Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0019%/8h= +2.1% APRpaid last 24h −0.007%

Price spread now: Kalshi against Aevo+0.048%7-day average +0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$480.482% of the position

Long on Aevo Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.181%−$18 on $10k

Price spread, last 4 days (all we have)+0.048%+$5 · spread now +0.048%, 7d avg +0.029%

Together, before fees−0.133%−$13 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.029%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.181%, 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	Aevo HYPE-PERP	94.430	0.0104	pay 0.0013% / 1h	5m 25s	$399K	$159K	20x
Short	Kalshi KXHYPEPERP	94.476	0.0123	get 0.0123% / 8h	6h 05m	$1.8M	$5.6M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Aevo. 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 AevobpFee KalshibpOrdersPrice spread, now +0.048%Rate

Funding earned: $3.98
Price spread: +0.048% → +0.029%: $1.96
Slippage, 4 orders: −$22.17
Fee Aevo: 8 bp × 2 orders: −$16
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$42.23
Costs to cover: 0.482%
Break-even: 81.2 days

Slippage from Aevo: live order book, 44 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 Aevo live order book, 44 min ago	7.18 bp	15.4 bp −$15	17.9 bp −$179	23.3 bp −$2,333	doesn't fit
Sell Kalshi live order book, 3 min ago	2.28 bp	7.7 bp −$8	13.1 bp −$131	21.8 bp −$2,176	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	−0.1304%	1h	94.273	−0.167%	$200K	$239K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0338%	1h	94.298	−0.140%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.427	−0.004%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0014%	4h	94.412	−0.019%	$147K	$677K	20x	as long as short
Bullet HYPE-USD	−0.0001%	1h	94.333	−0.103%	$112K	$580K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.351	−0.084%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	94.334	−0.102%	$87K	$372K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.362	−0.073%	$22K	$291K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.343	−0.093%	$63K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	94.302	−0.136%	$1.0M	$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
BingX HYPE-USDT	+0.0016%	4h	94.335	−0.101%	—	$53.7M	—	as long as short
Bybit HYPEUSDT	+0.0021%	8h	94.283	−0.156%	$318.5M	$287.0M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	94.438	+0.008%	$211K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0027%	8h	94.368	−0.066%	$12.8M	$2.8M	50x	as long as short
Bitget HYPEUSDT	+0.0034%	4h	94.306	−0.132%	$227.5M	$99.4M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0067%	1h	94.300	−0.138%	$711K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0092%	4h	94.364	−0.070%	$5.0M	$30.4M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	94.371	−0.062%	$343K	$158K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.390	−0.043%	$16.4M	$63.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.389	−0.044%	$3.2M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.313	−0.124%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.290	−0.149%	$30K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.340	−0.095%	$7.2M	$49.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.425	−0.006%	$2.07B	$679.5M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.344	−0.092%	$8.8M	$36.6M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.403	−0.029%	$10.2M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.342	−0.094%	$379.2M	$924.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.307	−0.131%	$116.5M	$317.8M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.340	−0.096%	$48.2M	$55.8M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.327	−0.109%	$90.1M	$82.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.330	−0.106%	$46.6M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.450	+0.021%	$7.3M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.388	−0.044%	$28.9M	$56.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.427	−0.004%	$7.7M	$48.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.375	−0.059%	$345K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.424	−0.007%	$676K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.406	−0.026%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.328	−0.108%	$479K	$2.8M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.426	−0.005%	$80K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	94.410	−0.021%	$16.3M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.504	+0.078%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.439	+0.009%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.550	+0.127%	$1.4M	$6.6M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.197	−0.247%	$217K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.295	−0.143%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERPlong	+0.0104%	1h	94.430	long leg	$399K	$159K	20x
Injective HYPE/USDC PERP	+0.0122%	1h	94.510	+0.084%	$31K	$339K	12x	as long as short
Kalshi KXHYPEPERPshort	+0.0123%	8h	94.476	+0.048%	$1.8M	$5.6M	2.3x
Deribit HYPE_USDC-PERPETUAL	+0.0142%	1h	94.497	+0.071%	$7.5M	$4.1M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.410	−0.022%	$4.7M	$6.1M	50x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.305	−0.132%	$78K	$130K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	94.340	−0.096%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0337%	1h	94.499	+0.073%	$21.1M	$29.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.413	−0.018%	$16.9M	$12.3M	75x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	94.356	−0.079%	$3.2M	$6.3M	20x	as long as short