Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0160%/8h= −17.5% APRpaid last 24h +0.029%

Price spread now: SoDEX against Kalshi−0.170%7-day average −0.030% · 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−$48as in the Price arb table

costs, in and out, $10k−$340.339% of the position

Long on Kalshi Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.096%+$10 on $10k

Price spread, last 3 days (all we have)+0.079%+$8 · spread now −0.170%, 7d avg −0.030%

Together, before fees+0.174%+$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and SoDEX is 0.140% cheaper against Kalshi than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.030%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.096%, 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	93.346	0.0260	pay 0.0260% / 8h	2h 44m	$1.9M	$5.2M	2.3x
Short	SoDEX HYPE-USD	93.187	0.0100	get 0.0013% / 1h	44m 34s	$2.0M	$2.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.170%Rate

Funding earned: −$33.53
Price spread: −0.170% → −0.030%: −$14.04
Slippage, 4 orders: −$15.9
Fee Kalshi: 5 bp × 2 orders: −$10
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$81.47
Costs to cover: 0.339%
Break-even: never at this rate

Slippage from Kalshi: live order book, 4 min ago; SoDEX: live order book, 4 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, 4 min ago	3.11 bp	8.7 bp −$9	11.0 bp −$110	18.5 bp −$1,853	doesn't fit
Sell SoDEX live order book, 4 min ago	0.48 bp	7.5 bp −$8	12.3 bp −$123	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	−0.1024%	1h	93.288	−0.062%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.123	−0.239%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0173%	1h	93.350	+0.004%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0128%	1h	93.120	−0.242%	$698K	$976K	10x	as long as short
Backpack HYPE_USDC_PERP	−0.0120%	1h	93.168	−0.191%	$7.8M	$10.4M	20x	as long as short
Gate HYPE_USDT	−0.0090%	4h	93.240	−0.114%	$44.1M	$54.0M	75x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.300	−0.049%	$84K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.214	−0.141%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0054%	4h	93.184	−0.174%	$156K	$652K	20x	as long as short
Phemex HYPEUSDT	−0.0036%	8h	93.238	−0.116%	$12.6M	$2.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0034%	4h	93.251	−0.102%	$8.8M	$36.3M	300x	as long as short
Bluefin HYPE-PERP	−0.0009%	1h	93.169	−0.190%	$79K	$174K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.239	−0.115%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.221	−0.134%	$22K	$333K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.226	−0.129%	$25K	—	150x	as long as short
Bybit HYPEUSDT	+0.0007%	8h	93.290	−0.060%	$319.1M	$283.3M	75x	as long as short
BingX HYPE-USDT	+0.0018%	4h	93.253	−0.100%	—	$54.3M	—	as long as short
Binance HYPEUSDT	+0.0041%	4h	93.293	−0.057%	$379.6M	$905.1M	75x	as long as short
MEXC HYPE_USDT	+0.0042%	4h	93.236	−0.118%	$88.0M	$82.4M	100x	as long as short
Bullet HYPE-USD	+0.0042%	1h	93.218	−0.137%	$111K	$579K	20x	as long as short
edgeX HYPEUSDC	+0.0059%	4h	93.354	+0.009%	$5.1M	$30.0M	30x	as long as short
Phoenix HYPE	+0.0060%	1h	93.190	−0.167%	$212K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0064%	8h	93.321	−0.027%	$114.9M	$315.3M	50x	as long as short
Derive HYPE-PERP	+0.0067%	1h	93.161	−0.198%	$16.2M	$7.6M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.239	−0.115%	$16.4M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.236	−0.118%	$3.1M	$11.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.294	−0.056%	$65K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.180	−0.177%	$396K	$177K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	93.271	−0.081%	$339K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.290	−0.060%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.305	−0.043%	$6.6M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.307	−0.042%	$2.04B	$675.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.269	−0.082%	$10.0M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.404	+0.062%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.270	−0.081%	$45.9M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.310	−0.039%	$225.8M	$100.7M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.241	−0.113%	$30.9M	$55.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.420	+0.079%	$7.5M	$47.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.381	+0.037%	$337K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.282	−0.069%	$666K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.312	−0.036%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.306	−0.043%	$467K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.252	−0.101%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USDshort	+0.0100%	1h	93.187	−0.170%	$2.0M	$2.0M	10x
Extended HYPE-USD	+0.0104%	1h	93.232	−0.122%	$18.4M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.260	−0.092%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.130	−0.231%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0175%	4h	93.407	+0.065%	$17.0M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.298	−0.051%	$2.7M	$6.7M	20x	as long as short
HTX HYPE-USDT	+0.0251%	4h	93.350	+0.004%	$1.4M	$6.1M	75x	as long as short
Reya HYPERUSDPERP	+0.0254%	1h	93.281	−0.070%	$79K	$142K	15x	as long as short
Kalshi KXHYPEPERPlong	+0.0260%	8h	93.346	long leg	$1.9M	$5.2M	2.3x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0158%	1h	93.225	−0.129%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0501%	1h	93.299	−0.050%	$7.4M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0684%	1h	93.253	−0.100%	$20.8M	$30.0M	50x	as long as short