Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0102%/8h= +11.2% APRpaid last 24h −0.030%

Price spread now: Kalshi against Lighter−0.004%7-day average −0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$180.177% of the position

Long on Lighter Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.179%−$18 on $10k

Price spread, last 7 days+0.105%+$10 · spread now −0.004%, 7d avg −0.019%

Together, before fees−0.074%+ Points / potential airdropLighter: Season 3 · farm board−$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.019%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.179%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter HYPE	94.309	0.0096	pay 0.0012% / 1h	36m 39s	$19.1M	$58.7M	20x
Short	Kalshi KXHYPEPERP	94.305	0.0198	get 0.0198% / 8h	3h 36m	$1.9M	$5.1M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Lighter. 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 LighterbpFee KalshibpOrdersPrice spread, now −0.004%Rate

Funding earned: $21.5
Price spread: −0.004% → −0.019%: $1.47
Slippage, 4 orders: −$7.66
Fee Lighter: 0 bp × 2 orders: $0
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $5.32
Costs to cover: 0.177%
Break-even: 5.3 days

Slippage from Lighter: live order book, 7 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 Lighter live order book, 7 min ago	0.00 bp	1.6 bp −$2	3.7 bp −$37	13.1 bp −$1,313	40.1 bp −$20.0K
Sell Kalshi live order book, 2 min ago	2.60 bp	8.2 bp −$8	11.7 bp −$117	20.6 bp −$2,056	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	−0.1464%	1h	94.187	−0.129%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	94.156	−0.162%	$1.2M	$3.8M	10x	as long as short
Phemex HYPEUSDT	−0.0282%	8h	94.196	−0.120%	$12.8M	$2.6M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0266%	1h	94.083	−0.239%	$22K	$23K	10x	as long as short
dYdX HYPE-USD	−0.0193%	1h	94.245	−0.068%	$129K	$30K	5x	as long as short
Ondo Perps HYPE-USD.P	−0.0161%	1h	94.130	−0.190%	$710K	$945K	10x	as long as short
Bullet HYPE-USD	−0.0087%	1h	94.221	−0.094%	$112K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.274	−0.037%	$86K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.241	−0.072%	$3K	$331	25x	as long as short
Bybit HYPEUSDT	−0.0021%	8h	94.240	−0.073%	$323.8M	$280.7M	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	−0.0012%	4h	94.248	−0.065%	$166K	$598K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.278	−0.032%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.252	−0.060%	$27K	—	150x	as long as short
Gate HYPE_USDT	+0.0008%	4h	94.248	−0.065%	$44.6M	$59.5M	75x	as long as short
Aster HYPEUSDT	+0.0023%	4h	94.254	−0.058%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	94.173	−0.144%	$219K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0044%	4h	94.261	−0.051%	$89.2M	$82.3M	100x	as long as short
Derive HYPE-PERP	+0.0045%	1h	94.202	−0.114%	$16.5M	$7.3M	10x	as long as short
Binance HYPEUSDT	+0.0049%	4h	94.269	−0.042%	$384.8M	$893.0M	75x	as long as short
Bluefin HYPE-PERP	+0.0055%	1h	94.245	−0.068%	$76K	$171K	20x	as long as short
edgeX HYPEUSDC	+0.0058%	4h	94.030	−0.296%	$5.1M	$29.8M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0081%	8h	94.260	−0.052%	$116.3M	$319.4M	50x	as long as short
Lighter HYPElong	+0.0096%	1h	94.309	long leg	$19.1M	$58.7M	20x
Lighter RH HYPE	+0.0096%	1h	94.278	−0.033%	$3.1M	$12.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.257	−0.055%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.231	−0.083%	$401K	$193K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.293	−0.017%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.270	−0.041%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.228	−0.085%	$6.7M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.347	+0.040%	$2.06B	$675.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.272	−0.039%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.265	−0.047%	$46.7M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.264	−0.048%	$228.6M	$100.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.245	−0.068%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.261	−0.051%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.010	−0.316%	$31.6M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.045	−0.280%	$7.6M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.037	−0.288%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.047	−0.278%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.247	−0.065%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.244	−0.069%	$481K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.325	+0.017%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.244	−0.069%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.120	−0.200%	$205K	$4K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.241	−0.072%	$19.2M	$44.0M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.280	−0.031%	$5.0M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0182%	4h	94.242	−0.071%	$17.1M	$12.3M	75x	as long as short
Kalshi KXHYPEPERPshort	+0.0198%	8h	94.305	−0.004%	$1.9M	$5.1M	2.3x
Injective HYPE/USDC PERP	+0.0205%	1h	94.390	+0.086%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.294	−0.016%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.221	−0.093%	$77K	$144K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0157%	1h	94.268	−0.043%	$1.5M	—	100x	as long as short
HTX HYPE-USDT	+0.0436%	4h	94.427	+0.125%	$1.5M	$6.3M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0439%	1h	94.340	+0.033%	$7.5M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0669%	1h	94.333	+0.025%	$21.1M	$29.7M	50x	as long as short