Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0099%/8h= −10.8% APRpaid last 24h −0.008%

Price spread now: Derive against Kalshi−1.151%786s7-day average −0.063% · you buy dearer than you sell

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

Long on Kalshi Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.146%+$15 on $10k

Price spread, last 4 days (all we have)+1.051%+$105 · spread now −1.151%, 7d avg −0.063%

Together, before fees+1.196%+$120 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Derive is 1.088% cheaper against Kalshi than usual: you would sell low and buy high (−$109 if the spread goes back to its 7-day average of −0.063%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.146%, so the current rate has only just turned against you. The two prices were read 786 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	Kalshi KXHYPEPERP	94.389	0.0106	pay 0.0106% / 8h	5h 22m	$1.8M	$5.6M	2.3x
Short	Derive HYPE-PERP	93.302	0.0007	get 0.0001% / 1h	22m 25s	$16.2M	$7.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Kalshi. 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 KalshibpFee DerivebpOrdersPrice spread, now −1.151%Rate

Funding earned: −$20.72
Price spread: −1.151% → −0.063%: −$108.83
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Derive: 3 bp × 2 orders: −$6
Net: −$145.55
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kalshi: live order book, 1 min ago; Derive: no order-book sample. 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 Kalshi live order book, 1 min ago	2.81 bp	10.6 bp −$11	12.0 bp −$120	17.2 bp −$1,720	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.196%	$200K	$238K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0200%	1h	94.001	−0.411%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.347	−0.044%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0070%	1h	94.230	−0.168%	$705K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0054%	1h	94.240	−0.158%	$112K	$579K	20x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	94.291	−0.104%	$86K	$368K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0016%	4h	94.360	−0.031%	$146K	$683K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.320	−0.073%	$129K	$26K	5x	as long as short
Bybit HYPEUSDT	0.0000%	8h	94.222	−0.177%	$317.7M	$289.3M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.289	−0.106%	$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	+0.032%	$84K	—	150x	as long as short
Derive HYPE-PERPshort	+0.0007%	1h	93.302	−1.151%	$16.2M	$7.5M	10x
Bluefin HYPE-PERP	+0.0016%	1h	94.389	0.000%	$80K	$156K	20x	as long as short
Phoenix HYPE	+0.0017%	1h	93.715	−0.714%	$208K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0052%	4h	94.233	−0.165%	$227.1M	$99.6M	75x	as long as short
Phemex HYPEUSDT	+0.0052%	8h	94.324	−0.069%	$12.9M	$2.8M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0079%	8h	94.326	−0.067%	$337K	$161K	20x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.620	−0.815%	$5.0M	$30.5M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.271	−0.125%	$1.0M	$4.0M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.333	−0.059%	$16.3M	$64.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.343	−0.049%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.247	−0.150%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.270	−0.126%	$11K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.320	−0.074%	$7.5M	$50.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.351	−0.040%	$2.07B	$686.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.313	−0.081%	$8.9M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.319	−0.075%	$10.2M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.269	−0.127%	$377.2M	$932.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.236	−0.162%	$116.2M	$317.8M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.281	−0.114%	$49.0M	$56.3M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.252	−0.145%	$89.8M	$84.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.252	−0.145%	$46.7M	$18.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.282	−0.113%	—	$53.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.356	−0.035%	$7.3M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.009	−0.403%	$28.9M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.696	−0.734%	$7.6M	$48.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.663	−0.769%	$357K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.361	−0.030%	$683K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.340	−0.052%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.282	−0.113%	$473K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.395	+0.006%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.379	−0.011%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.513	+0.131%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.438	−1.007%	$216K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.246	−0.152%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.393	+0.004%	$399K	$159K	20x	as long as short
Kalshi KXHYPEPERPlong	+0.0106%	8h	94.389	long leg	$1.8M	$5.6M	2.3x
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.320	−0.073%	$4.7M	$6.2M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0131%	1h	94.470	+0.086%	$7.5M	$4.3M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	94.435	+0.049%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.610	+0.234%	$31K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.227	−0.172%	$77K	$129K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.378	−0.012%	$17.0M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0412%	1h	94.437	+0.051%	$20.3M	$30.4M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	94.296	−0.099%	$3.2M	$6.4M	20x	as long as short