Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0120%/8h= +13.2% APRpaid last 24h −0.003%

Price spread now: Kalshi against Popdex+0.053%7-day average −0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$280.284% of the position

Long on Popdex Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.083%−$8 on $10k

Price spread, last 7 days−0.021%−$2 · spread now +0.053%, 7d avg −0.003%

Together, before fees−0.104%−$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Kalshi is 0.056% dearer against Popdex than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.003%. Mind the row above: over the last 4 days funding on this pair cost −0.083%, 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	Popdex HYPEUSDT	95.224	0.0008	pay 0.0001% / 1h	28m 39s	$275K	$1.0M	50x
Short	Kalshi KXHYPEPERP	95.274	0.0128	get 0.0128% / 8h	1h 28m	$1.8M	$5.1M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Popdex. 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 PopdexbpFee KalshibpOrdersPrice spread, now +0.053%Rate

Funding earned: $25.27
Price spread: +0.053% → −0.003%: $5.56
Slippage, 4 orders: −$12
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $2.44
Costs to cover: 0.284%
Break-even: 6.3 days

Slippage from Popdex: 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 Popdex live order book, 4 min ago	0.16 bp	3.7 bp −$4	4.8 bp −$48	34.8 bp −$3,476	doesn't fit
Sell Kalshi live order book, 3 min ago	2.94 bp	11.4 bp −$11	12.8 bp −$128	20.5 bp −$2,051	doesn't fit

HYPE on 54 exchanges

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
Phemex HYPEUSDT	−0.0262%	8h	95.173	−0.054%	$13.0M	$2.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0251%	1h	95.250	+0.027%	$18.5M	$35.0M	50x	as long as short
Hibachi HYPE/USDT-P	−0.0232%	1h	95.274	+0.052%	$218K	$275K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0192%	1h	95.172	−0.054%	$22K	$17K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0146%	1h	95.080	−0.151%	$687K	$1.3M	10x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.205	−0.020%	$1.0M	$2.4M	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	95.216	−0.008%	$102K	$344K	20x	as long as short
Bullet HYPE-USD	−0.0085%	1h	95.201	−0.024%	$113K	$580K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.162	−0.065%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0078%	4h	95.218	−0.006%	$55.3M	$53.6M	75x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin HYPE-PERP	−0.0064%	1h	95.217	−0.007%	$79K	$134K	20x	as long as short
Aster HYPEUSDT	−0.0060%	4h	95.212	−0.013%	$9.0M	$32.7M	300x	as long as short
Lighter HYPE	−0.0056%	1h	95.222	−0.002%	$16.5M	$58.1M	20x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.230	+0.006%	$4.7M	$5.5M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0055%	4h	95.196	−0.029%	$148K	$642K	20x	as long as short
OKX HYPE-USDT-SWAP	−0.0021%	8h	95.190	−0.036%	$119.1M	$303.6M	50x	as long as short
ApeX Omni HYPEUSDT	−0.0017%	1h	95.150	−0.078%	$342K	$901K	50x	as long as short
Phoenix HYPE	−0.0008%	1h	95.062	−0.170%	$202K	$1.1M	10x	as long as short
Bitget HYPEUSDT	−0.0004%	4h	95.207	−0.018%	$228.9M	$85.7M	75x	as long as short
Perpl HYPE	0.0000%	43m	95.214	−0.011%	$24K	$250K	10x	as long as short
Deribit HYPE_USDC-PERPETUAL	0.0000%	1h	95.296	+0.076%	$7.5M	$4.3M	50x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.169	−0.058%	$114K	—	150x	as long as short
Popdex HYPEUSDTlong	+0.0008%	1h	95.224	long leg	$275K	$1.0M	50x
Bybit HYPEUSDT	+0.0022%	8h	95.222	−0.002%	$322.0M	$263.6M	75x	as long as short
dYdX HYPE-USD	+0.0038%	1h	95.147	−0.081%	$128K	$94K	5x	as long as short
edgeX HYPEUSDC	+0.0048%	4h	95.101	−0.130%	$5.1M	$28.8M	30x	as long as short
MEXC HYPE_USDT	+0.0056%	4h	95.230	+0.006%	$90.1M	$84.0M	100x	as long as short
BingX HYPE-USDT	+0.0058%	4h	95.213	−0.012%	—	$48.9M	—	as long as short
Binance HYPEUSDT	+0.0058%	4h	95.206	−0.019%	$382.9M	$849.0M	75x	as long as short
StandX HYPE-USD	+0.0080%	1h	95.082	−0.149%	$692K	$2.7M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0084%	8h	95.208	−0.017%	$340K	$30K	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.242	+0.019%	$3.4M	$10.1M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	95.229	+0.005%	$403K	$125K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.220	−0.004%	$40K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.215	−0.009%	$7.3M	$50.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.244	+0.021%	$10.3M	$13.1M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.174	−0.052%	$230K	$17K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.210	−0.015%	$47.7M	$17.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.176	−0.050%	$7.0M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.093	−0.138%	$29.6M	$52.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.129	−0.100%	$7.7M	$40.5M	10x	as long as short
Vest HYPE-PERP	+0.0100%	1h	95.257	+0.035%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.252	+0.029%	$504K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.242	+0.019%	$33K	$1.4M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	95.220	−0.004%	$2.1M	$334K	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.327	+0.108%	$1.4M	$5.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.174	−0.053%	$18.3M	$39.1M	50x	as long as short
Kalshi KXHYPEPERPshort	+0.0128%	8h	95.274	+0.053%	$1.8M	$5.1M	2.3x
RISEx HYPE/USDC	+0.0133%	1h	95.254	+0.032%	$3.1M	$5.2M	20x	as long as short
Hyperliquid HYPE	+0.0205%	1h	95.325	+0.106%	$2.11B	$646.1M	10x	as long as short
BloFin HYPE-USDT	+0.0230%	4h	95.206	−0.019%	$17.4M	$11.4M	75x	as long as short
Reya HYPERUSDPERP	+0.0269%	1h	95.098	−0.133%	$85K	$90K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0155%	1h	95.255	+0.032%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.500	+0.290%	$31K	$334K	12x	as long as short