Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0203%/8h= +22.3% APRpaid last 24h +0.011%

Price spread now: Kalshi against Aster−0.122%7-day average +0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$280.280% of the position

Long on Aster Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.137%−$14 on $10k

Price spread, last 7 days+0.160%+$16 · spread now −0.122%, 7d avg +0.014%

Together, before fees+0.023%+ Points / potential airdropAster: Stage 5 · farm board+$2 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kalshi is 0.136% cheaper against Aster than usual: you would sell low and buy high (spread −0.122% now, against its 7-day average of +0.014%). If the spread goes back, that is −$14 on $10k: about 2.2 days of funding at the current rate (+$6 a day). Mind the row above: over the last 7 days funding on this pair cost −0.137%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.137% in total (about -7.1% 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	Aster HYPEUSDT	95.200	−0.0082	get 0.0041% / 4h	1h 06m	$9.1M	$34.3M	300x
Short	Kalshi KXHYPEPERP	95.084	0.0121	get 0.0121% / 8h	1h 06m	$1.8M	$5.0M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Aster. 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 AsterbpFee KalshibpOrdersPrice spread, now −0.122%Rate

Funding earned: $42.72
Price spread: −0.122% → +0.014%: −$13.59
Slippage, 4 orders: −$10.03
Fee Aster: 4 bp × 2 orders: −$8
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $1.1
Costs to cover: 0.280%
Break-even: 6.8 days

Slippage from Aster: live order book, 5 min ago; Kalshi: live order book, 5 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 Aster live order book, 5 min ago	0.79 bp	4.8 bp −$5	5.1 bp −$51	10.8 bp −$1,084	doesn't fit
Sell Kalshi live order book, 5 min ago	2.26 bp	9.5 bp −$10	11.1 bp −$111	16.6 bp −$1,665	doesn't fit

HYPE on 55 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	−0.0265%	8h	95.060	−0.147%	$13.0M	$2.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0252%	1h	95.030	−0.179%	$18.4M	$34.6M	50x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.053	−0.154%	$1.1M	$2.7M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0126%	1h	95.156	−0.046%	$22K	$17K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0106%	1h	95.010	−0.200%	$680K	$1.3M	10x	as long as short
Aster HYPEUSDTlong	−0.0082%	4h	95.200	long leg	$9.1M	$34.3M	300x
01 Exchange HYPEUSD	−0.0080%	1h	95.057	−0.150%	$100K	$349K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.055	−0.152%	$3K	$421	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	95.012	−0.197%	$148K	$642K	20x	as long as short
Bluefin HYPE-PERP	−0.0062%	1h	95.012	−0.197%	$79K	$132K	20x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0062%	4h	95.250	+0.053%	$55.8M	$54.0M	75x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.020	−0.189%	$4.7M	$5.5M	50x	as long as short
Bullet HYPE-USD	−0.0053%	1h	95.049	−0.159%	$113K	$583K	20x	as long as short
OKX HYPE-USDT-SWAP	−0.0032%	8h	95.245	+0.047%	$119.4M	$304.0M	50x	as long as short
Bitget HYPEUSDT	−0.0024%	4h	95.259	+0.062%	$230.7M	$86.3M	75x	as long as short
Phoenix HYPE	−0.0008%	1h	95.181	−0.020%	$198K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	95.077	−0.129%	$24K	$251K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.100	−0.105%	$99K	—	150x	as long as short
Derive HYPE-PERP	+0.0014%	1h	95.000	−0.210%	$16.4M	$7.0M	10x	as long as short
Lighter HYPE	+0.0016%	1h	95.257	+0.060%	$16.7M	$59.0M	20x	as long as short
Bybit HYPEUSDT	+0.0034%	8h	95.270	+0.074%	$321.6M	$263.2M	75x	as long as short
edgeX HYPEUSDC	+0.0035%	4h	94.993	−0.217%	$5.0M	$28.0M	30x	as long as short
MEXC HYPE_USDT	+0.0044%	4h	95.249	+0.052%	$90.5M	$84.9M	100x	as long as short
Binance HYPEUSDT	+0.0046%	4h	95.250	+0.053%	$383.4M	$850.6M	75x	as long as short
BingX HYPE-USDT	+0.0052%	4h	95.256	+0.059%	—	$49.1M	—	as long as short
Popdex HYPEUSDT	+0.0056%	1h	95.031	−0.177%	$274K	$999K	50x	as long as short
dYdX HYPE-USD	+0.0064%	1h	95.285	+0.090%	$128K	$96K	5x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0076%	1h	95.119	−0.085%	$7.5M	$4.2M	50x	as long as short
ApeX Omni HYPEUSDT	+0.0089%	1h	95.028	−0.181%	$323K	$926K	50x	as long as short
Paradex HYPE-USD-PERP	+0.0089%	8h	95.040	−0.168%	$339K	$30K	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.274	+0.078%	$3.2M	$10.4M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	95.016	−0.194%	$402K	$125K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.000	−0.210%	$40K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.022	−0.186%	$7.3M	$50.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.284	+0.088%	$10.3M	$13.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.233	+0.034%	$229K	$20K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.246	+0.048%	$47.7M	$17.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.011	−0.198%	$6.9M	$12.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.971	−0.241%	$29.7M	$52.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.044	−0.163%	$7.7M	$40.7M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.115	−0.089%	$692K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	95.108	−0.097%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.048	−0.160%	$504K	$2.4M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.136	−0.067%	$33K	$1.4M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	95.024	−0.185%	$2.1M	$335K	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.167	−0.035%	$1.4M	$5.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.218	+0.019%	$18.3M	$38.6M	50x	as long as short
Kalshi KXHYPEPERPshort	+0.0121%	8h	95.084	−0.122%	$1.8M	$5.0M	2.3x
RISEx HYPE/USDC	+0.0133%	1h	95.058	−0.149%	$3.1M	$5.2M	20x	as long as short
Hyperliquid HYPE	+0.0154%	1h	95.375	+0.184%	$2.11B	$643.8M	10x	as long as short
BloFin HYPE-USDT	+0.0181%	4h	95.018	−0.191%	$17.4M	$11.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0268%	1h	95.028	−0.180%	$85K	$90K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0155%	1h	95.048	−0.160%	$1.4M	—	100x	as long as short
Hibachi HYPE/USDT-P	+0.0704%	1h	95.101	−0.104%	$216K	$278K	7x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.600	+0.420%	$31K	$334K	12x	as long as short