Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0038%/8h= +4.2% APRpaid last 24h +0.054%

Price spread now: Reya against Kalshi−0.226%45s7-day average −0.047% · you buy dearer than you sell

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

Long on Kalshi Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.092%+$9 on $10k

Price spread, last 3 days (all we have)+0.205%+$21 · spread now −0.226%, 7d avg −0.047%

Together, before fees+0.297%+ Points / potential airdropReya: Active · farm board+$30 on $10k · with fees, hour by hour

Funding pays, the price is against you. Reya is 0.179% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.226% now, against its 7-day average of −0.047%). If the spread goes back, that is −$18 on $10k: about 16 days of funding at the current rate (+$1 a day). At the pace of the last 3 days (+0.092% in total) that is about 6.3 days. The two prices were read 45 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	94.344	0.0213	pay 0.0213% / 8h	3h 33m	$1.9M	$5.1M	2.3x
Short	Reya HYPERUSDPERP	94.130	0.0251	get 0.0031% / 1h	33m 21s	$79K	$145K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.226%Rate

Funding earned: $8.05
Price spread: −0.226% → −0.047%: −$17.91
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Reya: 3 bp × 2 orders: −$6
Net: −$25.85
Costs to cover: 0.160%
Break-even: 29.5 days

Slippage unknown: Kalshi: live order book, 5 min ago; Reya: 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, 5 min ago	2.60 bp	7.7 bp −$8	11.2 bp −$112	16.7 bp −$1,674	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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	−0.1448%	1h	94.283	−0.065%	$200K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	94.156	−0.199%	$1.2M	$3.8M	10x	as long as short
Phemex HYPEUSDT	−0.0259%	8h	94.233	−0.118%	$12.8M	$2.6M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0242%	1h	94.220	−0.131%	$22K	$23K	10x	as long as short
dYdX HYPE-USD	−0.0171%	1h	94.245	−0.105%	$129K	$31K	5x	as long as short
Ondo Perps HYPE-USD.P	−0.0152%	1h	94.210	−0.142%	$710K	$947K	10x	as long as short
Bullet HYPE-USD	−0.0091%	1h	94.087	−0.272%	$112K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.217	−0.135%	$86K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.258	−0.091%	$3K	$331	25x	as long as short
Bybit HYPEUSDT	−0.0019%	8h	94.080	−0.280%	$323.2M	$280.8M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0014%	4h	94.093	−0.266%	$161K	$638K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.151	−0.205%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.122	−0.235%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0025%	4h	94.234	−0.117%	$8.9M	$36.1M	300x	as long as short
Gate HYPE_USDT	+0.0026%	4h	94.098	−0.261%	$44.5M	$59.6M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	94.342	−0.002%	$219K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0048%	1h	94.238	−0.113%	$16.5M	$7.3M	10x	as long as short
MEXC HYPE_USDT	+0.0050%	4h	94.133	−0.224%	$89.5M	$82.5M	100x	as long as short
Binance HYPEUSDT	+0.0051%	4h	94.122	−0.236%	$383.9M	$893.2M	75x	as long as short
edgeX HYPEUSDC	+0.0061%	4h	94.240	−0.110%	$5.1M	$29.9M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0080%	8h	94.095	−0.264%	$116.1M	$319.1M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.312	−0.034%	$19.1M	$58.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.285	−0.063%	$3.1M	$12.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.182	−0.172%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.084	−0.276%	$400K	$188K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.292	−0.055%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.190	−0.163%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.208	−0.144%	$6.7M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.297	−0.050%	$2.06B	$676.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.278	−0.070%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.176	−0.178%	$46.6M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.171	−0.183%	$228.4M	$100.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.096	−0.263%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.291	−0.056%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.220	−0.131%	$31.8M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.271	−0.077%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.252	−0.098%	$341K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.262	−0.087%	$682K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.245	−0.105%	—	$248K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.204	−0.148%	$481K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.075	−0.285%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.356	+0.013%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.262	−0.087%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.120	−0.237%	$205K	$4K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.068	−0.292%	$18.9M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.310	−0.036%	$5.0M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0204%	4h	94.247	−0.103%	$17.0M	$12.3M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.155%	$31K	$338K	12x	as long as short
Kalshi KXHYPEPERPlong	+0.0213%	8h	94.344	long leg	$1.9M	$5.1M	2.3x
RISEx HYPE/USDC	+0.0222%	1h	94.237	−0.113%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERPshort	+0.0251%	1h	94.130	−0.226%	$79K	$145K	15x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0153%	1h	94.125	−0.232%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0429%	1h	94.373	+0.031%	$7.5M	$4.7M	50x	as long as short
HTX HYPE-USDT	+0.0448%	4h	94.450	+0.112%	$1.5M	$6.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0669%	1h	94.348	+0.005%	$21.1M	$29.7M	50x	as long as short