Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0096%/8h= +10.5% APRpaid last 24h −0.018%

Price spread now: Kalshi against Phoenix+0.021%74s7-day average −0.097% · you sell dearer than you buy

Net, funding: paid 7d − costs−$71as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$280.282% of the position

Long on Phoenix Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.424%−$42 on $10k

Price spread, last 7 days−0.087%−$9 · spread now +0.021%, 7d avg −0.097%

Together, before fees−0.511%−$51 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Kalshi is 0.119% dearer against Phoenix than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of −0.097%. Mind the row above: over the last 7 days funding on this pair cost −0.424%, so the current rate has only just turned in your favour. The two prices were read 74 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix HYPE	94.174	0.0026	pay 0.0003% / 1h	16m 02s	$209K	$1.2M	10x
Short	Kalshi KXHYPEPERP	94.194	0.0122	get 0.0122% / 8h	6h 16m	$1.8M	$5.6M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Phoenix. 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 PhoenixbpFee KalshibpOrdersPrice spread, now +0.021%Rate

Funding earned: $20.18
Price spread: +0.021% → −0.097%: $11.86
Slippage, 4 orders: −$11.16
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $3.88
Costs to cover: 0.282%
Break-even: 5.7 days

Slippage from Phoenix: live order book, 2 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 Phoenix live order book, 2 min ago	0.05 bp	5.4 bp −$5	12.0 bp −$120	doesn't fit	doesn't fit
Sell Kalshi live order book, 3 min ago	3.24 bp	8.4 bp −$8	12.1 bp −$121	20.4 bp −$2,045	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	−0.1344%	1h	94.079	−0.101%	$199K	$239K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0409%	1h	93.796	−0.401%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.130	−0.047%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0026%	1h	94.146	−0.030%	$112K	$580K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0018%	4h	94.107	−0.071%	$147K	$678K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.183	+0.010%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	94.178	+0.004%	$87K	$371K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.160	−0.015%	$23K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.160	−0.015%	$63K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	94.129	−0.048%	$1.0M	$3.9M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget HYPEUSDT	+0.0016%	4h	94.066	−0.115%	$226.8M	$99.4M	75x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	94.060	−0.121%	$319.2M	$284.0M	75x	as long as short
Phemex HYPEUSDT	+0.0024%	8h	94.153	−0.022%	$12.8M	$2.8M	50x	as long as short
Phoenix HYPElong	+0.0026%	1h	94.174	long leg	$209K	$1.2M	10x
Ondo Perps HYPE-USD.P	+0.0058%	1h	94.070	−0.110%	$709K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	93.626	−0.582%	$5.0M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	94.178	+0.004%	$342K	$158K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.132	−0.045%	$16.3M	$63.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.136	−0.040%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.161	−0.014%	$72K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.130	−0.047%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.119	−0.058%	$7.3M	$48.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.208	+0.036%	$2.06B	$674.8M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.111	−0.067%	$8.8M	$36.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.183	+0.010%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.092	−0.087%	$377.7M	$919.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.070	−0.110%	$116.2M	$314.8M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.358	−0.866%	$216K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.127	−0.050%	$48.0M	$55.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.076	−0.104%	$90.5M	$81.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.085	−0.095%	$46.5M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.075	−0.105%	—	$53.6M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.162	−0.013%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.699	−0.505%	$28.6M	$56.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.979	−0.207%	$7.7M	$48.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.939	−0.250%	$345K	$993K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.161	−0.014%	$674K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.213	+0.041%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.173	−0.001%	$482K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.135	−0.041%	$80K	$165K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	94.114	−0.064%	$16.2M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.216	+0.045%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.128	−0.049%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.282	+0.115%	$1.4M	$6.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.065	−0.116%	$18.3M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.137	−0.039%	$398K	$159K	20x	as long as short
Kalshi KXHYPEPERPshort	+0.0122%	8h	94.194	+0.021%	$1.8M	$5.6M	2.3x
Injective HYPE/USDC PERP	+0.0122%	1h	94.310	+0.144%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.150	−0.025%	$4.7M	$6.0M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0207%	1h	94.198	+0.025%	$7.5M	$4.1M	50x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.141	−0.035%	$81K	$127K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	94.154	−0.021%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0338%	1h	94.206	+0.034%	$21.0M	$29.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.137	−0.039%	$16.8M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	94.226	+0.056%	$3.2M	$6.3M	20x	as long as short