Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0130%/8h= +14.3% APRpaid last 24h +0.044%

Price spread now: Hyperliquid against Kalshi−0.076%46s7-day average +0.054% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$340.336% of the position

Long on Kalshi Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.134%+$13 on $10k

Price spread, last 7 days+0.096%+$10 · spread now −0.076%, 7d avg +0.054%

Together, before fees+0.230%+ Points / potential airdropHyperliquid: Season 2 · farm board+$23 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.130% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.076% now, against its 7-day average of +0.054%). If the spread goes back, that is −$13 on $10k: about 3.3 days of funding at the current rate (+$4 a day). At the pace of the last 7 days (+0.134% in total) that is about 6.8 days. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXADAPERP	0.2502	0	get 0.0000% / 8h	3h 00m	$217K	$7.7M	3.2x
Short	Hyperliquid ADA	0.2500	0.0130	get 0.0016% / 1h	0m 23s	$44.5M	$18.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Kalshi. 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 KalshibpFee HyperliquidbpOrdersPrice spread, now −0.076%Rate

Funding earned: $27.4
Price spread: −0.076% → +0.054%: −$13.04
Slippage, 4 orders: −$14.59
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$19.24
Costs to cover: 0.336%
Break-even: 11.9 days

Slippage from Kalshi: live order book, 3 min ago; Hyperliquid: 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 Kalshi live order book, 3 min ago	2.00 bp	11.5 bp −$12	21.2 bp −$212	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 3 min ago	0.60 bp	7.3 bp −$7	doesn't fit	doesn't fit	doesn't fit

ADA on 36 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
Kalshi KXADAPERPlong	0.0000%	8h	0.2502	long leg	$217K	$7.7M	3.2x
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2497	−0.188%	$86K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	−1.239%	$849	$202K	12x	as long as short
Lighter ADA	+0.0096%	1h	0.2499	−0.128%	$2.4M	$1.1M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2498	−0.140%	$1.2M	$1.2M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2498	−0.167%	$160K	$180K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2498	−0.160%	$106.2M	$398.1M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2496	−0.240%	$75.2M	$125.7M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2498	−0.160%	$33.3M	$116.4M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2496	−0.240%	$102.8M	$64.0M	75x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC ADA_USDT	+0.0100%	8h	0.2498	−0.160%	$58.7M	$69.9M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2497	−0.180%	$30.2M	$15.8M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2498	−0.160%	$68.2M	$52.8M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2497	−0.200%	—	$6.6M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2499	−0.136%	$147K	$467K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2496	−0.238%	$4.2M	$1.1M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2497	−0.210%	$66K	$289K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2497	−0.184%	$295K	$3.7M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2496	−0.240%	$75K	$897K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2498	−0.176%	$118K	$1.3M	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2498	−0.160%	$6K	$5K	20x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2501	−0.033%	$8K	$720K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2500	−0.060%	$344	$6K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2501	−0.035%	$1.3M	$7.2M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2500	−0.080%	$48.3M	$7.7M	50x	as long as short
Paradex ADA-USD-PERP	+0.0103%	8h	0.2498	−0.172%	$21K	—	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2498	−0.168%	$548K	$1.8M	50x	as long as short
Hyperliquid ADAshort	+0.0130%	1h	0.2500	−0.076%	$44.5M	$18.7M	10x
Coinbase International ADA-PERP-INTX	+0.0152%	1h	0.2503	+0.040%	$376K	$8.5M	50x	as long as short
Phoenix ADA	+0.0163%	1h	0.2497	−0.192%	$3K	$113K	10x	as long as short
Kraken Futures PF_ADAUSD	+0.0195%	1h	0.2500	−0.090%	$6.4M	$13.9M	50x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2503	+0.040%	$4.6M	$5.7M	75x	as long as short
Reya ADARUSDPERP	+0.0271%	1h	0.2499	−0.122%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0371% / S −0.0295%	1h	0.2500	−0.087%	$89K	—	100x	as long as short
dYdX ADA-USD	+0.0459%	1h	0.2498	−0.176%	$209K	$5K	10x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0470%	1h	0.2502	−0.012%	$639K	$735K	50x	as long as short