Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0020%/8h= +2.2% APRpaid last 24h −0.006%

Price spread now: Kalshi against StandX+0.110%7-day average +0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$290.293% of the position

Long on StandX Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.174%−$17 on $10k

Price spread, last 7 days−0.067%−$7 · spread now +0.110%, 7d avg +0.003%

Together, before fees−0.241%+ Points / potential airdropStandX: Active · farm board−$24 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 0.107% dearer against StandX than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.003%. Mind the row above: over the last 7 days funding on this pair cost −0.174%, 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	StandX HYPE-USD	94.142	0.0100	pay 0.0013% / 1h	13m 03s	$674K	$2.8M	20x
Short	Kalshi KXHYPEPERP	94.246	0.0120	get 0.0120% / 8h	6h 13m	$1.8M	$5.6M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against StandX. 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 StandXbpFee KalshibpOrdersPrice spread, now +0.110%Rate

Funding earned: $4.19
Price spread: +0.110% → +0.003%: $10.7
Slippage, 4 orders: −$11.33
Fee StandX: 4 bp × 2 orders: −$8
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$14.44
Costs to cover: 0.293%
Break-even: 31.2 days

Slippage from StandX: live order book, 1 min ago; Kalshi: live order book, 1 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 StandX live order book, 1 min ago	1.33 bp	5.3 bp −$5	5.5 bp −$55	12.6 bp −$1,260	doesn't fit
Sell Kalshi live order book, 1 min ago	3.29 bp	8.9 bp −$9	13.0 bp −$130	21.1 bp −$2,106	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	−0.1328%	1h	94.055	−0.092%	$199K	$239K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0391%	1h	93.960	−0.193%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.149	+0.007%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0016%	1h	94.183	+0.043%	$112K	$580K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0015%	4h	94.155	+0.014%	$147K	$678K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.186	+0.047%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	94.173	+0.033%	$86K	$372K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.193	+0.054%	$23K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.200	+0.062%	$63K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	94.145	+0.003%	$1.1M	$4.0M	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	+0.0020%	4h	94.193	+0.054%	$227.2M	$99.3M	75x	as long as short
Bybit HYPEUSDT	+0.0023%	8h	94.150	+0.008%	$319.4M	$284.2M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	94.200	+0.062%	$209K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0027%	8h	94.145	+0.003%	$12.8M	$2.8M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0067%	1h	94.080	−0.066%	$709K	$1.2M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	94.186	+0.047%	$342K	$158K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.195	+0.057%	$16.4M	$63.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.196	+0.057%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.159	+0.018%	$72K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.160	+0.019%	$28K	$1.7M	10x	as long as short
edgeX HYPEUSDC	+0.0100%	4h	94.090	−0.055%	$5.0M	$30.2M	30x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.154	+0.013%	$7.2M	$48.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.271	+0.137%	$2.06B	$676.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.197	+0.059%	$8.8M	$36.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.185	+0.046%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.190	+0.051%	$378.1M	$919.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.169	+0.029%	$116.4M	$315.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.358	−0.833%	$216K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.199	+0.061%	$48.1M	$55.3M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.215	+0.078%	$90.5M	$81.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.200	+0.062%	$46.5M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.207	+0.069%	—	$53.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.229	+0.092%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.099	−0.045%	$28.9M	$56.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.125	−0.018%	$7.7M	$48.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.113	−0.031%	$337K	$998K	50x	as long as short
StandX HYPE-USDlong	+0.0100%	1h	94.142	long leg	$674K	$2.8M	20x
Vest HYPE-PERP	+0.0100%	1h	94.234	+0.098%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.184	+0.045%	$478K	$2.8M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.192	+0.053%	$80K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	94.165	+0.024%	$16.2M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.244	+0.108%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.185	+0.046%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.333	+0.203%	$1.4M	$6.6M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.152	+0.010%	$18.3M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.176	+0.036%	$398K	$159K	20x	as long as short
Kalshi KXHYPEPERPshort	+0.0120%	8h	94.246	+0.110%	$1.8M	$5.6M	2.3x
Injective HYPE/USDC PERP	+0.0122%	1h	94.310	+0.178%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.220	+0.083%	$4.7M	$6.1M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0153%	1h	94.254	+0.119%	$7.5M	$4.1M	50x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.172	+0.032%	$81K	$127K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	94.190	+0.051%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0338%	1h	94.260	+0.126%	$21.0M	$29.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.169	+0.029%	$16.8M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	94.225	+0.088%	$3.2M	$6.3M	20x	as long as short