Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.1704%/8h= −186.6% APRpaid last 24h −0.262%

Price spread now: Hibachi against Kalshi−0.311%7-day average −0.105% · you buy dearer than you sell

Net, funding: paid 7d − costs−$236as in the Funding arb table

Net, price: spread back to 7d avg − costs−$101as in the Price arb table

costs, in and out, $10k−$800.802% of the position

Long on Kalshi Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days−1.554%−$155 on $10k

Price spread, last 4 days (all we have)+0.613%+$61 · spread now −0.311%, 7d avg −0.105%

Together, before fees−0.941%+ Points / potential airdropHibachi: Active · farm board−$94 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$51 a day on $10k at the current rate, and Hibachi is 0.206% cheaper against Kalshi than usual: you would sell low and buy high (−$21 if the spread goes back to its 7-day average of −0.105%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXHYPEPERP	94.310	0	get 0.0000% / 8h	4h 32m	$1.8M	$5.6M	2.3x
Short	Hibachi HYPE/USDT-P	94.016	−0.1704	pay 0.0213% / 1h	32m 08s	$201K	$251K	7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi 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 HibachibpOrdersPrice spread, now −0.311%Rate

Funding earned: −$357.84
Price spread: −0.311% → −0.105%: −$20.59
Slippage, 4 orders: −$61.19
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$458.63
Costs to cover: 0.802%
Break-even: never at this rate

Slippage from Kalshi: live order book, 2 min ago; Hibachi: live order book, 7 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	2.76 bp	10.9 bp −$11	12.3 bp −$123	18.0 bp −$1,802	doesn't fit
Sell Hibachi live order book, 7 min ago	17.49 bp	23.9 bp −$24	43.4 bp −$434	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-Pshort	−0.1704%	1h	94.016	−0.311%	$201K	$251K	7x
Bluefin HYPE-PERP	−0.0388%	1h	94.192	−0.125%	$80K	$154K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0231%	1h	94.120	−0.201%	$710K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0218%	1h	94.208	−0.108%	$111K	$576K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0124%	1h	94.298	−0.013%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	94.246	−0.068%	$87K	$368K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.194	−0.123%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0068%	1h	94.150	−0.170%	$16.5M	$7.4M	10x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.216	−0.100%	$1.0M	$3.6M	10x	as long as short
Lighter HYPE	−0.0024%	1h	94.201	−0.116%	$16.3M	$64.3M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	−0.0020%	4h	94.239	−0.075%	—	$52.9M	—	as long as short
Bybit HYPEUSDT	−0.0019%	8h	94.235	−0.080%	$316.9M	$289.4M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0004%	4h	94.179	−0.139%	$146K	$684K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.227	−0.088%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERPlong	0.0000%	8h	94.310	long leg	$1.8M	$5.6M	2.3x
Phoenix HYPE	0.0000%	1h	94.186	−0.131%	$208K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.233	−0.081%	$19K	$288K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.254	−0.059%	$124K	—	150x	as long as short
Polymarket Perps HYPE-USD	+0.0029%	1h	94.248	−0.066%	$495K	$2.8M	20x	as long as short
Bitget HYPEUSDT	+0.0038%	4h	94.258	−0.055%	$226.6M	$99.8M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0043%	8h	94.263	−0.050%	$337K	$154K	20x	as long as short
Phemex HYPEUSDT	+0.0047%	8h	94.220	−0.095%	$12.9M	$2.9M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.280	−0.032%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0074%	8h	94.246	−0.068%	$117.5M	$324.3M	50x	as long as short
SoDEX HYPE-USD	+0.0075%	1h	94.195	−0.122%	$2.1M	$1.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0084%	1h	94.117	−0.205%	$368K	$1.0M	50x	as long as short
Vest HYPE-PERP	+0.0092%	1h	94.292	−0.019%	—	$190K	5x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.208	−0.108%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.225	−0.090%	$81K	$1.2M	50x	as long as short
Gate HYPE_USDT	+0.0096%	4h	94.210	−0.106%	$49.8M	$56.6M	75x	as long as short
edgeX HYPEUSDC	+0.0098%	4h	94.144	−0.176%	$5.0M	$30.7M	30x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.210	−0.106%	$30K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.224	−0.092%	$7.2M	$53.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.331	+0.022%	$2.07B	$688.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.261	−0.052%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.261	−0.052%	$10.2M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.269	−0.043%	$377.6M	$934.1M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.280	−0.032%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.229	−0.086%	$88.7M	$83.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.204	−0.112%	$46.7M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.225	−0.090%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.087	−0.237%	$29.4M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.122	−0.199%	$7.6M	$46.0M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.254	−0.059%	$681K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.254	−0.059%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.362	+0.055%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.160	−0.159%	$18.3M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.193	−0.124%	$398K	$159K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0021%	1h	94.275	−0.038%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.140	−0.180%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.268	−0.044%	$20.2M	$30.3M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.257	−0.056%	$3.2M	$6.4M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0249%	1h	94.298	−0.013%	$7.4M	$4.3M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.180	−0.138%	$84K	$125K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.245	−0.069%	$17.1M	$12.3M	75x	as long as short