Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0210%/8h= +23.0% APRpaid last 24h +0.017%

Price spread now: Kalshi against Orderly+0.081%7-day average +0.033% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.021%−$2 on $10k

Price spread, last 3 days (all we have)−0.015%−$2 · spread now +0.081%, 7d avg +0.033%

Together, before fees−0.036%−$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Kalshi is 0.048% dearer against Orderly than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.033%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.021% in total (about -1.1% 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	Orderly PERP_HYPE_USDC	94.205	−0.0012	get 0.0006% / 4h	3h 38m	$170K	$592K	20x
Short	Kalshi KXHYPEPERP	94.281	0.0198	get 0.0198% / 8h	3h 38m	$1.9M	$5.1M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Orderly. 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 OrderlybpFee KalshibpOrdersPrice spread, now +0.081%Rate

Funding earned: $44.19
Price spread: +0.081% → +0.033%: $4.75
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $32.94
Costs to cover: 0.160%
Break-even: 1.8 days

Slippage unknown: Orderly: no order-book sample; Kalshi: live order book, 5 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 5 min ago	3.40 bp	11.9 bp −$12	13.5 bp −$135	21.3 bp −$2,134	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1472%	1h	93.931	−0.291%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	94.078	−0.135%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0270%	1h	94.044	−0.171%	$22K	$23K	10x	as long as short
Phemex HYPEUSDT	−0.0248%	8h	94.207	+0.002%	$12.8M	$2.6M	50x	as long as short
dYdX HYPE-USD	−0.0193%	1h	94.163	−0.044%	$128K	$29K	5x	as long as short
Ondo Perps HYPE-USD.P	−0.0166%	1h	93.990	−0.228%	$705K	$935K	10x	as long as short
Bullet HYPE-USD	−0.0083%	1h	94.194	−0.012%	$112K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.237	+0.034%	$86K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.032	−0.184%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDClong	−0.0012%	4h	94.205	long leg	$170K	$592K	20x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0012%	4h	94.203	−0.002%	$44.5M	$59.4M	75x	as long as short
Bybit HYPEUSDT	−0.0010%	8h	94.218	+0.014%	$323.8M	$281.0M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.227	+0.024%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.232	+0.029%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0017%	4h	94.209	+0.004%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	94.122	−0.088%	$219K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0044%	4h	94.240	+0.037%	$88.9M	$82.3M	100x	as long as short
Derive HYPE-PERP	+0.0045%	1h	94.175	−0.032%	$16.4M	$7.3M	10x	as long as short
Binance HYPEUSDT	+0.0046%	4h	94.245	+0.042%	$384.7M	$892.9M	75x	as long as short
Bluefin HYPE-PERP	+0.0051%	1h	94.215	+0.011%	$76K	$171K	20x	as long as short
edgeX HYPEUSDC	+0.0057%	4h	94.034	−0.182%	$5.1M	$29.8M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0081%	8h	94.250	+0.048%	$116.2M	$319.7M	50x	as long as short
Popdex HYPEUSDT	+0.0088%	1h	94.219	+0.015%	$64K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.286	+0.086%	$19.0M	$58.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.263	+0.062%	$3.1M	$12.0M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.206	+0.001%	$401K	$193K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.226	+0.022%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.210	+0.005%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.221	+0.018%	$6.7M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.298	+0.099%	$2.05B	$674.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.186	−0.020%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.262	+0.061%	$46.7M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.257	+0.055%	$228.7M	$101.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.238	+0.035%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.265	+0.064%	$7.8M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.010	−0.207%	$31.6M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.030	−0.186%	$7.6M	$45.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.016	−0.201%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.047	−0.168%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.183	−0.023%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.216	+0.012%	$481K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.268	+0.067%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.236	+0.033%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.120	−0.090%	$205K	$4K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.202	−0.003%	$19.0M	$43.7M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.260	+0.058%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0181%	4h	94.032	−0.184%	$17.0M	$12.3M	75x	as long as short
Kalshi KXHYPEPERPshort	+0.0198%	8h	94.281	+0.081%	$1.9M	$5.1M	2.3x
Injective HYPE/USDC PERP	+0.0205%	1h	94.260	+0.058%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.234	+0.031%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.187	−0.019%	$77K	$144K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0157%	1h	94.228	+0.024%	$1.5M	—	100x	as long as short
HTX HYPE-USDT	+0.0430%	4h	94.403	+0.210%	$1.5M	$6.3M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0450%	1h	94.326	+0.128%	$7.5M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0669%	1h	94.327	+0.129%	$21.1M	$29.7M	50x	as long as short