Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0141%/8h= +15.5% APRpaid last 24h −0.090%

Price spread now: Kalshi against Injective−0.417%66s7-day average −0.139% · you buy dearer than you sell

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

Long on Injective Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−2.445%−$244 on $10k

Price spread, last 3 days (all we have)+0.702%+$70 · spread now −0.417%, 7d avg −0.139%

Together, before fees−1.743%−$174 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kalshi is 0.278% cheaper against Injective than usual: you would sell low and buy high (spread −0.417% now, against its 7-day average of −0.139%). If the spread goes back, that is −$28 on $10k: about 6.6 days of funding at the current rate (+$4 a day). Mind the row above: over the last 7 days funding on this pair cost −2.445%, so the current rate has only just turned in your favour. The two prices were read 66 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective HYPE/USDC PERP	94.180	0.0137	pay 0.0017% / 1h	17m 47s	$31K	$339K	12x
Short	Kalshi KXHYPEPERP	93.787	0.0279	get 0.0279% / 8h	2h 17m	$1.9M	$4.9M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Injective. 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 InjectivebpFee KalshibpOrdersPrice spread, now −0.417%Rate

Funding earned: $29.71
Price spread: −0.417% → −0.139%: −$27.84
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$8.15
Costs to cover: 0.100%
Break-even: 8.9 days

Slippage unknown: Injective: live order book, 51 min ago; Kalshi: live order book, 1 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 Injective live order book, 51 min ago	36.64 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Kalshi live order book, 1 min ago	1.97 bp	7.2 bp −$7	11.3 bp −$113	20.1 bp −$2,011	doesn't fit

HYPE on 54 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	−0.1040%	1h	93.615	−0.600%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.627	−0.587%	$1.2M	$3.8M	10x	as long as short
Phemex HYPEUSDT	−0.0129%	8h	93.687	−0.523%	$12.7M	$2.7M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0093%	1h	93.797	−0.406%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.705	−0.504%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0071%	1h	93.710	−0.499%	$702K	$922K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0056%	4h	93.728	−0.480%	$156K	$646K	20x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.748	−0.459%	$85K	$350K	20x	as long as short
Backpack HYPE_USDC_PERP	−0.0030%	1h	93.650	−0.563%	$7.8M	$10.3M	20x	as long as short
Gate HYPE_USDT	−0.0020%	4h	93.644	−0.569%	$44.4M	$55.2M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0007%	4h	93.676	−0.535%	$8.8M	$35.8M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.756	−0.450%	$129K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.721	−0.487%	$22K	$325K	10x	as long as short
BingX HYPE-USDT	+0.0002%	4h	93.640	−0.573%	—	$53.6M	—	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.765	−0.441%	$26K	—	150x	as long as short
Bybit HYPEUSDT	+0.0008%	8h	93.653	−0.560%	$321.5M	$280.7M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.885	−0.313%	$213K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0066%	4h	93.647	−0.566%	$88.9M	$83.3M	100x	as long as short
Binance HYPEUSDT	+0.0066%	4h	93.656	−0.556%	$380.8M	$890.4M	75x	as long as short
Bullet HYPE-USD	+0.0068%	1h	93.761	−0.445%	$111K	$577K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0070%	8h	93.681	−0.530%	$115.2M	$307.5M	50x	as long as short
edgeX HYPEUSDC	+0.0072%	4h	93.783	−0.422%	$5.1M	$30.0M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	93.864	−0.335%	$341K	$164K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.783	−0.421%	$16.4M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.763	−0.443%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.736	−0.471%	$67K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.777	−0.428%	$399K	$175K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.710	−0.499%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.707	−0.503%	$5.7M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.795	−0.409%	$2.05B	$665.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.836	−0.365%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.668	−0.544%	$46.4M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.668	−0.544%	$226.9M	$98.3M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.748	−0.459%	$31.1M	$54.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.837	−0.364%	$7.6M	$47.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.800	−0.403%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.758	−0.448%	$669K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.786	−0.418%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.757	−0.449%	$473K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.701	−0.509%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.727	−0.481%	$16.3M	$7.7M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.849	−0.351%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.776	−0.429%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.880	−0.319%	$204K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.623	−0.591%	$18.3M	$44.1M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.810	−0.393%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERPlong	+0.0137%	1h	94.180	long leg	$31K	$339K	12x
HTX HYPE-USDT	+0.0199%	4h	93.899	−0.298%	$1.4M	$5.9M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.803	−0.400%	$3.2M	$7.0M	20x	as long as short
Reya HYPERUSDPERP	+0.0255%	1h	93.738	−0.469%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERPshort	+0.0279%	8h	93.787	−0.417%	$1.9M	$4.9M	2.3x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0156%	1h	93.772	−0.434%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0443%	1h	93.859	−0.341%	$7.4M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0680%	1h	93.842	−0.359%	$21.0M	$29.8M	50x	as long as short