Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0036%/8h= +4.0% APRpaid last 24h −0.029%

Price spread now: Kalshi against Lighter RH+0.096%7-day average +0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$250.251% of the position

Long on Lighter RH Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.128%−$13 on $10k

Price spread, last 7 days+0.032%+$3 · spread now +0.096%, 7d avg +0.010%

Together, before fees−0.096%+ Points / potential airdropLighter RH: Points live · farm board−$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Kalshi is 0.086% dearer against Lighter RH than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.010%. Mind the row above: over the last 7 days funding on this pair cost −0.128%, 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 RH HYPE	93.487	0.0096	pay 0.0012% / 1h	23m 52s	$3.0M	$12.3M	20x
Short	Kalshi KXHYPEPERP	93.577	0.0132	get 0.0132% / 8h	4h 23m	$1.9M	$5.0M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Lighter RH. 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 Lighter RHbpFee KalshibpOrdersPrice spread, now +0.096%Rate

Funding earned: $7.61
Price spread: +0.096% → +0.010%: $8.61
Slippage, 4 orders: −$15.14
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$8.92
Costs to cover: 0.251%
Break-even: 15.2 days

Slippage from Lighter RH: live order book, 5 min ago; Kalshi: live order book, 5 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 RH live order book, 5 min ago	0.80 bp	2.0 bp −$2	5.9 bp −$59	31.0 bp −$3,105	doesn't fit
Sell Kalshi live order book, 5 min ago	2.03 bp	10.8 bp −$11	12.6 bp −$126	20.8 bp −$2,082	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	−0.0928%	1h	93.480	−0.007%	$198K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0383%	1h	93.607	+0.128%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.434	−0.057%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.524	+0.040%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0079%	1h	93.470	−0.018%	$703K	$910K	10x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.497	+0.011%	$86K	$366K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.492	+0.005%	$127K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.528	+0.044%	$23K	$329K	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0001%	4h	93.515	+0.030%	$166K	$583K	20x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.527	+0.043%	$26K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Derive HYPE-PERP	+0.0003%	1h	93.446	−0.044%	$16.3M	$7.1M	10x	as long as short
Aster HYPEUSDT	+0.0006%	4h	93.484	−0.003%	$8.9M	$36.0M	300x	as long as short
Phoenix HYPE	+0.0009%	1h	93.618	+0.140%	$214K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0018%	8h	93.470	−0.018%	$321.3M	$283.6M	75x	as long as short
MEXC HYPE_USDT	+0.0050%	4h	93.487	0.000%	$87.6M	$81.8M	100x	as long as short
Binance HYPEUSDT	+0.0052%	4h	93.485	−0.002%	$382.0M	$896.4M	75x	as long as short
edgeX HYPEUSDC	+0.0064%	4h	93.635	+0.159%	$5.1M	$29.7M	30x	as long as short
Phemex HYPEUSDT	+0.0068%	8h	93.523	+0.039%	$12.7M	$2.6M	50x	as long as short
Gate HYPE_USDT	+0.0078%	4h	93.493	+0.006%	$43.9M	$59.6M	75x	as long as short
Popdex HYPEUSDT	+0.0088%	1h	93.509	+0.024%	$59K	$1.2M	50x	as long as short
Bullet HYPE-USD	+0.0091%	1h	93.483	−0.004%	$113K	$576K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.527	+0.043%	$18.8M	$60.1M	20x	as long as short
Lighter RH HYPElong	+0.0096%	1h	93.487	long leg	$3.0M	$12.3M	20x
Aevo HYPE-PERP	+0.0096%	1h	93.509	+0.024%	$398K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.551	+0.068%	$340K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.500	+0.014%	$43K	$1.6M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.456	−0.033%	$115.2M	$320.1M	50x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.527	+0.043%	$5.7M	$44.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.542	+0.059%	$10.1M	$14.5M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.625	+0.148%	$204K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.502	+0.016%	$46.3M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.479	−0.009%	$226.4M	$102.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.488	+0.001%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.516	+0.031%	$7.8M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.574	+0.093%	$31.2M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.619	+0.141%	$7.6M	$45.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.646	+0.170%	$346K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.611	+0.133%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.545	+0.062%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.528	+0.044%	$490K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.474	−0.014%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.545	+0.062%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.483	−0.004%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.987%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.472	−0.016%	$18.3M	$42.8M	50x	as long as short
Kalshi KXHYPEPERPshort	+0.0132%	8h	93.577	+0.096%	$1.9M	$5.0M	2.3x
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.560	+0.078%	$4.9M	$5.6M	50x	as long as short
Hyperliquid HYPE	+0.0165%	1h	93.491	+0.004%	$2.03B	$676.9M	10x	as long as short
BloFin HYPE-USDT	+0.0208%	4h	93.521	+0.036%	$17.1M	$12.6M	75x	as long as short
HTX HYPE-USDT	+0.0210%	4h	93.688	+0.215%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.509	+0.024%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.558	+0.076%	$2.8M	$6.9M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0337% / S −0.0163%	1h	93.520	+0.035%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0359%	1h	93.585	+0.105%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0580%	1h	93.584	+0.103%	$20.9M	$29.5M	50x	as long as short