Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.2020%/8h= +221.2% APRpaid last 24h +0.238%

Price spread now: Kalshi against Hibachi−0.020%7-day average +0.103% · you buy dearer than you sell

Net, funding: paid 7d − costs+$71as in the Funding arb table

Net, price: spread back to 7d avg − costs−$92as in the Price arb table

costs, in and out, $10k−$800.798% of the position

Long on Hibachi Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days+1.510%+$151 on $10k

Price spread, last 4 days (all we have)+0.060%+$6 · spread now −0.020%, 7d avg +0.103%

Together, before fees+1.569%+ Points / potential airdropHibachi: Active · farm board+$157 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kalshi is 0.123% cheaper against Hibachi than usual: you would sell low and buy high (spread −0.020% now, against its 7-day average of +0.103%). If the spread goes back, that is −$12 on $10k: about 5 hours of funding at the current rate (+$61 a day). At the pace of the last 7 days (+1.510% in total) that is about 14 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi HYPE/USDT-P	93.444	−0.1880	get 0.0235% / 1h	3m 14s	$197K	$232K	7x
Short	Kalshi KXHYPEPERP	93.425	0.0140	get 0.0140% / 8h	7h 03m	$1.8M	$5.5M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Hibachi. 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 HibachibpFee KalshibpOrdersPrice spread, now −0.020%Rate

Funding earned: $424.21
Price spread: −0.020% → +0.103%: −$12.31
Slippage, 4 orders: −$60.82
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $332.08
Costs to cover: 0.798%
Break-even: 1.5 days

Slippage from Hibachi: live order book, 51 min ago; Kalshi: live order book, 5 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 Hibachi live order book, 51 min ago	9.25 bp	43.2 bp −$43	60.9 bp −$609	doesn't fit	doesn't fit
Sell Kalshi live order book, 5 min ago	2.95 bp	12.4 bp −$12	12.8 bp −$128	19.6 bp −$1,962	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-Plong	−0.1880%	1h	93.444	long leg	$197K	$232K	7x
Aftermath Perps HYPEUSD	−0.0330%	1h	93.266	−0.191%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	93.271	−0.185%	$1.0M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.426	−0.019%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0045%	4h	93.313	−0.140%	$146K	$670K	20x	as long as short
Bullet HYPE-USD	−0.0010%	1h	93.320	−0.133%	$111K	$578K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0010%	1h	93.270	−0.186%	$702K	$1.2M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.328	−0.124%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.317	−0.136%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.349	−0.102%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HYPEUSDT	+0.0022%	8h	93.349	−0.102%	$12.6M	$2.7M	50x	as long as short
01 Exchange HYPEUSD	+0.0024%	1h	93.329	−0.123%	$87K	$365K	20x	as long as short
Bybit HYPEUSDT	+0.0024%	8h	93.310	−0.144%	$317.6M	$284.1M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.446	+0.002%	$209K	$1.2M	10x	as long as short
Bitget HYPEUSDT	+0.0028%	4h	93.311	−0.142%	$225.8M	$99.0M	75x	as long as short
Gate HYPE_USDT	+0.0054%	4h	93.314	−0.139%	$45.8M	$55.2M	75x	as long as short
Popdex HYPEUSDT	+0.0056%	1h	93.290	−0.165%	$76K	$1.1M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.328	−0.125%	$340K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.330	−0.122%	$16.0M	$63.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.343	−0.108%	$3.1M	$11.7M	20x	as long as short
edgeX HYPEUSDC	+0.0098%	4h	93.361	−0.089%	$5.0M	$29.8M	30x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.280	−0.176%	$30K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.332	−0.121%	$6.9M	$47.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.379	−0.070%	$2.03B	$665.9M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.352	−0.099%	$8.7M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.343	−0.108%	$10.1M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.332	−0.120%	$374.4M	$910.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.338	−0.114%	$114.6M	$306.4M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.125	−0.342%	$203K	$3K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.323	−0.130%	$91.8M	$81.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.327	−0.125%	$46.2M	$18.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.323	−0.130%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.352	−0.099%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.319	−0.134%	$28.8M	$56.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.407	−0.040%	$7.5M	$47.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.261	−0.196%	$342K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.424	−0.022%	$668K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.404	−0.043%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.356	−0.094%	$489K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.302	−0.152%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.303	−0.151%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.358	−0.092%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.320	−0.133%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.487	+0.046%	$1.4M	$6.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.284	−0.171%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.324	−0.128%	$395K	$164K	20x	as long as short
Kalshi KXHYPEPERPshort	+0.0140%	8h	93.425	−0.020%	$1.8M	$5.5M	2.3x
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.390	−0.058%	$4.8M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0196%	1h	93.397	−0.051%	$20.7M	$29.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.360	−0.090%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0267%	1h	93.327	−0.126%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.340	−0.111%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.308	−0.146%	$16.8M	$11.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0446%	1h	93.412	−0.034%	$7.5M	$4.3M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	93.368	−0.082%	$3.2M	$6.3M	20x	as long as short