Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0241%/8h= +26.4% APRpaid last 24h +0.029%

Price spread now: Kalshi against 01 Exchange+0.180%7-day average +0.002% · 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−$20as in the Price arb table

costs, in and out, $10k−$370.373% of the position

Long on 01 Exchange Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.037%−$4 on $10k

Price spread, last 4 days (all we have)−0.601%−$60 · spread now +0.180%, 7d avg +0.002%

Together, before fees−0.639%−$64 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Kalshi is 0.178% dearer against 01 Exchange than usual: you sell high and buy low: +$18 more if the spread goes back to its 7-day average of +0.002%.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.037% in total (about -3.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	01 Exchange HYPEUSD	95.093	−0.0112	get 0.0014% / 1h	30m 28s	$101K	$344K	20x
Short	Kalshi KXHYPEPERP	95.264	0.0129	get 0.0129% / 8h	1h 30m	$1.8M	$5.1M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against 01 Exchange. 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 01 ExchangebpFee KalshibpOrdersPrice spread, now +0.180%Rate

Funding earned: $50.64
Price spread: +0.180% → +0.002%: $17.77
Slippage, 4 orders: −$20.35
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $31.06
Costs to cover: 0.373%
Break-even: 2.7 days

Slippage from 01 Exchange: live order book, 17 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 01 Exchange live order book, 17 min ago	0.05 bp	9.3 bp −$9	13.8 bp −$138	doesn't fit	doesn't fit
Sell Kalshi live order book, 1 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	−0.0258%	8h	95.033	−0.063%	$13.0M	$2.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0251%	1h	95.093	0.000%	$18.5M	$34.9M	50x	as long as short
Hibachi HYPE/USDT-P	−0.0232%	1h	95.274	+0.190%	$218K	$275K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0192%	1h	95.169	+0.080%	$22K	$17K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0139%	1h	95.110	+0.018%	$687K	$1.3M	10x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.079	−0.015%	$1.0M	$2.4M	10x	as long as short
01 Exchange HYPEUSDlong	−0.0112%	1h	95.093	long leg	$101K	$344K	20x
ApeX Omni HYPEUSDT	−0.0082%	1h	95.192	+0.104%	$343K	$901K	50x	as long as short
Gate HYPE_USDT	−0.0082%	4h	95.072	−0.022%	$55.1M	$53.6M	75x	as long as short
Bullet HYPE-USD	−0.0080%	1h	95.130	+0.039%	$113K	$580K	20x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hotstuff HYPE-PERP	−0.0080%	1h	95.162	+0.073%	$3K	$331	25x	as long as short
Bluefin HYPE-PERP	−0.0074%	1h	95.102	+0.009%	$79K	$133K	20x	as long as short
Lighter HYPE	−0.0064%	1h	95.090	−0.003%	$16.4M	$58.0M	20x	as long as short
Aster HYPEUSDT	−0.0060%	4h	95.085	−0.008%	$9.0M	$32.7M	300x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.130	+0.039%	$4.7M	$5.5M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0053%	4h	95.091	−0.002%	$148K	$642K	20x	as long as short
OKX HYPE-USDT-SWAP	−0.0021%	8h	95.109	+0.017%	$118.9M	$303.4M	50x	as long as short
Phoenix HYPE	−0.0008%	1h	95.062	−0.033%	$199K	$1.1M	10x	as long as short
Bitget HYPEUSDT	−0.0002%	4h	95.131	+0.040%	$228.7M	$85.6M	75x	as long as short
Perpl HYPE	0.0000%	43m	95.116	+0.024%	$24K	$251K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.169	+0.080%	$114K	—	150x	as long as short
Popdex HYPEUSDT	+0.0008%	1h	95.112	+0.020%	$275K	$1.0M	50x	as long as short
Bybit HYPEUSDT	+0.0023%	8h	95.120	+0.028%	$320.6M	$262.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0034%	1h	95.196	+0.108%	$7.5M	$4.3M	50x	as long as short
dYdX HYPE-USD	+0.0038%	1h	95.147	+0.056%	$128K	$94K	5x	as long as short
edgeX HYPEUSDC	+0.0054%	4h	95.040	−0.055%	$5.1M	$28.8M	30x	as long as short
MEXC HYPE_USDT	+0.0056%	4h	95.148	+0.058%	$90.1M	$84.0M	100x	as long as short
Binance HYPEUSDT	+0.0057%	4h	95.124	+0.033%	$382.6M	$848.8M	75x	as long as short
BingX HYPE-USDT	+0.0062%	4h	95.086	−0.007%	—	$49.0M	—	as long as short
StandX HYPE-USD	+0.0081%	1h	95.129	+0.038%	$692K	$2.7M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0083%	8h	95.095	+0.002%	$339K	$30K	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.107	+0.015%	$3.4M	$10.1M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	95.121	+0.029%	$402K	$130K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.060	−0.035%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.053	−0.042%	$7.3M	$51.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.108	+0.015%	$10.2M	$13.2M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.174	+0.085%	$230K	$17K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.102	+0.009%	$47.6M	$17.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.007	−0.090%	$7.0M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.093	0.000%	$29.6M	$52.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.092	−0.001%	$7.7M	$40.5M	10x	as long as short
Vest HYPE-PERP	+0.0100%	1h	95.182	+0.094%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.163	+0.074%	$504K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.178	+0.089%	$33K	$1.4M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	95.090	−0.003%	$2.1M	$334K	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.172	+0.083%	$1.4M	$5.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.049	−0.046%	$18.3M	$39.1M	50x	as long as short
Kalshi KXHYPEPERPshort	+0.0129%	8h	95.264	+0.180%	$1.8M	$5.1M	2.3x
RISEx HYPE/USDC	+0.0133%	1h	95.152	+0.062%	$3.1M	$5.2M	20x	as long as short
Hyperliquid HYPE	+0.0208%	1h	95.240	+0.155%	$2.11B	$646.0M	10x	as long as short
BloFin HYPE-USDT	+0.0225%	4h	95.060	−0.035%	$17.4M	$11.4M	75x	as long as short
Reya HYPERUSDPERP	+0.0269%	1h	95.088	−0.005%	$85K	$90K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0155%	1h	95.150	+0.060%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.500	+0.428%	$31K	$334K	12x	as long as short