Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0159%/8h= +17.5% APRpaid last 24h −0.030%

Price spread now: Kalshi against SunX+0.033%7-day average −0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs−$97as in the Funding arb table

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$770.768% of the position

Long on SunX Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.199%−$20 on $10k

Price spread, last 4 days (all we have)+0.094%+$9 · spread now +0.033%, 7d avg −0.032%

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

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Kalshi is 0.065% dearer against SunX than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.032%. Mind the row above: over the last 7 days funding on this pair cost −0.199%, 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	SunX HYPE-USDT	92.250	0.0100	pay 0.0050% / 4h	45m 32s	$31K	$1.6M	20x
Short	Kalshi KXHYPEPERP	92.280	0.0259	get 0.0259% / 8h	45m 32s	$1.8M	$5.4M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against SunX. 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 SunXbpFee KalshibpOrdersPrice spread, now +0.033%Rate

Funding earned: $33.47
Price spread: +0.033% → −0.032%: $6.49
Slippage, 4 orders: −$58.76
Fee SunX: 4 bp × 2 orders: −$8
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$36.8
Costs to cover: 0.768%
Break-even: 14.7 days

Slippage from SunX: live order book, 9 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 SunX live order book, 9 min ago	19.34 bp	24.1 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Kalshi live order book, 3 min ago	2.98 bp	10.7 bp −$11	12.8 bp −$128	20.1 bp −$2,011	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
Arcus HYPE-USD	−0.0948%	1h	92.187	−0.068%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0592%	1h	92.223	−0.029%	$193K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0139%	1h	92.368	+0.128%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0128%	1h	92.184	−0.072%	$85K	$353K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.174	−0.082%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0071%	4h	92.174	−0.082%	$157K	$663K	20x	as long as short
Bullet HYPE-USD	−0.0062%	1h	92.179	−0.076%	$110K	$580K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0014%	1h	92.110	−0.152%	$696K	$1.1M	10x	as long as short
Aster HYPEUSDT	−0.0013%	4h	92.194	−0.061%	$8.6M	$36.4M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.238	−0.013%	$126K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	92.198	−0.056%	$22K	$310K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.210	−0.043%	$61K	—	150x	as long as short
BingX HYPE-USDT	+0.0030%	4h	92.191	−0.064%	—	$53.2M	—	as long as short
Derive HYPE-PERP	+0.0041%	1h	92.141	−0.118%	$16.0M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0043%	1h	92.430	+0.195%	$209K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0043%	8h	92.180	−0.076%	$315.5M	$280.9M	75x	as long as short
Gate HYPE_USDT	+0.0046%	4h	92.167	−0.090%	$44.2M	$54.7M	75x	as long as short
Phemex HYPEUSDT	+0.0064%	8h	92.224	−0.028%	$12.5M	$2.7M	50x	as long as short
MEXC HYPE_USDT	+0.0074%	4h	92.179	−0.077%	$87.0M	$80.4M	100x	as long as short
Binance HYPEUSDT	+0.0075%	4h	92.183	−0.073%	$369.6M	$897.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	92.183	−0.073%	$112.6M	$300.9M	50x	as long as short
edgeX HYPEUSDC	+0.0078%	4h	92.205	−0.049%	$4.9M	$29.5M	30x	as long as short
Popdex HYPEUSDT	+0.0088%	1h	92.201	−0.053%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0091%	8h	92.221	−0.032%	$338K	$163K	20x	as long as short
ApeX Omni HYPEUSDT	+0.0094%	1h	92.216	−0.037%	$337K	$1.0M	50x	as long as short
Lighter HYPE	+0.0096%	1h	92.191	−0.064%	$16.0M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.185	−0.070%	$3.1M	$11.6M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	92.164	−0.093%	$390K	$164K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.160	−0.098%	$13K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.159	−0.098%	$5.8M	$43.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.239	−0.012%	$2.01B	$663.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.220	−0.033%	$10.0M	$15.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	+0.596%	$202K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.212	−0.041%	$45.7M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.199	−0.055%	$223.6M	$98.2M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.195	−0.060%	$7.2M	$10.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.158	−0.100%	$28.3M	$57.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.327	+0.083%	$7.5M	$45.9M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.215	−0.038%	$662K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.248	−0.002%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.214	−0.039%	$474K	$2.6M	20x	as long as short
SunX HYPE-USDTlong	+0.0100%	4h	92.250	long leg	$31K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	92.200	−0.054%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.300	+0.054%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.175	−0.081%	$18.1M	$43.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.813%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.210	−0.043%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERPshort	+0.0259%	8h	92.280	+0.033%	$1.8M	$5.4M	2.3x
Reya HYPERUSDPERP	+0.0261%	1h	92.191	−0.064%	$78K	$140K	15x	as long as short
BloFin HYPE-USDT	+0.0311%	4h	92.180	−0.076%	$16.7M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0329% / S −0.0153%	1h	92.198	−0.057%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0334%	1h	92.255	+0.005%	$20.5M	$30.4M	50x	as long as short
Bluefin HYPE-PERP	+0.0401%	1h	92.137	−0.122%	$78K	$169K	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0542%	1h	92.294	+0.048%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.270	+0.021%	$3.1M	$6.4M	20x	as long as short