Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0006%/8h= +0.6% APRpaid last 24h −0.047%

Price spread now: Kalshi against HTX+0.026%7-day average −0.019% · you sell dearer than you buy

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$360.362% of the position

Long on HTX Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.216%−$22 on $10k

Price spread, last 4 days (all we have)+0.094%+$9 · spread now +0.026%, 7d avg −0.019%

Together, before fees−0.121%−$12 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Kalshi is 0.046% dearer against HTX than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.019%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX HYPE-USDT	94.350	0.0100	pay 0.0050% / 4h	1h 21m	$1.4M	$6.7M	75x
Short	Kalshi KXHYPEPERP	94.375	0.0106	get 0.0106% / 8h	5h 21m	$1.8M	$5.6M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against HTX. 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 HTXbpFee KalshibpOrdersPrice spread, now +0.026%Rate

Funding earned: $1.16
Price spread: +0.026% → −0.019%: $4.59
Slippage, 4 orders: −$14.23
Fee HTX: 6 bp × 2 orders: −$12
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$30.48
Costs to cover: 0.362%
Break-even: 191.5 days

Slippage from HTX: 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 HTX live order book, 2 min ago	0.26 bp	8.2 bp −$8	17.6 bp −$176	51.0 bp −$5,098	doesn't fit
Sell Kalshi live order book, 2 min ago	2.81 bp	8.1 bp −$8	12.5 bp −$125	19.8 bp −$1,984	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	−0.1048%	1h	94.204	−0.155%	$200K	$238K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0200%	1h	94.001	−0.369%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.189	−0.171%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0064%	1h	94.140	−0.223%	$709K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0054%	1h	94.240	−0.117%	$112K	$579K	20x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	94.298	−0.055%	$86K	$368K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0016%	4h	94.227	−0.130%	$146K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.296	−0.057%	$129K	$26K	5x	as long as short
Bybit HYPEUSDT	0.0000%	8h	94.240	−0.117%	$317.8M	$289.7M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.289	−0.064%	$19K	$293K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.419	+0.073%	$84K	—	150x	as long as short
Derive HYPE-PERP	+0.0007%	1h	93.302	−1.110%	$16.2M	$7.5M	10x	as long as short
Bluefin HYPE-PERP	+0.0009%	1h	94.215	−0.143%	$80K	$155K	20x	as long as short
Phoenix HYPE	+0.0017%	1h	93.715	−0.673%	$208K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0052%	4h	94.268	−0.087%	$227.2M	$99.4M	75x	as long as short
Phemex HYPEUSDT	+0.0054%	8h	94.223	−0.135%	$12.9M	$2.8M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0078%	8h	94.325	−0.026%	$337K	$157K	20x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.252	−0.104%	$1.0M	$4.0M	10x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	94.344	−0.007%	$5.0M	$30.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.276	−0.078%	$16.3M	$64.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.286	−0.068%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.266	−0.089%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.270	−0.085%	$17K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.226	−0.131%	$7.5M	$50.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.370	+0.021%	$2.07B	$686.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.255	−0.101%	$8.9M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.304	−0.048%	$10.2M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.255	−0.101%	$377.1M	$932.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.245	−0.111%	$116.2M	$317.7M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.256	−0.100%	$48.9M	$56.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.271	−0.084%	$89.8M	$84.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.284	−0.070%	$46.7M	$18.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.263	−0.092%	—	$53.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.205	−0.154%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.009	−0.362%	$28.9M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.424	+0.079%	$7.6M	$48.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.356	+0.006%	$363K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.272	−0.083%	$683K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.344	−0.007%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.282	−0.072%	$473K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.285	−0.069%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.228	−0.129%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDTlong	+0.0100%	4h	94.350	long leg	$1.4M	$6.7M	75x
Bulk HYPE-USD	+0.0100%	1h	94.275	−0.079%	$218K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.238	−0.118%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.238	−0.118%	$398K	$159K	20x	as long as short
Kalshi KXHYPEPERPshort	+0.0106%	8h	94.375	+0.026%	$1.8M	$5.6M	2.3x
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.320	−0.032%	$4.7M	$6.2M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0121%	1h	94.318	−0.034%	$7.5M	$4.3M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	94.284	−0.070%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.610	+0.276%	$31K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.227	−0.130%	$77K	$129K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.378	+0.030%	$17.0M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0412%	1h	94.293	−0.061%	$20.2M	$30.4M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	94.296	−0.058%	$3.2M	$6.4M	20x	as long as short