Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h 0.000%

Price spread now: KuCoin against Kalshi−0.096%7-day average −0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$430.429% of the position

Long on Kalshi Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.163%+$16 on $10k

Price spread, last 7 days+0.013%+$1 · spread now −0.096%, 7d avg −0.003%

Together, before fees+0.176%+$18 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.093% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.096% now, against its 7-day average of −0.003%). If the spread goes back, that is −$9 on $10k: about 3.1 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXHYPEPERP	92.950	0	get 0.0000% / 8h	7h 39m	$1.8M	$5.4M	2.3x
Short	KuCoin HYPEUSDTM	92.861	0.0100	get 0.0050% / 4h	3h 39m	$46.0M	$18.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.096%Rate

Funding earned: $21
Price spread: −0.096% → −0.003%: −$9.27
Slippage, 4 orders: −$20.9
Fee Kalshi: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$31.17
Costs to cover: 0.429%
Break-even: 17.4 days

Slippage from Kalshi: live order book, 4 min ago; KuCoin: live order book, 4 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	3.01 bp	11.1 bp −$11	12.4 bp −$124	17.8 bp −$1,777	doesn't fit
Sell KuCoin live order book, 4 min ago	0.54 bp	11.0 bp −$11	15.9 bp −$159	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	−0.1072%	1h	92.576	−0.403%	$193K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0276%	1h	92.866	−0.091%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.847	−0.111%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.888	−0.067%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0063%	4h	92.837	−0.122%	$158K	$668K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.839	−0.119%	$127K	$29K	5x	as long as short
Kalshi KXHYPEPERPlong	0.0000%	8h	92.950	long leg	$1.8M	$5.4M	2.3x
Perpl HYPE	0.0000%	43m	92.859	−0.098%	$22K	$301K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.885	−0.070%	$62K	—	150x	as long as short
Phoenix HYPE	+0.0026%	1h	92.982	+0.034%	$210K	$1.2M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0030%	1h	92.810	−0.151%	$697K	$1.1M	10x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.856	−0.101%	$316.0M	$282.4M	75x	as long as short
Bullet HYPE-USD	+0.0032%	1h	92.855	−0.102%	$111K	$577K	20x	as long as short
Phemex HYPEUSDT	+0.0042%	8h	92.851	−0.107%	$12.5M	$2.7M	50x	as long as short
01 Exchange HYPEUSD	+0.0056%	1h	92.914	−0.039%	$87K	$362K	20x	as long as short
Gate HYPE_USDT	+0.0060%	4h	92.855	−0.102%	$44.8M	$54.0M	75x	as long as short
Bitget HYPEUSDT	+0.0068%	4h	92.875	−0.081%	$225.0M	$99.1M	75x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	92.884	−0.071%	$70K	$1.1M	50x	as long as short
Aster HYPEUSDT	+0.0091%	4h	92.872	−0.084%	$8.7M	$36.1M	300x	as long as short
Lighter HYPE	+0.0096%	1h	92.879	−0.076%	$16.0M	$62.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.877	−0.079%	$3.1M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	92.912	−0.040%	$339K	$163K	20x	as long as short
edgeX HYPEUSDC	+0.0099%	4h	92.912	−0.041%	$4.9M	$29.5M	30x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.850	−0.108%	$39K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.885	−0.070%	$7.6M	$45.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.900	−0.054%	$2.03B	$666.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.913	−0.040%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.864	−0.093%	$373.3M	$905.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.871	−0.085%	$113.9M	$304.4M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.923	−0.029%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.865	−0.091%	$87.0M	$80.2M	100x	as long as short
KuCoin HYPEUSDTMshort	+0.0100%	4h	92.861	−0.096%	$46.0M	$18.4M	75x
BingX HYPE-USDT	+0.0100%	4h	92.852	−0.105%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.865	−0.091%	$7.2M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.789	−0.173%	$28.6M	$57.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.881	−0.074%	$7.5M	$46.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.957	+0.008%	$351K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.794	−0.168%	$666K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.919	−0.034%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.920	−0.032%	$468K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.884	−0.071%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.832	−0.126%	$16.0M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.891	−0.063%	$31K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.854	−0.103%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.838	−0.120%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.866	−0.090%	$393K	$164K	20x	as long as short
HTX HYPE-USDT	+0.0141%	4h	93.029	+0.085%	$1.4M	$6.3M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.910	−0.043%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.918	−0.035%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.690	−0.280%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0265%	1h	92.867	−0.090%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.879	−0.077%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.730	−0.237%	$16.7M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0385%	1h	92.948	−0.002%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.948	−0.003%	$3.1M	$6.4M	20x	as long as short