Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0066%/8h= −7.2% APRpaid last 24h −0.003%

Price spread now: Bitget against Kalshi−0.166%7-day average −0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$410.411% of the position

Long on Kalshi Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.103%+$10 on $10k

Price spread, last 7 days+0.132%+$13 · spread now −0.166%, 7d avg −0.015%

Together, before fees+0.235%+$24 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bitget is 0.151% cheaper against Kalshi than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of −0.015%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.103%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXHYPEPERP	93.858	0.0106	pay 0.0106% / 8h	5h 49m	$1.8M	$5.6M	2.3x
Short	Bitget HYPEUSDT	93.702	0.0040	get 0.0020% / 4h	1h 49m	$225.7M	$99.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Kalshi. 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 KalshibpFee BitgetbpOrdersPrice spread, now −0.166%Rate

Funding earned: −$13.76
Price spread: −0.166% → −0.015%: −$15.08
Slippage, 4 orders: −$19.06
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$69.91
Costs to cover: 0.411%
Break-even: never at this rate

Slippage from Kalshi: live order book, 4 min ago; Bitget: live order book, 4 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 Kalshi live order book, 4 min ago	3.09 bp	10.7 bp −$11	11.7 bp −$117	18.2 bp −$1,815	doesn't fit
Sell Bitget live order book, 4 min ago	0.32 bp	9.6 bp −$10	14.2 bp −$142	doesn't fit	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	−0.1160%	1h	93.719	−0.149%	$199K	$242K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0262%	1h	93.860	+0.002%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0106%	1h	93.760	−0.104%	$706K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.712	−0.156%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.826	−0.034%	$86K	$372K	20x	as long as short
Bullet HYPE-USD	−0.0049%	1h	93.791	−0.071%	$111K	$581K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0018%	4h	93.755	−0.110%	$149K	$681K	20x	as long as short
Bluefin HYPE-PERP	−0.0015%	1h	93.786	−0.077%	$79K	$156K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.821	−0.040%	$129K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.784	−0.079%	$22K	$285K	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 −0.0002%	1h	93.823	−0.037%	$63K	—	150x	as long as short
BingX HYPE-USDT	+0.0010%	4h	93.698	−0.170%	—	$53.9M	—	as long as short
Bybit HYPEUSDT	+0.0012%	8h	93.670	−0.200%	$316.3M	$287.7M	75x	as long as short
Phoenix HYPE	+0.0017%	1h	93.780	−0.083%	$210K	$1.1M	10x	as long as short
Bitget HYPEUSDTshort	+0.0040%	4h	93.702	−0.166%	$225.7M	$99.5M	75x
Phemex HYPEUSDT	+0.0066%	8h	93.811	−0.050%	$12.8M	$2.8M	50x	as long as short
ApeX Omni HYPEUSDT	+0.0074%	1h	93.801	−0.061%	$348K	$1.0M	50x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.754	−0.111%	$1.0M	$4.0M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0086%	8h	93.796	−0.066%	$335K	$161K	20x	as long as short
edgeX HYPEUSDC	+0.0091%	4h	93.758	−0.106%	$5.0M	$30.5M	30x	as long as short
Derive HYPE-PERP	+0.0092%	1h	93.753	−0.112%	$16.4M	$7.4M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.796	−0.066%	$16.2M	$63.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.799	−0.063%	$3.1M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.787	−0.076%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.800	−0.062%	$23K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.698	−0.170%	$7.4M	$50.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.862	+0.004%	$2.05B	$681.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.728	−0.138%	$8.9M	$37.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.797	−0.065%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.714	−0.153%	$375.5M	$930.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.676	−0.194%	$115.7M	$316.2M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.706	−0.162%	$48.4M	$54.9M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.710	−0.158%	$88.9M	$83.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.727	−0.140%	$46.3M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.788	−0.075%	$7.2M	$10.8M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.670	−0.201%	$28.6M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.822	−0.039%	$7.6M	$48.1M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.732	−0.134%	$679K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.831	−0.028%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.814	−0.047%	$471K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.858	0.000%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.794	−0.068%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.920	+0.066%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.731	−0.135%	$216K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.675	−0.195%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.795	−0.067%	$396K	$159K	20x	as long as short
Kalshi KXHYPEPERPlong	+0.0106%	8h	93.858	long leg	$1.8M	$5.6M	2.3x
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.820	−0.040%	$4.7M	$6.1M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.610	+0.801%	$31K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.780	−0.083%	$77K	$130K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0294%	1h	93.888	+0.032%	$7.4M	$4.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	93.813	−0.047%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.701	−0.167%	$17.0M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0414%	1h	93.854	−0.005%	$20.9M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.833	−0.026%	$3.2M	$6.4M	20x	as long as short