Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0180%/8h= −19.7% APRpaid last 24h −0.006%

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

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$330.326% of the position

Long on Kalshi Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.063%+$6 on $10k

Price spread, last 4 days (all we have)+0.131%+$13 · spread now −0.103%, 7d avg −0.020%

Together, before fees+0.193%+$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Bullet is 0.083% cheaper against Kalshi than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.020%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.063%, 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	93.184	0.0109	pay 0.0109% / 8h	6h 26m	$1.8M	$5.6M	2.3x
Short	Bullet HYPE-USD	93.088	−0.0071	pay 0.0009% / 1h	26m 36s	$111K	$580K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.103%Rate

Funding earned: −$37.79
Price spread: −0.103% → −0.020%: −$8.3
Slippage, 4 orders: −$14.65
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$78.74
Costs to cover: 0.326%
Break-even: never at this rate

Slippage from Kalshi: live order book, 2 min ago; Bullet: live order book, 22 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, 2 min ago	3.06 bp	8.2 bp −$8	12.3 bp −$123	19.9 bp −$1,994	doesn't fit
Sell Bullet live order book, 22 min ago	0.48 bp	6.0 bp −$6	9.8 bp −$98	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	−0.1488%	1h	93.061	−0.133%	$197K	$237K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0363%	1h	93.229	+0.048%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.113	−0.076%	$3K	$331	25x	as long as short
Bullet HYPE-USDshort	−0.0071%	1h	93.088	−0.103%	$111K	$580K	20x
Orderly PERP_HYPE_USDC	−0.0023%	4h	93.114	−0.075%	$146K	$665K	20x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	93.131	−0.057%	$87K	$365K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.139	−0.048%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.135	−0.052%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.133	−0.054%	$62K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	93.102	−0.088%	$1.0M	$3.9M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget HYPEUSDT	+0.0012%	4h	93.124	−0.064%	$225.0M	$98.8M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0017%	1h	93.080	−0.112%	$702K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0017%	8h	93.108	−0.082%	$316.3M	$282.5M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.282	+0.105%	$207K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0056%	8h	93.129	−0.059%	$12.7M	$2.8M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	93.172	−0.012%	$339K	$157K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.143	−0.044%	$16.1M	$63.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.135	−0.053%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.106	−0.084%	$75K	$1.2M	50x	as long as short
edgeX HYPEUSDC	+0.0098%	4h	93.253	+0.074%	$5.0M	$29.9M	30x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.100	−0.090%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.093	−0.098%	$7.9M	$48.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.183	−0.001%	$2.03B	$669.2M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.120	−0.069%	$8.7M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.157	−0.029%	$10.0M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.133	−0.054%	$373.2M	$912.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.123	−0.065%	$114.3M	$308.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.230	+0.049%	$215K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.129	−0.059%	$46.7M	$54.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.134	−0.054%	$90.8M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.135	−0.053%	$46.0M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.129	−0.059%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.147	−0.040%	$7.3M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.131	−0.057%	$28.5M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.241	+0.061%	$7.5M	$47.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.281	+0.104%	$342K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.185	+0.001%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.182	−0.002%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.121	−0.068%	$482K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.087	−0.104%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.080	−0.111%	$16.1M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.132	−0.056%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.094	−0.097%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.300	+0.124%	$1.4M	$6.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.085	−0.106%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.088	−0.103%	$394K	$158K	20x	as long as short
Kalshi KXHYPEPERPlong	+0.0109%	8h	93.184	long leg	$1.8M	$5.6M	2.3x
Injective HYPE/USDC PERP	+0.0122%	1h	93.620	+0.468%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.150	−0.036%	$4.6M	$5.8M	50x	as long as short
Reya HYPERUSDPERP	+0.0269%	1h	93.097	−0.094%	$80K	$127K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.120	−0.069%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.096	−0.094%	$16.8M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0342%	1h	93.162	−0.023%	$20.8M	$29.5M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0512%	1h	93.192	+0.009%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.198	+0.014%	$3.2M	$6.3M	20x	as long as short