Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0108%/8h= −11.8% APRpaid last 24h −0.093%

Price spread now: Kalshi against GMX+0.058%7-day average +0.013% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on GMX Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.276%−$28 on $10k

Price spread, last 3 days (all we have)−0.047%−$5 · spread now +0.058%, 7d avg +0.013%

Together, before fees−0.323%−$32 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.045% dearer against GMX than usual: you sell high and buy low (spread +0.058% now, against its 7-day average of +0.013%): +$4 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 33 hours. At the pace of the last 3 days (−0.276% in total) that is about 12 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX HYPE/USD [WBTC.b-USDC]	94.181	L +0.0333% / S −0.0155%	pay 0.0042% / 1h	24m 37s	$1.4M	—	100x
Short	Kalshi KXHYPEPERP	94.235	0.0225	get 0.0225% / 8h	3h 24m	$1.9M	$5.1M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against GMX. 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 GMXbpFee KalshibpOrdersPrice spread, now +0.058%Rate

Funding earned: −$22.69
Price spread: +0.058% → +0.013%: $4.49
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$40.2
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Kalshi: live order book, 4 min ago. Net counts fees only.

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 GMX no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 4 min ago	2.23 bp	9.0 bp −$9	11.2 bp −$112	20.2 bp −$2,017	doesn't fit

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1360%	1h	94.120	−0.064%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	94.026	−0.164%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0219%	1h	94.155	−0.027%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0146%	1h	94.090	−0.096%	$711K	$959K	10x	as long as short
dYdX HYPE-USD	−0.0127%	1h	94.123	−0.061%	$129K	$31K	5x	as long as short
Phemex HYPEUSDT	−0.0119%	8h	94.144	−0.039%	$12.8M	$2.6M	50x	as long as short
Bullet HYPE-USD	−0.0106%	1h	94.136	−0.047%	$113K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.104	−0.081%	$86K	$360K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.136	−0.047%	$3K	$331	25x	as long as short
Bybit HYPEUSDT	−0.0023%	8h	94.090	−0.096%	$323.2M	$280.4M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0019%	4h	94.133	−0.051%	$160K	$645K	20x	as long as short
Gate HYPE_USDT	−0.0002%	4h	94.123	−0.061%	$44.5M	$59.8M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.167	−0.015%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.166	−0.015%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0021%	4h	94.155	−0.028%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	94.222	+0.044%	$219K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0040%	1h	94.125	−0.059%	$16.5M	$7.3M	10x	as long as short
MEXC HYPE_USDT	+0.0050%	4h	94.124	−0.060%	$89.2M	$82.7M	100x	as long as short
Binance HYPEUSDT	+0.0053%	4h	94.121	−0.063%	$383.9M	$893.2M	75x	as long as short
edgeX HYPEUSDC	+0.0057%	4h	94.108	−0.077%	$5.1M	$29.9M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0078%	8h	94.098	−0.088%	$116.1M	$318.5M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.155	−0.027%	$19.2M	$59.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.149	−0.034%	$3.0M	$12.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.098	−0.088%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.178	−0.003%	$401K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.153	−0.030%	$342K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.100	−0.086%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.097	−0.088%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.249	+0.073%	$2.05B	$671.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.144	−0.039%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.146	−0.037%	$46.6M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.136	−0.047%	$228.2M	$100.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.115	−0.070%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.184	+0.004%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.149	−0.033%	$31.5M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.151	−0.032%	$7.6M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.088	−0.098%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.161	−0.021%	$681K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.162	−0.020%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.172	−0.009%	$481K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.167	−0.015%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.214	+0.035%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.184	+0.004%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.151	−0.032%	$205K	$2K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.080	−0.107%	$18.8M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.210	+0.031%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.328%	$31K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0206%	4h	94.153	−0.029%	$17.1M	$12.2M	75x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.146	−0.037%	$2.8M	$6.8M	20x	as long as short
Kalshi KXHYPEPERPshort	+0.0225%	8h	94.235	+0.058%	$1.9M	$5.1M	2.3x
Reya HYPERUSDPERP	+0.0251%	1h	94.134	−0.050%	$79K	$142K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]long	L +0.0333% / S −0.0155%	1h	94.181	long leg	$1.4M	—	100x
Deribit HYPE_USDC-PERPETUAL	+0.0398%	1h	94.264	+0.088%	$7.5M	$4.6M	50x	as long as short
HTX HYPE-USDT	+0.0410%	4h	94.381	+0.213%	$1.5M	$6.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0670%	1h	94.268	+0.093%	$21.0M	$29.7M	50x	as long as short