Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0120%/8h= +13.2% APRpaid last 24h +0.022%

Price spread now: Kalshi against dYdX−0.020%7-day average +0.024% · you buy dearer than you sell

Net, funding: paid 7d − costs−$84as in the Funding arb table

Net, price: spread back to 7d avg − costs−$85as in the Price arb table

costs, in and out, $10k−$810.807% of the position

Long on dYdX Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.031%−$3 on $10k

Price spread, last 4 days (all we have)−0.212%−$21 · spread now −0.020%, 7d avg +0.024%

Together, before fees−0.243%−$24 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kalshi is 0.044% cheaper against dYdX than usual: you would sell low and buy high (spread −0.020% now, against its 7-day average of +0.024%). If the spread goes back, that is −$4 on $10k: about 29 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX HYPE-USD	93.174	0	get 0.0000% / 1h	15m 45s	$128K	$29K	5x
Short	Kalshi KXHYPEPERP	93.155	0.0120	get 0.0120% / 8h	7h 15m	$1.8M	$5.5M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against dYdX. 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 dYdXbpFee KalshibpOrdersPrice spread, now −0.020%Rate

Funding earned: $25.29
Price spread: −0.020% → +0.024%: −$4.42
Slippage, 4 orders: −$60.68
Fee dYdX: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$59.82
Costs to cover: 0.807%
Break-even: 23.6 days

Slippage from dYdX: live order book, 38 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 dYdX live order book, 38 min ago	25.44 bp	30.4 bp −$30	42.8 bp −$428	124.5 bp −$12.4K	828.3 bp −$414.1K
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	−0.095%	$194K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0303%	1h	92.964	−0.225%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	93.012	−0.174%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.219	+0.048%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0053%	4h	93.029	−0.155%	$146K	$674K	20x	as long as short
Bullet HYPE-USD	−0.0001%	1h	93.003	−0.183%	$112K	$577K	20x	as long as short
dYdX HYPE-USDlong	0.0000%	1h	93.174	long leg	$128K	$29K	5x
Perpl HYPE	0.0000%	43m	93.039	−0.145%	$22K	$293K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.050	−0.133%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0015%	1h	93.000	−0.187%	$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	93.048	−0.135%	$87K	$365K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	92.923	−0.269%	$208K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0031%	8h	93.092	−0.088%	$317.5M	$284.2M	75x	as long as short
Phemex HYPEUSDT	+0.0032%	8h	93.082	−0.099%	$12.6M	$2.7M	50x	as long as short
Bitget HYPEUSDT	+0.0042%	4h	93.107	−0.072%	$225.3M	$99.1M	75x	as long as short
Popdex HYPEUSDT	+0.0048%	1h	93.018	−0.167%	$76K	$1.1M	50x	as long as short
Gate HYPE_USDT	+0.0078%	4h	93.092	−0.088%	$45.3M	$54.6M	75x	as long as short
edgeX HYPEUSDC	+0.0093%	4h	92.807	−0.394%	$4.9M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.102	−0.077%	$16.0M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.116	−0.062%	$3.1M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	93.110	−0.068%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.040	−0.144%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.026	−0.158%	$7.1M	$46.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.138	−0.038%	$2.03B	$668.5M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.101	−0.078%	$8.7M	$36.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.106	−0.073%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.083	−0.097%	$374.6M	$910.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.108	−0.071%	$114.0M	$306.0M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.709	−0.499%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.078	−0.103%	$91.3M	$81.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.072	−0.109%	$46.1M	$18.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.100	−0.079%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.098	−0.081%	$7.3M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.999	−0.188%	$28.6M	$56.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.866	−0.330%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.950	−0.240%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.234	+0.065%	$666K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.087	−0.094%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.052	−0.131%	$488K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.056	−0.127%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.032	−0.153%	$16.0M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.009	−0.177%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.050	−0.133%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.200	+0.028%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.049	−0.134%	$18.1M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.042	−0.142%	$393K	$164K	20x	as long as short
Kalshi KXHYPEPERPshort	+0.0120%	8h	93.155	−0.020%	$1.8M	$5.5M	2.3x
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.050	−0.133%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0196%	1h	93.117	−0.061%	$20.7M	$29.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.130	−0.047%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0266%	1h	92.999	−0.187%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	93.024	−0.161%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.183	+0.010%	$16.8M	$11.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0545%	1h	93.143	−0.033%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	93.098	−0.082%	$3.2M	$6.3M	20x	as long as short