Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0023%/8h= +2.5% APRpaid last 24h −0.006%

Price spread now: Kalshi against SoDEX+0.058%7-day average +0.036% · 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−$30as in the Price arb table

costs, in and out, $10k−$320.319% of the position

Long on SoDEX Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.082%−$8 on $10k

Price spread, last 4 days (all we have)+0.085%+$8 · spread now +0.058%, 7d avg +0.036%

Together, before fees+0.003%$0 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 0.022% dearer against SoDEX than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.036%. Mind the row above: over the last 4 days funding on this pair cost −0.082%, 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	SoDEX HYPE-USD	95.260	0.0100	pay 0.0013% / 1h	54m 40s	$2.1M	$373K	10x
Short	Kalshi KXHYPEPERP	95.315	0.0123	get 0.0123% / 8h	1h 54m	$1.8M	$5.1M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against SoDEX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 SoDEXbpFee KalshibpOrdersPrice spread, now +0.058%Rate

Funding earned: $4.87
Price spread: +0.058% → +0.036%: $2.15
Slippage, 4 orders: −$13.88
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$24.86
Costs to cover: 0.319%
Break-even: 42.7 days

Slippage from SoDEX: live order book, 2 min ago; Kalshi: live order book, 2 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 SoDEX live order book, 2 min ago	0.05 bp	6.6 bp −$7	11.8 bp −$118	100.6 bp −$10.1K	doesn't fit
Sell Kalshi live order book, 2 min ago	2.62 bp	10.1 bp −$10	11.6 bp −$116	16.9 bp −$1,692	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
Hibachi HYPE/USDT-P	−0.1272%	1h	95.275	+0.016%	$213K	$261K	7x	as long as short
Phemex HYPEUSDT	−0.0287%	8h	95.237	−0.024%	$13.0M	$2.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0251%	1h	95.269	+0.010%	$18.6M	$35.2M	50x	as long as short
Bullet HYPE-USD	−0.0140%	1h	95.274	+0.015%	$114K	$582K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0135%	1h	95.243	−0.018%	$22K	$17K	10x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.220	−0.042%	$1.1M	$2.4M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0124%	1h	95.160	−0.105%	$690K	$1.3M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.191	−0.072%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0072%	4h	95.229	−0.033%	$54.7M	$53.1M	75x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	95.282	+0.023%	$92K	$346K	20x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.260	0.000%	$4.7M	$5.6M	50x	as long as short
Lighter HYPE	−0.0048%	1h	95.219	−0.043%	$16.3M	$57.5M	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0040%	4h	95.227	−0.035%	$148K	$643K	20x	as long as short
Aster HYPEUSDT	−0.0028%	4h	95.231	−0.030%	$9.0M	$32.9M	300x	as long as short
OKX HYPE-USDT-SWAP	−0.0010%	8h	95.215	−0.047%	$119.3M	$303.3M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	95.259	−0.001%	$129K	$94K	5x	as long as short
Perpl HYPE	0.0000%	43m	95.296	+0.038%	$24K	$254K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.309	+0.051%	$100K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	95.333	+0.077%	$201K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0020%	4h	95.234	−0.027%	$228.9M	$86.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0023%	1h	95.345	+0.089%	$7.5M	$4.3M	50x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	95.231	−0.030%	$320.9M	$266.6M	75x	as long as short
Popdex HYPEUSDT	+0.0040%	1h	95.275	+0.016%	$274K	$1.0M	50x	as long as short
Bulk HYPE-USD	+0.0074%	1h	95.269	+0.009%	$232K	$12K	10x	as long as short
Paradex HYPE-USD-PERP	+0.0075%	8h	95.235	−0.027%	$340K	$35K	20x	as long as short
Vest HYPE-PERP	+0.0083%	1h	95.329	+0.072%	—	$80K	5x	as long as short
edgeX HYPEUSDC	+0.0092%	4h	95.253	−0.008%	$5.1M	$29.1M	30x	as long as short
MEXC HYPE_USDT	+0.0094%	4h	95.223	−0.039%	$90.7M	$83.0M	100x	as long as short
Binance HYPEUSDT	+0.0096%	4h	95.229	−0.032%	$382.9M	$856.1M	75x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.244	−0.017%	$3.3M	$10.0M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.200	−0.063%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.265	+0.005%	$7.3M	$51.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.255	−0.005%	$10.3M	$13.3M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.231	−0.030%	$48.1M	$17.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	95.235	−0.026%	—	$48.7M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.305	+0.047%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.251	−0.010%	$30.0M	$53.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.301	+0.043%	$7.7M	$39.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.191	−0.072%	$347K	$883K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.269	+0.009%	$693K	$2.8M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.296	+0.038%	$504K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	95.262	+0.002%	$79K	$136K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.350	+0.094%	$33K	$1.4M	20x	as long as short
SoDEX HYPE-USDlong	+0.0100%	1h	95.260	long leg	$2.1M	$373K	10x
HTX HYPE-USDT	+0.0100%	4h	95.379	+0.125%	$1.4M	$5.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.194	−0.070%	$18.4M	$39.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.256	−0.004%	$403K	$130K	20x	as long as short
Hyperliquid HYPE	+0.0119%	1h	95.337	+0.081%	$2.11B	$645.2M	10x	as long as short
Kalshi KXHYPEPERPshort	+0.0123%	8h	95.315	+0.058%	$1.8M	$5.1M	2.3x
RISEx HYPE/USDC	+0.0133%	1h	95.261	+0.002%	$3.2M	$5.5M	20x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	95.233	−0.029%	$85K	$100K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0155%	1h	95.293	+0.034%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0338%	4h	95.266	+0.006%	$17.3M	$11.5M	75x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.400	+0.147%	$31K	$334K	12x	as long as short