Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0028%/8h= −3.1% APRpaid last 24h +0.007%

Price spread now: SunX against Kalshi−0.034%7-day average +0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs−$62as in the Funding arb table

Net, price: spread back to 7d avg − costs−$85as in the Price arb table

costs, in and out, $10k−$790.791% of the position

Long on Kalshi Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.176%+$18 on $10k

Price spread, last 4 days (all we have)−0.028%−$3 · spread now −0.034%, 7d avg +0.025%

Together, before fees+0.148%+$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and SunX is 0.058% cheaper against Kalshi than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.025%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.176%, 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	95.274	0.0128	pay 0.0128% / 8h	1h 28m	$1.8M	$5.1M	2.3x
Short	SunX HYPE-USDT	95.242	0.0100	get 0.0050% / 4h	1h 28m	$33K	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.034%Rate

Funding earned: −$5.95
Price spread: −0.034% → +0.025%: −$5.82
Slippage, 4 orders: −$61.12
Fee Kalshi: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$90.9
Costs to cover: 0.791%
Break-even: never at this rate

Slippage from Kalshi: live order book, 3 min ago; SunX: live order book, 9 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, 3 min ago	2.94 bp	9.7 bp −$10	12.2 bp −$122	18.3 bp −$1,827	doesn't fit
Sell SunX live order book, 9 min ago	19.36 bp	33.9 bp −$34	doesn't fit	doesn't fit	doesn't fit

HYPE on 54 exchanges

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
Phemex HYPEUSDT	−0.0262%	8h	95.173	−0.106%	$13.0M	$2.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0251%	1h	95.250	−0.025%	$18.5M	$35.0M	50x	as long as short
Hibachi HYPE/USDT-P	−0.0232%	1h	95.274	0.000%	$218K	$275K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0192%	1h	95.172	−0.107%	$22K	$17K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0146%	1h	95.080	−0.204%	$687K	$1.3M	10x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.182	−0.097%	$1.0M	$2.4M	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	95.216	−0.061%	$102K	$344K	20x	as long as short
Bullet HYPE-USD	−0.0085%	1h	95.201	−0.077%	$113K	$580K	20x	as long as short
Gate HYPE_USDT	−0.0082%	4h	95.197	−0.081%	$55.3M	$53.6M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.162	−0.118%	$3K	$331	25x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin HYPE-PERP	−0.0064%	1h	95.217	−0.060%	$79K	$134K	20x	as long as short
Aster HYPEUSDT	−0.0061%	4h	95.203	−0.075%	$9.0M	$32.7M	300x	as long as short
Lighter HYPE	−0.0056%	1h	95.220	−0.057%	$16.5M	$58.1M	20x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.230	−0.046%	$4.7M	$5.5M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0055%	4h	95.196	−0.082%	$148K	$642K	20x	as long as short
OKX HYPE-USDT-SWAP	−0.0021%	8h	95.199	−0.079%	$119.1M	$303.8M	50x	as long as short
ApeX Omni HYPEUSDT	−0.0017%	1h	95.150	−0.130%	$342K	$901K	50x	as long as short
Phoenix HYPE	−0.0008%	1h	95.062	−0.223%	$202K	$1.1M	10x	as long as short
Bitget HYPEUSDT	−0.0002%	4h	95.204	−0.073%	$228.9M	$85.7M	75x	as long as short
Perpl HYPE	0.0000%	43m	95.214	−0.063%	$24K	$250K	10x	as long as short
Deribit HYPE_USDC-PERPETUAL	0.0000%	1h	95.296	+0.023%	$7.5M	$4.3M	50x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.169	−0.110%	$114K	—	150x	as long as short
Popdex HYPEUSDT	+0.0008%	1h	95.224	−0.052%	$275K	$1.0M	50x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	95.206	−0.071%	$321.9M	$263.6M	75x	as long as short
dYdX HYPE-USD	+0.0038%	1h	95.147	−0.134%	$128K	$94K	5x	as long as short
edgeX HYPEUSDC	+0.0048%	4h	95.101	−0.182%	$5.1M	$28.8M	30x	as long as short
MEXC HYPE_USDT	+0.0056%	4h	95.212	−0.065%	$90.0M	$84.0M	100x	as long as short
Binance HYPEUSDT	+0.0056%	4h	95.214	−0.063%	$382.9M	$849.4M	75x	as long as short
BingX HYPE-USDT	+0.0058%	4h	95.207	−0.070%	—	$49.0M	—	as long as short
StandX HYPE-USD	+0.0080%	1h	95.082	−0.202%	$692K	$2.7M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0084%	8h	95.138	−0.142%	$339K	$30K	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.234	−0.042%	$3.4M	$10.1M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	95.229	−0.048%	$403K	$125K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.180	−0.099%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.215	−0.061%	$7.3M	$50.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.180	−0.098%	$10.3M	$13.1M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.174	−0.105%	$230K	$17K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.178	−0.101%	$47.6M	$17.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.176	−0.103%	$7.0M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.093	−0.190%	$29.6M	$52.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.129	−0.152%	$7.7M	$40.5M	10x	as long as short
Vest HYPE-PERP	+0.0100%	1h	95.257	−0.018%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.252	−0.023%	$504K	$2.5M	20x	as long as short
SunX HYPE-USDTshort	+0.0100%	4h	95.242	−0.034%	$33K	$1.4M	20x
SoDEX HYPE-USD	+0.0100%	1h	95.220	−0.057%	$2.1M	$334K	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.327	+0.056%	$1.4M	$5.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.174	−0.105%	$18.3M	$39.1M	50x	as long as short
Kalshi KXHYPEPERPlong	+0.0128%	8h	95.274	long leg	$1.8M	$5.1M	2.3x
RISEx HYPE/USDC	+0.0133%	1h	95.152	−0.128%	$3.1M	$5.2M	20x	as long as short
Hyperliquid HYPE	+0.0205%	1h	95.325	+0.054%	$2.11B	$646.1M	10x	as long as short
BloFin HYPE-USDT	+0.0230%	4h	95.206	−0.071%	$17.4M	$11.4M	75x	as long as short
Reya HYPERUSDPERP	+0.0269%	1h	95.098	−0.185%	$85K	$90K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0155%	1h	95.255	−0.020%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.500	+0.237%	$31K	$334K	12x	as long as short