Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0180%/8h= −19.7% APRpaid last 24h +0.006%

Price spread now: 01 Exchange against Kalshi−0.080%7-day average +0.008% · 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−$41as in the Price arb table

costs, in and out, $10k−$320.317% of the position

Long on Kalshi Short on 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.070%+$7 on $10k

Price spread, last 4 days (all we have)+0.379%+$38 · spread now −0.080%, 7d avg +0.008%

Together, before fees+0.448%+$45 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 01 Exchange is 0.088% cheaper against Kalshi than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.008%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.070%, 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	93.397	0.0108	pay 0.0108% / 8h	6h 09m	$1.9M	$5.3M	2.3x
Short	01 Exchange HYPEUSD	93.322	−0.0072	pay 0.0009% / 1h	9m 36s	$90K	$353K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now −0.080%Rate

Funding earned: −$37.77
Price spread: −0.080% → +0.008%: −$8.81
Slippage, 4 orders: −$14.73
Fee Kalshi: 5 bp × 2 orders: −$10
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$78.32
Costs to cover: 0.317%
Break-even: never at this rate

Slippage from Kalshi: live order book, 4 min ago; 01 Exchange: live order book, 15 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	2.67 bp	10.3 bp −$10	12.4 bp −$124	19.7 bp −$1,970	doesn't fit
Sell 01 Exchange live order book, 15 min ago	0.05 bp	6.1 bp −$6	10.1 bp −$101	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	−0.0920%	1h	93.381	−0.017%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0256%	1h	93.477	+0.086%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0237%	1h	93.230	−0.179%	$700K	$930K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.337	−0.064%	$3K	$331	25x	as long as short
01 Exchange HYPEUSDshort	−0.0072%	1h	93.322	−0.080%	$90K	$353K	20x
Derive HYPE-PERP	−0.0025%	1h	93.309	−0.094%	$16.4M	$7.1M	10x	as long as short
Bullet HYPE-USD	−0.0015%	1h	93.304	−0.099%	$110K	$581K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.383	−0.015%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.327	−0.075%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.350	−0.050%	$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	+0.0010%	4h	93.272	−0.134%	$8.9M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0022%	4h	93.266	−0.140%	$43.9M	$57.7M	75x	as long as short
Bybit HYPEUSDT	+0.0030%	8h	93.280	−0.125%	$324.9M	$287.2M	75x	as long as short
Popdex HYPEUSDT	+0.0040%	1h	93.305	−0.099%	$58K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0055%	4h	93.321	−0.081%	$163K	$539K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.605	+0.223%	$216K	$1.2M	10x	as long as short
SoDEX HYPE-USD	+0.0096%	1h	93.288	−0.117%	$2.0M	$2.0M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.306	−0.097%	$18.6M	$59.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.308	−0.095%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.299	−0.105%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.310	−0.093%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.305	−0.099%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.367	−0.032%	$2.03B	$670.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.293	−0.111%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.266	−0.140%	$385.0M	$889.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.250	−0.157%	$114.5M	$314.9M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.254	−0.153%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.285	−0.120%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.269	−0.137%	$93.1M	$82.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.275	−0.131%	$46.2M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.288	−0.117%	$226.7M	$102.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.266	−0.140%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.311	−0.092%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.263	−0.144%	$29.1M	$50.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.439	+0.045%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.558	+0.172%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.346	−0.055%	$675K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.337	−0.064%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.295	−0.109%	$75K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.395	−0.002%	$32K	$1.6M	20x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.335	−0.066%	$12.7M	$2.6M	50x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.343	−0.058%	—	$454K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.267	−0.139%	$18.3M	$41.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.322	−0.080%	$397K	$318K	20x	as long as short
Kalshi KXHYPEPERPlong	+0.0108%	8h	93.397	long leg	$1.9M	$5.3M	2.3x
edgeX HYPEUSDC	+0.0118%	4h	93.534	+0.147%	$5.1M	$29.7M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.390	−0.007%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.304	−0.099%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.910	+0.549%	$31K	$291K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0286%	1h	93.410	+0.014%	$7.4M	$4.6M	50x	as long as short
HTX HYPE-USDT	+0.0295%	4h	93.487	+0.096%	$1.5M	$7.7M	75x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.289	−0.116%	$17.1M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0346% / S −0.0171%	1h	93.343	−0.058%	$1.5M	—	100x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.344	−0.056%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.397	−0.001%	$19.1M	$26.1M	50x	as long as short