Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0108%/8h= +11.9% APRpaid last 24h +0.005%

Price spread now: Kalshi against Bullet+0.067%7-day average +0.018% · 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−$27as in the Price arb table

costs, in and out, $10k−$320.315% of the position

Long on Bullet Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.063%−$6 on $10k

Price spread, last 4 days (all we have)−0.102%−$10 · spread now +0.067%, 7d avg +0.018%

Together, before fees−0.165%−$16 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Kalshi is 0.049% dearer against Bullet than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.018%. Mind the row above: over the last 3 days funding on this pair cost −0.063%, 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	Bullet HYPE-USD	93.085	0.0008	pay 0.0001% / 1h	15m 13s	$111K	$577K	20x
Short	Kalshi KXHYPEPERP	93.148	0.0116	get 0.0116% / 8h	7h 15m	$1.8M	$5.5M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Bullet. 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 BulletbpFee KalshibpOrdersPrice spread, now +0.067%Rate

Funding earned: $22.77
Price spread: +0.067% → +0.018%: $4.89
Slippage, 4 orders: −$13.53
Fee Bullet: 4 bp × 2 orders: −$8
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$3.87
Costs to cover: 0.315%
Break-even: 8.2 days

Slippage from Bullet: live order book, 39 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 Bullet live order book, 39 min ago	0.05 bp	6.2 bp −$6	12.9 bp −$129	doesn't fit	doesn't fit
Sell Kalshi live order book, 3 min ago	2.74 bp	8.6 bp −$9	12.3 bp −$123	18.5 bp −$1,851	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	−0.1768%	1h	93.085	0.000%	$194K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0311%	1h	92.987	−0.106%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	93.049	−0.039%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.085	−0.001%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0053%	4h	93.053	−0.035%	$146K	$674K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.078	−0.008%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.087	+0.001%	$22K	$293K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.110	+0.026%	$62K	—	150x	as long as short
Bullet HYPE-USDlong	+0.0008%	1h	93.085	long leg	$111K	$577K	20x
Ondo Perps HYPE-USD.P	+0.0017%	1h	93.000	−0.092%	$701K	$1.1M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange HYPEUSD	+0.0024%	1h	93.103	+0.019%	$87K	$365K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	93.103	+0.019%	$208K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0031%	8h	93.025	−0.065%	$317.3M	$283.9M	75x	as long as short
Phemex HYPEUSDT	+0.0031%	8h	93.079	−0.007%	$12.6M	$2.7M	50x	as long as short
Bitget HYPEUSDT	+0.0042%	4h	93.067	−0.020%	$225.2M	$99.1M	75x	as long as short
Popdex HYPEUSDT	+0.0048%	1h	93.071	−0.016%	$76K	$1.1M	50x	as long as short
Gate HYPE_USDT	+0.0092%	4h	93.068	−0.019%	$45.3M	$54.6M	75x	as long as short
Lighter HYPE	+0.0096%	1h	93.057	−0.030%	$16.0M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.063	−0.024%	$3.1M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.115	+0.031%	$339K	$163K	20x	as long as short
edgeX HYPEUSDC	+0.0099%	4h	93.181	+0.102%	$5.0M	$29.8M	30x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.060	−0.027%	$31K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.070	−0.016%	$7.1M	$46.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.121	+0.038%	$2.03B	$668.5M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.062	−0.025%	$8.7M	$36.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.107	+0.023%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.053	−0.035%	$373.5M	$911.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.015	−0.076%	$114.0M	$305.3M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.709	−0.405%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.062	−0.025%	$91.3M	$81.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.070	−0.017%	$46.1M	$18.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.081	−0.005%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.098	+0.013%	$7.3M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.999	−0.093%	$28.6M	$56.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.250	+0.177%	$7.5M	$46.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.266	+0.194%	$342K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.081	−0.005%	$665K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.121	+0.038%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.115	+0.032%	$488K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.082	−0.004%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.048	−0.040%	$16.0M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.080	−0.006%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.037	−0.052%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.205	+0.128%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.009	−0.082%	$18.1M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.070	−0.017%	$393K	$164K	20x	as long as short
Kalshi KXHYPEPERPshort	+0.0116%	8h	93.148	+0.067%	$1.8M	$5.5M	2.3x
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.130	+0.048%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	93.094	+0.009%	$20.7M	$29.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.410	+0.349%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0266%	1h	93.070	−0.017%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	93.099	+0.014%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.042	−0.047%	$16.8M	$11.8M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0545%	1h	93.157	+0.077%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	93.137	+0.056%	$3.2M	$6.3M	20x	as long as short