Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.006%

Price spread now: StandX against Kalshi−0.106%7-day average −0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$340.337% of the position

Long on Kalshi Short on StandX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.174%+$17 on $10k

Price spread, last 7 days+0.010%+$1 · spread now −0.106%, 7d avg −0.004%

Together, before fees+0.184%+ Points / potential airdropStandX: Active · farm board+$18 on $10k · with fees, hour by hour

Funding pays, the price is against you. StandX is 0.103% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.106% now, against its 7-day average of −0.004%). If the spread goes back, that is −$10 on $10k: about 3.4 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	92.987	0	get 0.0000% / 8h	7h 42m	$1.8M	$5.4M	2.3x
Short	StandX HYPE-USD	92.888	0.0100	get 0.0013% / 1h	42m 58s	$667K	$2.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

StandX 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 StandXbpOrdersPrice spread, now −0.106%Rate

Funding earned: $21
Price spread: −0.106% → −0.004%: −$10.29
Slippage, 4 orders: −$15.68
Fee Kalshi: 5 bp × 2 orders: −$10
Fee StandX: 4 bp × 2 orders: −$8
Net: −$22.97
Costs to cover: 0.337%
Break-even: 14.7 days

Slippage from Kalshi: live order book, 1 min ago; StandX: 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	3.01 bp	11.1 bp −$11	12.4 bp −$124	17.8 bp −$1,777	doesn't fit
Sell StandX live order book, 1 min ago	1.24 bp	5.2 bp −$5	5.5 bp −$55	13.4 bp −$1,336	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	−0.0976%	1h	92.719	−0.288%	$193K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0272%	1h	92.888	−0.106%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.885	−0.110%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.870	−0.126%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0062%	4h	92.893	−0.101%	$158K	$667K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.929	−0.062%	$127K	$29K	5x	as long as short
Kalshi KXHYPEPERPlong	0.0000%	8h	92.987	long leg	$1.8M	$5.4M	2.3x
Perpl HYPE	0.0000%	43m	92.963	−0.026%	$22K	$301K	10x	as long as short
Bullet HYPE-USD	+0.0002%	1h	92.910	−0.083%	$112K	$577K	20x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.930	−0.061%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPE	+0.0026%	1h	92.899	−0.095%	$210K	$1.2M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0027%	1h	92.870	−0.126%	$698K	$1.1M	10x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.831	−0.168%	$316.0M	$282.8M	75x	as long as short
Phemex HYPEUSDT	+0.0044%	8h	92.922	−0.070%	$12.5M	$2.7M	50x	as long as short
Gate HYPE_USDT	+0.0046%	4h	92.902	−0.091%	$44.8M	$53.9M	75x	as long as short
01 Exchange HYPEUSD	+0.0056%	1h	92.962	−0.027%	$87K	$362K	20x	as long as short
Bitget HYPEUSDT	+0.0072%	4h	92.829	−0.170%	$224.9M	$99.1M	75x	as long as short
Aster HYPEUSDT	+0.0095%	4h	92.918	−0.074%	$8.7M	$36.1M	300x	as long as short
Lighter HYPE	+0.0096%	1h	92.943	−0.047%	$16.0M	$62.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.942	−0.048%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.923	−0.069%	$70K	$1.1M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	92.963	−0.025%	$339K	$163K	20x	as long as short
edgeX HYPEUSDC	+0.0099%	4h	92.872	−0.124%	$4.9M	$29.6M	30x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.900	−0.094%	$39K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.933	−0.059%	$7.4M	$45.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.944	−0.046%	$2.03B	$665.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.948	−0.042%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.876	−0.119%	$373.3M	$904.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.840	−0.158%	$113.9M	$304.3M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.923	−0.069%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.923	−0.069%	$87.3M	$80.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.916	−0.076%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.851	−0.146%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.931	−0.060%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.879	−0.116%	$28.6M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.881	−0.114%	$7.5M	$46.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.846	−0.152%	$350K	$1.0M	50x	as long as short
StandX HYPE-USDshort	+0.0100%	1h	92.888	−0.106%	$667K	$2.8M	20x
Vest HYPE-PERP	+0.0100%	1h	92.978	−0.009%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.966	−0.023%	$469K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.896	−0.098%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.875	−0.120%	$16.0M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.957	−0.032%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.915	−0.077%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.807	−0.194%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.927	−0.065%	$393K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.990	+0.003%	$4.7M	$5.6M	50x	as long as short
HTX HYPE-USDT	+0.0166%	4h	93.087	+0.108%	$1.4M	$6.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.984	−0.003%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.860	−0.137%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0264%	1h	92.939	−0.052%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.940	−0.050%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.918	−0.074%	$16.8M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0417%	1h	92.999	+0.013%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.986	−0.002%	$3.2M	$6.4M	20x	as long as short