Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0045%/8h= +4.9% APRpaid last 24h −0.005%

Price spread now: Kalshi against Polymarket Perps−0.059%7-day average +0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$310.313% of the position

Long on Polymarket Perps Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.124%−$12 on $10k

Price spread, last 7 days+0.252%+$25 · spread now −0.059%, 7d avg +0.051%

Together, before fees+0.128%+$13 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kalshi is 0.110% cheaper against Polymarket Perps than usual: you would sell low and buy high (spread −0.059% now, against its 7-day average of +0.051%). If the spread goes back, that is −$11 on $10k: about 8.2 days of funding at the current rate (+$1 a day). Mind the row above: over the last 7 days funding on this pair cost −0.124%, 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	Polymarket Perps HYPE-USD	93.472	0.0100	pay 0.0013% / 1h	0m 25s	$490K	$2.7M	20x
Short	Kalshi KXHYPEPERP	93.417	0.0145	get 0.0145% / 8h	7h 00m	$1.8M	$5.5M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Polymarket Perps. 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 Polymarket PerpsbpFee KalshibpOrdersPrice spread, now −0.059%Rate

Funding earned: $9.42
Price spread: −0.059% → +0.051%: −$10.98
Slippage, 4 orders: −$13.25
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$32.82
Costs to cover: 0.313%
Break-even: 31.4 days

Slippage from Polymarket Perps: live order book, 3 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 Polymarket Perps live order book, 3 min ago	0.80 bp	4.9 bp −$5	5.7 bp −$57	11.6 bp −$1,157	doesn't fit
Sell Kalshi live order book, 3 min ago	4.71 bp	11.1 bp −$11	13.5 bp −$135	20.1 bp −$2,013	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	−0.1872%	1h	93.287	−0.198%	$196K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0335%	1h	93.287	−0.198%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	93.416	−0.060%	$1.0M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.405	−0.072%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0041%	4h	93.402	−0.075%	$146K	$664K	20x	as long as short
Bullet HYPE-USD	−0.0016%	1h	93.424	−0.051%	$112K	$578K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0011%	1h	93.370	−0.109%	$703K	$1.2M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.405	−0.071%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.440	−0.034%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.436	−0.039%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange HYPEUSD	+0.0016%	1h	93.474	+0.002%	$88K	$366K	20x	as long as short
Phemex HYPEUSDT	+0.0020%	8h	93.414	−0.062%	$12.6M	$2.7M	50x	as long as short
Bitget HYPEUSDT	+0.0024%	4h	93.452	−0.021%	$226.2M	$99.0M	75x	as long as short
Bybit HYPEUSDT	+0.0025%	8h	93.450	−0.024%	$318.0M	$283.6M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.446	−0.028%	$209K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0058%	4h	93.431	−0.044%	$45.9M	$55.2M	75x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.448	−0.026%	$77K	$1.1M	50x	as long as short
edgeX HYPEUSDC	+0.0082%	4h	93.336	−0.146%	$5.0M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.463	−0.010%	$340K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.414	−0.062%	$16.1M	$63.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.418	−0.058%	$3.1M	$11.7M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.440	−0.034%	$28K	$1.8M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.447	−0.026%	$7.5M	$47.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.494	+0.024%	$2.03B	$666.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.453	−0.020%	$8.7M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.452	−0.022%	$10.1M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.448	−0.026%	$374.9M	$909.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.462	−0.011%	$114.7M	$306.3M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.328	−0.154%	$203K	$3K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.450	−0.024%	$91.9M	$81.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.449	−0.025%	$46.2M	$18.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.442	−0.032%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.444	−0.030%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.379	−0.100%	$28.8M	$56.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.407	−0.070%	$7.5M	$47.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.335	−0.147%	$342K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.397	−0.080%	$667K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.480	+0.008%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USDlong	+0.0100%	1h	93.472	long leg	$490K	$2.7M	20x
Bluefin HYPE-PERP	+0.0100%	1h	93.393	−0.085%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.388	−0.090%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.306	−0.178%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.407	−0.070%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.550	+0.083%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.422	−0.053%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.398	−0.079%	$395K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.500	+0.030%	$4.8M	$5.6M	50x	as long as short
Kalshi KXHYPEPERPshort	+0.0145%	8h	93.417	−0.059%	$1.8M	$5.5M	2.3x
Kraken Futures PF_HYPEUSD	+0.0196%	1h	93.476	+0.005%	$20.8M	$29.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.170	−0.323%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0267%	1h	93.450	−0.024%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.442	−0.032%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.430	−0.045%	$16.8M	$11.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0467%	1h	93.502	+0.032%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	93.511	+0.041%	$3.2M	$6.3M	20x	as long as short