Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0444%/8h= −48.7% APRpaid last 24h −0.034%

Price spread now: Kalshi against Kraken Futures−0.150%7-day average −0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$390.390% of the position

Long on Kraken Futures Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.253%−$25 on $10k

Price spread, last 3 days (all we have)+0.208%+$21 · spread now −0.150%, 7d avg −0.009%

Together, before fees−0.044%−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Kalshi is 0.141% cheaper against Kraken Futures than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.009%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.253% in total (about -13.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_HYPEUSD	93.813	0.0578	pay 0.0072% / 1h	21m 28s	$20.9M	$29.5M	50x
Short	Kalshi KXHYPEPERP	93.672	0.0134	get 0.0134% / 8h	4h 21m	$1.9M	$5.0M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Kraken Futures. 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 Kraken FuturesbpFee KalshibpOrdersPrice spread, now −0.150%Rate

Funding earned: −$93.34
Price spread: −0.150% → −0.009%: −$14.12
Slippage, 4 orders: −$18.97
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$146.42
Costs to cover: 0.390%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; Kalshi: 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 Kraken Futures live order book, 3 min ago	1.44 bp	10.9 bp −$11	15.9 bp −$159	23.9 bp −$2,388	72.5 bp −$36.2K
Sell Kalshi live order book, 2 min ago	3.10 bp	11.6 bp −$12	13.2 bp −$132	20.5 bp −$2,050	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	−0.0992%	1h	93.602	−0.225%	$198K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0396%	1h	93.644	−0.180%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.559	−0.270%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0089%	1h	93.680	−0.141%	$704K	$912K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.557	−0.273%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.671	−0.151%	$86K	$367K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0001%	4h	93.709	−0.111%	$168K	$586K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.737	−0.080%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.700	−0.121%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.737	−0.081%	$26K	—	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	+0.0006%	4h	93.663	−0.160%	$8.9M	$36.0M	300x	as long as short
Phoenix HYPE	+0.0009%	1h	93.610	−0.216%	$214K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0017%	8h	93.690	−0.131%	$322.1M	$283.8M	75x	as long as short
Derive HYPE-PERP	+0.0020%	1h	93.662	−0.161%	$16.4M	$7.1M	10x	as long as short
MEXC HYPE_USDT	+0.0048%	4h	93.688	−0.133%	$87.9M	$81.9M	100x	as long as short
Binance HYPEUSDT	+0.0049%	4h	93.688	−0.133%	$382.9M	$896.5M	75x	as long as short
Phemex HYPEUSDT	+0.0068%	8h	93.724	−0.095%	$12.8M	$2.6M	50x	as long as short
edgeX HYPEUSDC	+0.0070%	4h	93.483	−0.351%	$5.1M	$29.7M	30x	as long as short
Gate HYPE_USDT	+0.0074%	4h	93.640	−0.184%	$44.0M	$59.7M	75x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	93.688	−0.133%	$59K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.741	−0.076%	$18.9M	$60.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.717	−0.102%	$3.0M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.730	−0.089%	$399K	$318K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0099%	8h	93.690	−0.131%	$115.5M	$321.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.683	−0.139%	$340K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.680	−0.141%	$15K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.645	−0.179%	$5.7M	$44.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.708	−0.111%	$10.1M	$14.5M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.625	−0.200%	$204K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.703	−0.117%	$46.4M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.700	−0.120%	$227.0M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.655	−0.168%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.753	−0.064%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.574	−0.254%	$31.2M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.549	−0.281%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.489	−0.345%	$358K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.514	−0.318%	$676K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.717	−0.102%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.706	−0.114%	$491K	$2.4M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.698	−0.122%	$113K	$576K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.699	−0.121%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.690	−0.131%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.700	−0.120%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.637%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.625	−0.200%	$18.4M	$42.8M	50x	as long as short
Kalshi KXHYPEPERPshort	+0.0134%	8h	93.672	−0.150%	$1.9M	$5.0M	2.3x
Hyperliquid HYPE	+0.0135%	1h	93.734	−0.084%	$2.04B	$677.3M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.740	−0.078%	$4.9M	$5.7M	50x	as long as short
BloFin HYPE-USDT	+0.0203%	4h	93.528	−0.304%	$17.1M	$12.6M	75x	as long as short
HTX HYPE-USDT	+0.0206%	4h	93.868	+0.059%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.694	−0.127%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.716	−0.103%	$2.8M	$6.9M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0337% / S −0.0163%	1h	93.733	−0.085%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0550%	1h	93.822	+0.010%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0578%	1h	93.813	long leg	$20.9M	$29.5M	50x