Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0047%/8h= −5.1% APRpaid last 24h +0.002%

Price spread now: Kalshi against Vest−0.012%7-day average +0.039% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Vest Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.042%+$4 on $10k

Price spread, last 4 days (all we have)−0.014%−$1 · spread now −0.012%, 7d avg +0.039%

Together, before fees+0.028%+ Points / potential airdropVest: Active · farm board+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Kalshi is 0.051% cheaper against Vest than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.039%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Vest HYPE-PERP	94.640	0.0047	pay 0.0006% / 1h	37m 36s	—	$190K	5x
Short	Kalshi KXHYPEPERP	94.629	0	get 0.0000% / 8h	3h 37m	$1.8M	$5.6M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Vest. 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 VestbpFee KalshibpOrdersPrice spread, now −0.012%Rate

Funding earned: −$9.81
Price spread: −0.012% → +0.039%: −$5.06
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$26.87
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Vest: no order-book sample; Kalshi: live order book, 1 min ago. Net counts fees only.

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 Vest no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 1 min ago	2.17 bp	10.4 bp −$10	11.9 bp −$119	20.1 bp −$2,007	doesn't fit

Vest: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1016%	1h	94.453	−0.198%	$207K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0626%	1h	94.563	−0.082%	$80K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0311%	1h	94.702	+0.066%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0197%	1h	94.571	−0.073%	$112K	$578K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0139%	1h	94.530	−0.117%	$704K	$1.3M	10x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.591	−0.052%	$1.0M	$3.5M	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.633	−0.008%	$90K	$367K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.588	−0.055%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0066%	4h	94.580	−0.064%	$51.4M	$54.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.557	−0.089%	$19.0M	$35.3M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HYPEUSDT	−0.0023%	8h	94.564	−0.081%	$12.9M	$2.9M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	94.548	−0.098%	$147K	$682K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.566	−0.078%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERPshort	0.0000%	8h	94.629	−0.012%	$1.8M	$5.6M	2.3x
Perpl HYPE	0.0000%	43m	94.552	−0.093%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.610	−0.032%	$95K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.747	+0.113%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0015%	8h	94.581	−0.063%	$318.2M	$296.5M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.560	−0.085%	$4.7M	$6.4M	50x	as long as short
Bitget HYPEUSDT	+0.0024%	4h	94.608	−0.034%	$227.2M	$99.7M	75x	as long as short
Derive HYPE-PERP	+0.0045%	1h	94.501	−0.147%	$16.3M	$7.5M	10x	as long as short
Vest HYPE-PERPlong	+0.0047%	1h	94.640	long leg	—	$190K	5x
Paradex HYPE-USD-PERP	+0.0051%	8h	94.646	+0.006%	$338K	$154K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0053%	8h	94.579	−0.065%	$118.0M	$329.5M	50x	as long as short
SoDEX HYPE-USD	+0.0082%	1h	94.588	−0.055%	$2.1M	$2.0M	10x	as long as short
edgeX HYPEUSDC	+0.0096%	4h	94.547	−0.098%	$5.0M	$30.8M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.600	−0.043%	$16.2M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.602	−0.040%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.610	−0.032%	$148K	$1.3M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.590	−0.053%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.531	−0.115%	$7.3M	$52.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.712	+0.076%	$2.08B	$685.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.585	−0.058%	$9.7M	$37.6M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.632	−0.009%	$10.2M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.623	−0.018%	$381.0M	$939.5M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.564	−0.081%	$220K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.617	−0.025%	$93.9M	$85.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.584	−0.059%	$47.2M	$19.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.587	−0.056%	—	$53.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.553	−0.092%	$7.6M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.549	−0.096%	$30.0M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.786	+0.154%	$7.7M	$44.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.537	−0.109%	$345K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.575	−0.069%	$693K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.648	+0.008%	$499K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.659	+0.020%	$33K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.675	+0.037%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.578	−0.066%	$18.4M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.574	−0.070%	$400K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.633	−0.007%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	94.530	−0.117%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0215%	1h	94.673	+0.035%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.564	−0.081%	$85K	$118K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	94.626	−0.015%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.502	−0.146%	$17.2M	$12.6M	75x	as long as short