Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0119%/8h= −13.0% APRpaid last 24h +0.006%

Price spread now: SoDEX against Kalshi−0.131%7-day average −0.036% · 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−$44as in the Price arb table

costs, in and out, $10k−$340.340% of the position

Long on Kalshi Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.082%+$8 on $10k

Price spread, last 4 days (all we have)−0.011%−$1 · spread now −0.131%, 7d avg −0.036%

Together, before fees+0.071%+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and SoDEX is 0.095% cheaper against Kalshi than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.036%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.082%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXHYPEPERP	95.120	0.0110	pay 0.0110% / 8h	2h 16m	$1.8M	$5.2M	2.3x
Short	SoDEX HYPE-USD	94.995	−0.0008	pay 0.0001% / 1h	16m 27s	$2.1M	$378K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.131%Rate

Funding earned: −$24.91
Price spread: −0.131% → −0.036%: −$9.52
Slippage, 4 orders: −$16.03
Fee Kalshi: 5 bp × 2 orders: −$10
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$68.45
Costs to cover: 0.340%
Break-even: never at this rate

Slippage from Kalshi: live order book, 5 min ago; SoDEX: 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, 5 min ago	2.79 bp	10.2 bp −$10	11.2 bp −$112	17.0 bp −$1,703	doesn't fit
Sell SoDEX live order book, 1 min ago	0.05 bp	6.8 bp −$7	12.0 bp −$120	95.7 bp −$9,569	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	−0.1432%	1h	94.904	−0.227%	$211K	$261K	7x	as long as short
Bluefin HYPE-PERP	−0.0539%	1h	94.980	−0.147%	$79K	$138K	20x	as long as short
Kraken Futures PF_HYPEUSD	−0.0376%	1h	95.014	−0.112%	$18.6M	$35.5M	50x	as long as short
Bullet HYPE-USD	−0.0325%	1h	94.983	−0.145%	$114K	$581K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0237%	1h	94.910	−0.221%	$691K	$1.3M	10x	as long as short
Phemex HYPEUSDT	−0.0207%	8h	94.966	−0.162%	$13.0M	$2.8M	50x	as long as short
Arcus HYPE-USD	−0.0159%	1h	94.940	−0.189%	$1.1M	$2.5M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0154%	1h	94.993	−0.133%	$22K	$17K	10x	as long as short
01 Exchange HYPEUSD	−0.0144%	1h	94.989	−0.138%	$92K	$348K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.000	−0.126%	$3K	$331	25x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest HYPE-PERP	−0.0077%	1h	95.040	−0.084%	—	$80K	5x	as long as short
Gate HYPE_USDT	−0.0070%	4h	94.942	−0.187%	$54.2M	$54.7M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0025%	4h	94.963	−0.165%	$148K	$646K	20x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0024%	1h	95.090	−0.032%	$4.7M	$5.6M	50x	as long as short
SoDEX HYPE-USDshort	−0.0008%	1h	94.995	−0.131%	$2.1M	$378K	10x
Bulk HYPE-USD	−0.0008%	1h	95.000	−0.126%	$231K	$12K	10x	as long as short
Aster HYPEUSDT	−0.0005%	4h	94.936	−0.193%	$9.0M	$34.1M	300x	as long as short
OKX HYPE-USDT-SWAP	−0.0001%	8h	94.970	−0.158%	$118.8M	$311.5M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	95.014	−0.111%	$130K	$92K	5x	as long as short
BingX HYPE-USDT	0.0000%	4h	94.943	−0.186%	—	$49.2M	—	as long as short
Perpl HYPE	0.0000%	43m	94.966	−0.162%	$23K	$263K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.990	−0.137%	$99K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	94.881	−0.251%	$200K	$1.0M	10x	as long as short
Lighter HYPE	+0.0024%	1h	94.935	−0.194%	$16.2M	$61.1M	20x	as long as short
Bitget HYPEUSDT	+0.0030%	4h	94.982	−0.145%	$228.2M	$89.3M	75x	as long as short
Bybit HYPEUSDT	+0.0039%	8h	94.970	−0.158%	$320.5M	$271.9M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0063%	8h	94.946	−0.183%	$339K	$36K	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0066%	1h	95.081	−0.041%	$7.5M	$4.3M	50x	as long as short
edgeX HYPEUSDC	+0.0090%	4h	94.908	−0.223%	$5.0M	$29.9M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.945	−0.184%	$3.2M	$10.0M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.965	−0.163%	$270K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	94.910	−0.221%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.010	−0.115%	$7.3M	$53.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.086	−0.036%	$2.11B	$657.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.971	−0.157%	$10.2M	$13.6M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.965	−0.163%	$381.6M	$874.5M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.975	−0.152%	$89.2M	$87.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.942	−0.187%	$48.1M	$17.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.091	−0.030%	$7.8M	$10.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.906	−0.225%	$29.8M	$54.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.989	−0.137%	$7.7M	$41.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.974	−0.153%	$348K	$965K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.073	−0.049%	$692K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.012	−0.114%	$499K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.057	−0.066%	$32K	$1.4M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.119	−0.001%	$1.4M	$6.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.916	−0.214%	$18.2M	$40.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.997	−0.129%	$402K	$130K	20x	as long as short
Kalshi KXHYPEPERPlong	+0.0110%	8h	95.120	long leg	$1.8M	$5.2M	2.3x
RISEx HYPE/USDC	+0.0166%	1h	94.986	−0.141%	$3.2M	$5.5M	20x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.951	−0.177%	$85K	$99K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.011	−0.114%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	95.018	−0.107%	$17.3M	$11.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0850%	1h	95.480	+0.378%	$31K	$335K	12x	as long as short