Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0105%/8h= −11.5% APRpaid last 24h −0.022%

Price spread now: dYdX against Kalshi−0.151%7-day average −0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$98as in the Funding arb table

Net, price: spread back to 7d avg − costs−$113as in the Price arb table

costs, in and out, $10k−$1011.007% of the position

Long on Kalshi Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.031%+$3 on $10k

Price spread, last 4 days (all we have)+0.225%+$22 · spread now −0.151%, 7d avg −0.026%

Together, before fees+0.256%+$26 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 dYdX is 0.126% cheaper against Kalshi than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.026%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXHYPEPERP	93.358	0.0105	pay 0.0105% / 8h	6h 25m	$1.8M	$5.6M	2.3x
Short	dYdX HYPE-USD	93.217	0	get 0.0000% / 1h	25m 00s	$128K	$29K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.151%Rate

Funding earned: −$21.98
Price spread: −0.151% → −0.026%: −$12.58
Slippage, 4 orders: −$80.69
Fee Kalshi: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$135.25
Costs to cover: 1.007%
Break-even: never at this rate

Slippage from Kalshi: live order book, 4 min ago; dYdX: live order book, 24 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	3.06 bp	8.2 bp −$8	12.3 bp −$123	19.9 bp −$1,994	doesn't fit
Sell dYdX live order book, 24 min ago	36.06 bp	41.1 bp −$41	83.6 bp −$836	187.7 bp −$18.8K	1256.5 bp −$628.3K

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	−0.1472%	1h	93.064	−0.315%	$197K	$237K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0368%	1h	93.225	−0.143%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.092	−0.285%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0074%	1h	93.282	−0.081%	$111K	$580K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0022%	4h	93.264	−0.101%	$146K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	93.313	−0.048%	$87K	$365K	20x	as long as short
dYdX HYPE-USDshort	0.0000%	1h	93.217	−0.151%	$128K	$29K	5x
Perpl HYPE	0.0000%	43m	93.278	−0.086%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.303	−0.059%	$62K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	93.289	−0.074%	$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	93.220	−0.148%	$224.9M	$99.0M	75x	as long as short
Bybit HYPEUSDT	+0.0018%	8h	93.204	−0.165%	$316.7M	$282.4M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.282	−0.081%	$207K	$1.2M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0027%	1h	93.190	−0.180%	$702K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0054%	8h	93.266	−0.099%	$12.7M	$2.8M	50x	as long as short
edgeX HYPEUSDC	+0.0085%	4h	93.101	−0.275%	$4.9M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	93.314	−0.047%	$340K	$157K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.288	−0.075%	$16.1M	$63.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.288	−0.075%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.289	−0.074%	$75K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.270	−0.094%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.280	−0.084%	$8.0M	$48.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.270	−0.094%	$2.03B	$669.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.222	−0.146%	$8.7M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.257	−0.108%	$10.0M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.241	−0.126%	$373.6M	$912.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.220	−0.148%	$114.4M	$309.2M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.230	−0.137%	$215K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.213	−0.155%	$46.8M	$54.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.245	−0.121%	$90.8M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.236	−0.131%	$46.1M	$18.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.208	−0.161%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.255	−0.110%	$7.3M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.070	−0.309%	$28.4M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.241	−0.125%	$7.5M	$47.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.095	−0.282%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.151	−0.222%	$666K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.298	−0.064%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.291	−0.072%	$483K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.290	−0.073%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.273	−0.091%	$16.1M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.319	−0.042%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.272	−0.092%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.450	+0.099%	$1.4M	$6.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.246	−0.120%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.274	−0.090%	$394K	$158K	20x	as long as short
Kalshi KXHYPEPERPlong	+0.0105%	8h	93.358	long leg	$1.8M	$5.6M	2.3x
Injective HYPE/USDC PERP	+0.0122%	1h	93.620	+0.281%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.280	−0.084%	$4.6M	$5.8M	50x	as long as short
Reya HYPERUSDPERP	+0.0269%	1h	93.270	−0.094%	$80K	$127K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.296	−0.066%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.269	−0.095%	$16.8M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0341%	1h	93.330	−0.030%	$20.8M	$29.5M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0500%	1h	93.375	+0.018%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.389	+0.033%	$3.2M	$6.3M	20x	as long as short