
edgeX HYPEUSDC	+0.0096%	4h	95.176	+0.078%	$5.1M	$31.1M	30x	as long as short
Lighter HYPE	+0.0096%	1h	95.033	−0.072%	$16.2M	$64.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.046	−0.059%	$3.2M	$10.4M	20x	as long as short
Popdex HYPEUSDTshort	+0.0096%	1h	95.052	−0.053%	$266K	$1.3M	50x
Katana Perps HYPE-USD	+0.0100%	8h	95.080	−0.023%	$40K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.085	−0.018%	$7.3M	$55.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.171	+0.073%	$2.10B	$673.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.138	+0.038%	$10.3M	$14.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	95.029	−0.077%	$382.4M	$910.0M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.176	+0.078%	$222K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	95.033	−0.073%	$87.1M	$90.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.033	−0.073%	$47.4M	$18.3M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.229	+0.134%	$29.9M	$55.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.148	+0.048%	$7.7M	$43.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.146	+0.046%	$349K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.160	+0.061%	$692K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.076	−0.027%	$499K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.906	−0.206%	$32K	$1.5M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.180	+0.082%	$1.4M	$6.7M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.009	−0.098%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.080	−0.023%	$402K	$136K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.210	+0.114%	$3.2M	$6.2M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.120	+0.019%	$31K	$340K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	95.018	−0.088%	$85K	$92K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.102	0.000%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	95.141	+0.041%	$17.2M	$12.3M	75x	as long as short