Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0025%/8h= +2.7% APRpaid last 24h −0.030%

Price spread now: Kalshi against Pacifica+0.067%7-day average +0.009% · 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−$22as in the Price arb table

costs, in and out, $10k−$280.279% of the position

Long on Pacifica Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.097%−$10 on $10k

Price spread, last 7 days+0.053%+$5 · spread now +0.067%, 7d avg +0.009%

Together, before fees−0.044%+ Points / potential airdropPacifica: Active · farm board−$4 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 0.059% dearer against Pacifica than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.009%. Mind the row above: over the last 7 days funding on this pair cost −0.097%, 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	Pacifica HYPE	93.575	0.0100	pay 0.0013% / 1h	30m 31s	$10.0M	$14.4M	20x
Short	Kalshi KXHYPEPERP	93.638	0.0125	get 0.0125% / 8h	6h 30m	$1.9M	$5.3M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Pacifica. 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 PacificabpFee KalshibpOrdersPrice spread, now +0.067%Rate

Funding earned: $5.26
Price spread: +0.067% → +0.009%: $5.87
Slippage, 4 orders: −$9.86
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$16.73
Costs to cover: 0.279%
Break-even: 29.3 days

Slippage from Pacifica: live order book, 4 min ago; Kalshi: live order book, 3 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 Pacifica live order book, 4 min ago	0.05 bp	4.5 bp −$4	doesn't fit	doesn't fit	doesn't fit
Sell Kalshi live order book, 3 min ago	2.46 bp	9.3 bp −$9	12.3 bp −$123	19.9 bp −$1,986	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	−0.1064%	1h	93.496	−0.085%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0275%	1h	93.536	−0.042%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0242%	1h	93.480	−0.102%	$701K	$941K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.559	−0.017%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.583	+0.009%	$89K	$347K	20x	as long as short
Bullet HYPE-USD	−0.0028%	1h	93.511	−0.068%	$112K	$583K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.563	−0.013%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.566	−0.009%	$23K	$337K	10x	as long as short
Derive HYPE-PERP	+0.0001%	1h	93.516	−0.063%	$16.4M	$7.1M	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.551	−0.026%	$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	+0.0020%	4h	93.567	−0.009%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0028%	4h	93.554	−0.022%	$44.1M	$56.6M	75x	as long as short
Bybit HYPEUSDT	+0.0037%	8h	93.550	−0.027%	$325.9M	$287.1M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.549	−0.028%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0069%	4h	93.564	−0.012%	$176K	$538K	20x	as long as short
Popdex HYPEUSDT	+0.0072%	1h	93.547	−0.030%	$57K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.605	+0.032%	$18.6M	$59.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.588	+0.014%	$3.1M	$12.3M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.581	+0.006%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.570	−0.005%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.546	−0.030%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.650	+0.080%	$2.04B	$669.4M	10x	as long as short
Pacifica HYPElong	+0.0100%	1h	93.575	long leg	$10.0M	$14.4M	20x
Binance HYPEUSDT	+0.0100%	4h	93.520	−0.059%	$385.9M	$887.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.546	−0.031%	$114.9M	$315.3M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.538	−0.040%	$1.2M	$4.0M	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.540	−0.037%	$93.6M	$82.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.573	−0.002%	$46.4M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.574	−0.001%	$227.3M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.510	−0.069%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.587	+0.013%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.402	−0.185%	$28.9M	$49.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.500	−0.080%	$7.5M	$45.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.572	−0.003%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.599	+0.026%	$677K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.600	+0.027%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.594	+0.020%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.573	−0.002%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.594	+0.020%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.549	−0.028%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.554	−0.022%	$12.7M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.556	−0.020%	$204K	$12K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.538	−0.040%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.582	+0.007%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0115%	4h	93.532	−0.046%	$5.1M	$29.6M	30x	as long as short
Kalshi KXHYPEPERPshort	+0.0125%	8h	93.638	+0.067%	$1.9M	$5.3M	2.3x
Deribit HYPE_USDC-PERPETUAL	+0.0135%	1h	93.651	+0.081%	$7.4M	$4.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.600	+0.027%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.547	−0.030%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.490	−0.091%	$30K	$231K	12x	as long as short
HTX HYPE-USDT	+0.0335%	4h	93.730	+0.166%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0164%	1h	93.600	+0.026%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.545	−0.032%	$17.1M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.615	+0.042%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0572%	1h	93.661	+0.092%	$19.2M	$26.0M	50x	as long as short