Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0223%/8h= +24.5% APRpaid last 24h +0.047%

Price spread now: Kraken Futures against Kalshi−0.014%7-day average +0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$380.376% of the position

Long on Kalshi Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.298%+$30 on $10k

Price spread, last 4 days (all we have)−0.058%−$6 · spread now −0.014%, 7d avg +0.008%

Together, before fees+0.240%+$24 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.022% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.014% now, against its 7-day average of +0.008%). If the spread goes back, that is −$2 on $10k: about 8 hours of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXHYPEPERP	94.195	0	get 0.0000% / 8h	4h 34m	$1.8M	$5.6M	2.3x
Short	Kraken Futures PF_HYPEUSD	94.182	0.0223	get 0.0028% / 1h	34m 34s	$20.2M	$30.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.014%Rate

Funding earned: $46.9
Price spread: −0.014% → +0.008%: −$2.18
Slippage, 4 orders: −$17.58
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $7.14
Costs to cover: 0.376%
Break-even: 5.9 days

Slippage from Kalshi: live order book, 4 min ago; Kraken Futures: live order book, 5 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	3.29 bp	10.4 bp −$10	12.9 bp −$129	20.3 bp −$2,028	doesn't fit
Sell Kraken Futures live order book, 5 min ago	0.05 bp	10.2 bp −$10	15.8 bp −$158	23.5 bp −$2,351	64.6 bp −$32.3K

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	−0.1648%	1h	93.965	−0.244%	$201K	$251K	7x	as long as short
Bluefin HYPE-PERP	−0.0385%	1h	94.092	−0.109%	$80K	$153K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0238%	1h	94.110	−0.090%	$710K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0216%	1h	94.089	−0.112%	$111K	$576K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0133%	1h	94.340	+0.154%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	94.253	+0.062%	$87K	$368K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.101	−0.100%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0054%	1h	94.043	−0.162%	$16.4M	$7.5M	10x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.180	−0.016%	$1.0M	$3.6M	10x	as long as short
Bybit HYPEUSDT	−0.0019%	8h	94.189	−0.006%	$316.7M	$289.4M	75x	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	−0.0016%	4h	94.186	−0.010%	—	$53.2M	—	as long as short
Orderly PERP_HYPE_USDC	−0.0002%	4h	94.052	−0.152%	$146K	$684K	20x	as long as short
Lighter HYPE	0.0000%	1h	94.114	−0.086%	$16.3M	$64.2M	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.135	−0.064%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERPlong	0.0000%	8h	94.195	long leg	$1.8M	$5.6M	2.3x
Phoenix HYPE	0.0000%	1h	94.186	−0.010%	$208K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.137	−0.062%	$19K	$288K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.118	−0.082%	$122K	—	150x	as long as short
Polymarket Perps HYPE-USD	+0.0033%	1h	94.116	−0.084%	$494K	$2.8M	20x	as long as short
Bitget HYPEUSDT	+0.0036%	4h	94.174	−0.022%	$226.4M	$99.8M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0042%	8h	94.166	−0.031%	$336K	$156K	20x	as long as short
Phemex HYPEUSDT	+0.0051%	8h	94.175	−0.021%	$12.8M	$2.9M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.180	−0.016%	$4.7M	$6.2M	50x	as long as short
SoDEX HYPE-USD	+0.0077%	1h	94.114	−0.086%	$2.0M	$1.9M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0078%	8h	94.184	−0.012%	$117.6M	$324.1M	50x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.140	−0.058%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.230	+0.037%	$81K	$1.2M	50x	as long as short
Gate HYPE_USDT	+0.0096%	4h	94.181	−0.015%	$49.7M	$56.6M	75x	as long as short
edgeX HYPEUSDC	+0.0098%	4h	94.144	−0.054%	$5.0M	$30.7M	30x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.250	+0.058%	$30K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.125	−0.074%	$6.9M	$52.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.240	+0.048%	$2.07B	$688.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.214	+0.020%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.159	−0.038%	$10.1M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.212	+0.018%	$377.3M	$934.8M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.280	+0.090%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.137	−0.062%	$89.2M	$83.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.124	−0.075%	$46.7M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.151	−0.047%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.087	−0.115%	$29.4M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.380	+0.196%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.095	−0.106%	$368K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.190	−0.005%	$681K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.185	−0.010%	—	$190K	5x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.147	−0.051%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.233	+0.040%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.170	−0.027%	$18.3M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.100	−0.101%	$398K	$159K	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0132%	1h	94.195	0.000%	$7.4M	$4.3M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0021%	1h	94.145	−0.053%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.050	−0.154%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSDshort	+0.0223%	1h	94.182	−0.014%	$20.2M	$30.3M	50x
RISEx HYPE/USDC	+0.0249%	1h	94.242	+0.050%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.077	−0.125%	$84K	$125K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.143	−0.055%	$17.0M	$12.3M	75x	as long as short