Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0028%/8h= +3.1% APRpaid last 24h −0.031%

Price spread now: Kalshi against Extended+0.083%7-day average +0.035% · you sell dearer than you buy

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$250.249% of the position

Long on Extended Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.213%−$21 on $10k

Price spread, last 7 days+0.046%+$5 · spread now +0.083%, 7d avg +0.035%

Together, before fees−0.168%+ Points / potential airdropExtended: Active · farm board−$17 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Kalshi is 0.049% dearer against Extended than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.035%. Mind the row above: over the last 7 days funding on this pair cost −0.213%, 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	Extended HYPE-USD	94.017	0.0104	pay 0.0013% / 1h	41m 46s	$18.4M	$42.6M	50x
Short	Kalshi KXHYPEPERP	94.095	0.0132	get 0.0132% / 8h	4h 41m	$1.9M	$5.0M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Extended. 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 ExtendedbpFee KalshibpOrdersPrice spread, now +0.083%Rate

Funding earned: $5.88
Price spread: +0.083% → +0.035%: $4.89
Slippage, 4 orders: −$9.94
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$14.18
Costs to cover: 0.249%
Break-even: 23.9 days

Slippage from Extended: live order book, 2 min ago; Kalshi: live order book, 2 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 Extended live order book, 2 min ago	0.05 bp	2.6 bp −$3	4.3 bp −$43	23.7 bp −$2,367	doesn't fit
Sell Kalshi live order book, 2 min ago	2.71 bp	7.7 bp −$8	11.6 bp −$116	20.8 bp −$2,081	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	−0.0616%	1h	94.235	+0.233%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0418%	1h	94.131	+0.122%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.982	−0.037%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.076	+0.063%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.120	+0.110%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.053	+0.039%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.072	+0.059%	$27K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0002%	1h	94.030	+0.014%	$705K	$908K	10x	as long as short
Phoenix HYPE	+0.0009%	1h	94.301	+0.303%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0009%	4h	94.055	+0.041%	$164K	$577K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	+0.0021%	8h	94.033	+0.017%	$323.9M	$282.5M	75x	as long as short
01 Exchange HYPEUSD	+0.0032%	1h	94.030	+0.014%	$86K	$364K	20x	as long as short
Aster HYPEUSDT	+0.0034%	4h	94.045	+0.030%	$8.9M	$35.9M	300x	as long as short
Phemex HYPEUSDT	+0.0061%	8h	94.015	−0.002%	$12.8M	$2.6M	50x	as long as short
Gate HYPE_USDT	+0.0070%	4h	94.017	0.000%	$44.2M	$58.4M	75x	as long as short
Binance HYPEUSDT	+0.0074%	4h	94.039	+0.024%	$385.0M	$891.2M	75x	as long as short
Derive HYPE-PERP	+0.0076%	1h	93.986	−0.032%	$16.5M	$7.1M	10x	as long as short
MEXC HYPE_USDT	+0.0076%	4h	94.029	+0.013%	$88.8M	$81.2M	100x	as long as short
edgeX HYPEUSDC	+0.0087%	4h	94.189	+0.184%	$5.1M	$29.9M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.083	+0.071%	$19.0M	$59.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.074	+0.061%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.045	+0.030%	$63K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.071	+0.058%	$342K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.100	+0.089%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.035	+0.020%	$5.7M	$44.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.073	+0.060%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.060	+0.046%	$116.0M	$320.0M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.095	+0.084%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.042	+0.027%	$47.2M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.047	+0.032%	$227.8M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.042	+0.027%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.065	+0.052%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.203	+0.199%	$31.9M	$53.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.223	+0.220%	$7.6M	$45.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.200	+0.195%	$336K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.233	+0.230%	$681K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.105	+0.094%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.062	+0.048%	$492K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	94.025	+0.009%	$112K	$579K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.025	+0.009%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.046	+0.031%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.026	+0.010%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.160	+0.153%	$31K	$338K	12x	as long as short
Extended HYPE-USDlong	+0.0104%	1h	94.017	long leg	$18.4M	$42.6M	50x
Aevo HYPE-PERP	+0.0104%	1h	94.038	+0.022%	$400K	$318K	20x	as long as short
Kalshi KXHYPEPERPshort	+0.0132%	8h	94.095	+0.083%	$1.9M	$5.0M	2.3x
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.080	+0.067%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0226%	4h	94.232	+0.229%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	94.029	+0.013%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.097	+0.085%	$2.8M	$6.9M	20x	as long as short
BloFin HYPE-USDT	+0.0309%	4h	94.057	+0.043%	$17.0M	$12.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	94.053	+0.039%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0398%	1h	94.143	+0.134%	$7.4M	$4.6M	50x	as long as short
Hyperliquid HYPE	+0.0489%	1h	94.132	+0.123%	$2.05B	$668.8M	10x	as long as short
Kraken Futures PF_HYPEUSD	+0.0576%	1h	94.137	+0.129%	$21.0M	$29.2M	50x	as long as short