Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0179%/8h= +19.6% APRpaid last 24h −0.030%

Price spread now: Kalshi against Bulk−0.071%7-day average −0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$290.294% of the position

Long on Bulk Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.104%−$10 on $10k

Price spread, last 4 days (all we have)+0.076%+$8 · spread now −0.071%, 7d avg −0.011%

Together, before fees−0.028%−$3 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kalshi is 0.060% cheaper against Bulk than usual: you would sell low and buy high (spread −0.071% now, against its 7-day average of −0.011%). If the spread goes back, that is −$6 on $10k: about 27 hours of funding at the current rate (+$5 a day). Mind the row above: over the last 3 days funding on this pair cost −0.104%, 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	Bulk HYPE-USD	93.880	0.0100	pay 0.0013% / 1h	19m 05s	$204K	$10K	10x
Short	Kalshi KXHYPEPERP	93.813	0.0279	get 0.0279% / 8h	2h 19m	$1.9M	$4.9M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Bulk. 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 BulkbpFee KalshibpOrdersPrice spread, now −0.071%Rate

Funding earned: $37.52
Price spread: −0.071% → −0.011%: −$6.04
Slippage, 4 orders: −$12.4
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $2.09
Costs to cover: 0.294%
Break-even: 6.6 days

Slippage from Bulk: live order book, 50 min ago; Kalshi: live order book, 4 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 Bulk live order book, 50 min ago	0.53 bp	4.0 bp −$4	4.5 bp −$45	9.1 bp −$907	23.2 bp −$11.6K
Sell Kalshi live order book, 4 min ago	2.08 bp	11.1 bp −$11	12.6 bp −$126	18.3 bp −$1,827	doesn't fit

HYPE on 54 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	−0.1032%	1h	93.783	−0.104%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.594	−0.305%	$1.2M	$3.8M	10x	as long as short
Phemex HYPEUSDT	−0.0116%	8h	93.687	−0.206%	$12.7M	$2.7M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0093%	1h	93.804	−0.081%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0080%	1h	93.640	−0.256%	$702K	$921K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.746	−0.143%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0057%	4h	93.678	−0.215%	$156K	$646K	20x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.717	−0.174%	$85K	$350K	20x	as long as short
Backpack HYPE_USDC_PERP	−0.0034%	1h	93.697	−0.195%	$7.8M	$10.3M	20x	as long as short
Gate HYPE_USDT	−0.0030%	4h	93.724	−0.166%	$44.4M	$55.1M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0006%	4h	93.704	−0.187%	$8.8M	$35.8M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.756	−0.132%	$129K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.739	−0.151%	$22K	$325K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.698	−0.193%	$26K	—	150x	as long as short
Bybit HYPEUSDT	+0.0003%	8h	93.730	−0.160%	$321.9M	$280.7M	75x	as long as short
BingX HYPE-USDT	+0.0004%	4h	93.706	−0.185%	—	$53.6M	—	as long as short
Phoenix HYPE	+0.0060%	1h	93.885	+0.005%	$213K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0061%	1h	93.693	−0.199%	$111K	$577K	20x	as long as short
MEXC HYPE_USDT	+0.0066%	4h	93.707	−0.184%	$89.0M	$83.2M	100x	as long as short
Binance HYPEUSDT	+0.0067%	4h	93.760	−0.128%	$381.2M	$890.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0069%	8h	93.764	−0.124%	$115.2M	$307.8M	50x	as long as short
edgeX HYPEUSDC	+0.0072%	4h	93.783	−0.104%	$5.1M	$30.0M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	93.751	−0.137%	$341K	$164K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.722	−0.169%	$16.4M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.715	−0.176%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.703	−0.189%	$67K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.703	−0.189%	$399K	$175K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.750	−0.138%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.707	−0.185%	$5.7M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.832	−0.052%	$2.05B	$665.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.742	−0.147%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.707	−0.184%	$46.4M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.719	−0.171%	$227.0M	$98.3M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.748	−0.141%	$31.1M	$54.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.837	−0.046%	$7.6M	$47.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.800	−0.085%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.773	−0.114%	$669K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.773	−0.114%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.742	−0.147%	$473K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.645	−0.250%	$79K	$171K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.660	−0.235%	$16.3M	$7.7M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.781	−0.105%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.706	−0.185%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USDlong	+0.0100%	1h	93.880	long leg	$204K	$10K	10x
Extended HYPE-USD	+0.0104%	1h	93.682	−0.211%	$18.3M	$44.2M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.750	−0.138%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	94.180	+0.320%	$31K	$339K	12x	as long as short
HTX HYPE-USDT	+0.0198%	4h	93.850	−0.032%	$1.4M	$5.9M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.786	−0.100%	$3.2M	$7.0M	20x	as long as short
Reya HYPERUSDPERP	+0.0255%	1h	93.711	−0.180%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERPshort	+0.0279%	8h	93.813	−0.071%	$1.9M	$4.9M	2.3x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0156%	1h	93.696	−0.196%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0401%	1h	93.799	−0.086%	$7.4M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0680%	1h	93.807	−0.077%	$20.9M	$29.8M	50x	as long as short