Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.002%

Price spread now: MEXC against Kalshi−0.074%7-day average +0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$270.266% of the position

Long on Kalshi Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.161%+$16 on $10k

Price spread, last 7 days+0.056%+$6 · spread now −0.074%, 7d avg +0.002%

Together, before fees+0.216%+$22 on $10k · with fees, hour by hour

Funding pays, the price is against you. MEXC is 0.076% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.074% now, against its 7-day average of +0.002%). If the spread goes back, that is −$8 on $10k: about 2.5 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	94.679	0	get 0.0000% / 8h	3h 36m	$1.8M	$5.6M	2.3x
Short	MEXC HYPE_USDT	94.609	0.0100	get 0.0050% / 4h	3h 36m	$93.8M	$85.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.074%Rate

Funding earned: $21
Price spread: −0.074% → +0.002%: −$7.6
Slippage, 4 orders: −$12.61
Fee Kalshi: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$13.21
Costs to cover: 0.266%
Break-even: 11.4 days

Slippage from Kalshi: live order book, 2 min ago; MEXC: live order book, 3 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	2.17 bp	11.4 bp −$11	12.9 bp −$129	17.2 bp −$1,717	doesn't fit
Sell MEXC live order book, 3 min ago	0.21 bp	2.5 bp −$3	3.5 bp −$35	16.4 bp −$1,643	40.5 bp −$20.3K

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	−0.0976%	1h	94.507	−0.181%	$207K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0615%	1h	94.589	−0.095%	$80K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0314%	1h	94.681	+0.002%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0200%	1h	94.618	−0.065%	$112K	$578K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0148%	1h	94.530	−0.157%	$704K	$1.3M	10x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.585	−0.099%	$1.0M	$3.5M	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.607	−0.076%	$90K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.588	−0.096%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0080%	4h	94.588	−0.096%	$51.4M	$54.9M	75x	as long as short
Phemex HYPEUSDT	−0.0060%	8h	94.610	−0.073%	$12.9M	$2.9M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.607	−0.076%	$19.0M	$35.3M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	94.596	−0.088%	$147K	$682K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.650	−0.030%	$130K	$94K	5x	as long as short
Bybit HYPEUSDT	0.0000%	8h	94.569	−0.116%	$318.2M	$296.5M	75x	as long as short
Kalshi KXHYPEPERPlong	0.0000%	8h	94.679	long leg	$1.8M	$5.6M	2.3x
Perpl HYPE	0.0000%	43m	94.603	−0.081%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.630	−0.052%	$95K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.747	+0.072%	$210K	$1.2M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.600	−0.083%	$4.7M	$6.4M	50x	as long as short
Bitget HYPEUSDT	+0.0026%	4h	94.590	−0.094%	$227.2M	$99.7M	75x	as long as short
Derive HYPE-PERP	+0.0045%	1h	94.575	−0.110%	$16.3M	$7.5M	10x	as long as short
Vest HYPE-PERP	+0.0048%	1h	94.666	−0.014%	—	$190K	5x	as long as short
OKX HYPE-USDT-SWAP	+0.0052%	8h	94.574	−0.111%	$118.1M	$329.5M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0052%	8h	94.638	−0.044%	$338K	$154K	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0056%	1h	94.699	+0.021%	$7.5M	$4.4M	50x	as long as short
SoDEX HYPE-USD	+0.0092%	1h	94.631	−0.051%	$2.1M	$2.0M	10x	as long as short
edgeX HYPEUSDC	+0.0096%	4h	94.547	−0.139%	$5.0M	$30.8M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.617	−0.066%	$16.2M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.621	−0.061%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.586	−0.098%	$148K	$1.3M	50x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.606	−0.077%	$7.6M	$10.7M	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.560	−0.126%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.608	−0.074%	$7.3M	$51.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.732	+0.056%	$2.08B	$685.8M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.582	−0.103%	$9.7M	$37.6M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.632	−0.050%	$10.2M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.605	−0.078%	$381.0M	$938.8M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.564	−0.122%	$220K	$14K	10x	as long as short
MEXC HYPE_USDTshort	+0.0100%	4h	94.609	−0.074%	$93.8M	$85.9M	100x
KuCoin HYPEUSDTM	+0.0100%	4h	94.591	−0.093%	$47.2M	$19.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.585	−0.099%	—	$53.5M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	94.549	−0.137%	$30.0M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.563	−0.123%	$7.6M	$44.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.555	−0.131%	$345K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.556	−0.130%	$694K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.675	−0.004%	$499K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.675	−0.004%	$33K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.750	+0.075%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.566	−0.120%	$18.4M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.610	−0.073%	$400K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.633	−0.048%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.519%	$31K	$340K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.595	−0.089%	$85K	$118K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	94.658	−0.022%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.614	−0.069%	$17.3M	$12.6M	75x	as long as short