Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0166%/8h= +18.2% APRpaid last 24h +0.077%

Price spread now: RISEx against Kalshi−0.093%7-day average −0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$280.281% of the position

Long on Kalshi Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.237%+$24 on $10k

Price spread, last 7 days+0.070%+$7 · spread now −0.093%, 7d avg −0.005%

Together, before fees+0.307%+$31 on $10k · with fees, hour by hour

Funding pays, the price is against you. RISEx is 0.089% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.093% now, against its 7-day average of −0.005%). If the spread goes back, that is −$9 on $10k: about 43 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXHYPEPERP	94.941	0	get 0.0000% / 8h	2h 50m	$1.8M	$5.2M	2.3x
Short	RISEx HYPE/USDC	94.853	0.0166	get 0.0021% / 1h	50m 35s	$3.2M	$6.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now −0.093%Rate

Funding earned: $34.93
Price spread: −0.093% → −0.005%: −$8.86
Slippage, 4 orders: −$12.15
Fee Kalshi: 5 bp × 2 orders: −$10
Fee RISEx: 3 bp × 2 orders: −$6
Net: −$2.07
Costs to cover: 0.281%
Break-even: 7.4 days

Slippage from Kalshi: live order book, 1 min ago; RISEx: live order book, 1 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, 1 min ago	2.95 bp	10.4 bp −$10	11.8 bp −$118	18.4 bp −$1,843	doesn't fit
Sell RISEx live order book, 1 min ago	1.47 bp	4.5 bp −$4	6.2 bp −$62	doesn't fit	doesn't fit

HYPE on 54 exchanges

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	−0.1160%	1h	94.783	−0.166%	$211K	$264K	7x	as long as short
Bluefin HYPE-PERP	−0.0913%	1h	94.857	−0.088%	$78K	$147K	20x	as long as short
Bullet HYPE-USD	−0.0497%	1h	94.880	−0.064%	$112K	$580K	20x	as long as short
Kraken Futures PF_HYPEUSD	−0.0377%	1h	94.852	−0.094%	$18.8M	$35.8M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0266%	1h	94.740	−0.212%	$692K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0216%	1h	94.879	−0.065%	$90K	$352K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0160%	1h	94.979	+0.040%	$22K	$19K	10x	as long as short
Arcus HYPE-USD	−0.0159%	1h	94.778	−0.172%	$1.0M	$2.9M	10x	as long as short
Polymarket Perps HYPE-USD	−0.0155%	1h	94.919	−0.023%	$499K	$2.6M	20x	as long as short
Phemex HYPEUSDT	−0.0111%	8h	94.852	−0.094%	$13.0M	$2.8M	50x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hotstuff HYPE-PERP	−0.0080%	1h	94.781	−0.169%	$3K	$331	25x	as long as short
Vest HYPE-PERP	−0.0079%	1h	94.926	−0.016%	—	$88K	5x	as long as short
Gate HYPE_USDT	−0.0064%	4h	94.808	−0.140%	$53.4M	$54.1M	75x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0024%	1h	94.870	−0.075%	$4.7M	$5.7M	50x	as long as short
SoDEX HYPE-USD	−0.0015%	1h	94.859	−0.086%	$2.1M	$1.1M	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0011%	4h	94.847	−0.099%	$148K	$662K	20x	as long as short
BingX HYPE-USDT	−0.0010%	4h	94.805	−0.143%	—	$50.5M	—	as long as short
dYdX HYPE-USD	0.0000%	1h	94.855	−0.091%	$130K	$93K	5x	as long as short
Kalshi KXHYPEPERPlong	0.0000%	8h	94.941	long leg	$1.8M	$5.2M	2.3x
Perpl HYPE	0.0000%	43m	94.909	−0.034%	$19K	$271K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.885	−0.059%	$86K	—	150x	as long as short
Bybit HYPEUSDT	+0.0004%	8h	94.880	−0.064%	$319.4M	$279.3M	75x	as long as short
Phoenix HYPE	+0.0017%	1h	94.822	−0.125%	$203K	$1.0M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0021%	8h	94.876	−0.068%	$118.6M	$318.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0031%	8h	94.814	−0.134%	$339K	$38K	20x	as long as short
ApeX Omni HYPEUSDT	+0.0032%	1h	94.840	−0.106%	$348K	$1.0M	50x	as long as short
Bitget HYPEUSDT	+0.0050%	4h	94.808	−0.140%	$227.9M	$92.7M	75x	as long as short
Aster HYPEUSDT	+0.0050%	4h	94.836	−0.111%	$8.9M	$36.1M	300x	as long as short
Backpack HYPE_USDC_PERP	+0.0083%	1h	94.841	−0.105%	$7.3M	$10.3M	20x	as long as short
edgeX HYPEUSDC	+0.0091%	4h	94.822	−0.126%	$5.0M	$31.0M	30x	as long as short
Bulk HYPE-USD	+0.0094%	1h	94.986	+0.048%	$221K	$14K	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.785	−0.164%	$16.2M	$60.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.796	−0.153%	$3.2M	$9.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.824	−0.123%	$267K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.780	−0.170%	$41K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.905	−0.038%	$7.3M	$54.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.949	+0.008%	$2.10B	$674.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.824	−0.123%	$10.2M	$14.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.874	−0.071%	$381.2M	$902.0M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.789	−0.160%	$87.0M	$86.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.792	−0.157%	$47.3M	$18.2M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.846	−0.101%	$29.9M	$55.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.006	+0.069%	$7.7M	$43.0M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.915	−0.027%	$690K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.746	−0.205%	$32K	$1.5M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.012	+0.075%	$1.4M	$6.7M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.776	−0.173%	$18.3M	$41.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.010	+0.073%	$402K	$133K	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0129%	1h	94.958	+0.018%	$7.5M	$4.3M	50x	as long as short
RISEx HYPE/USDCshort	+0.0166%	1h	94.853	−0.093%	$3.2M	$6.2M	20x
Reya HYPERUSDPERP	+0.0271%	1h	94.838	−0.108%	$87K	$93K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	94.876	−0.069%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.773	−0.177%	$17.3M	$12.1M	75x	as long as short
Injective HYPE/USDC PERP	+0.0850%	1h	95.480	+0.568%	$31K	$335K	12x	as long as short