Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0153%/8h= −16.8% APRpaid last 24h +0.030%

Price spread now: SunX against Kalshi+0.011%7-day average +0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$790.788% of the position

Long on Kalshi Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.199%+$20 on $10k

Price spread, last 4 days (all we have)−0.138%−$14 · spread now +0.011%, 7d avg +0.032%

Together, before fees+0.061%+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and SunX is 0.022% cheaper against Kalshi than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.032%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.199%, 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	92.339	0.0253	pay 0.0253% / 8h	37m 44s	$1.8M	$5.4M	2.3x
Short	SunX HYPE-USDT	92.349	0.0100	get 0.0050% / 4h	37m 44s	$32K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.011%Rate

Funding earned: −$32.22
Price spread: +0.011% → +0.032%: −$2.15
Slippage, 4 orders: −$60.84
Fee Kalshi: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$113.21
Costs to cover: 0.788%
Break-even: never at this rate

Slippage from Kalshi: live order book, 1 min ago; SunX: live order book, 7 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	2.60 bp	11.1 bp −$11	12.3 bp −$123	20.3 bp −$2,028	doesn't fit
Sell SunX live order book, 7 min ago	19.35 bp	33.0 bp −$33	doesn't fit	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
Arcus HYPE-USD	−0.0948%	1h	92.270	−0.075%	$1.0M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0432%	1h	92.376	+0.040%	$193K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0158%	1h	92.321	−0.020%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0096%	1h	92.258	−0.088%	$86K	$356K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.288	−0.055%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0069%	4h	92.275	−0.069%	$157K	$663K	20x	as long as short
Bullet HYPE-USD	−0.0048%	1h	92.293	−0.049%	$110K	$580K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0002%	1h	92.250	−0.096%	$695K	$1.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.311	−0.030%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.296	−0.046%	$22K	$309K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0001%	4h	92.274	−0.071%	$8.7M	$36.4M	300x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.326	−0.014%	$61K	—	150x	as long as short
BingX HYPE-USDT	+0.0032%	4h	92.252	−0.094%	—	$53.3M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.379	+0.043%	$209K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0054%	8h	92.240	−0.107%	$315.4M	$281.3M	75x	as long as short
Phemex HYPEUSDT	+0.0062%	8h	92.287	−0.056%	$12.5M	$2.7M	50x	as long as short
Gate HYPE_USDT	+0.0062%	4h	92.249	−0.097%	$44.2M	$55.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0079%	8h	92.247	−0.100%	$112.8M	$301.7M	50x	as long as short
MEXC HYPE_USDT	+0.0082%	4h	92.258	−0.088%	$87.0M	$80.5M	100x	as long as short
Binance HYPEUSDT	+0.0084%	4h	92.264	−0.081%	$369.8M	$901.1M	75x	as long as short
edgeX HYPEUSDC	+0.0089%	4h	92.287	−0.056%	$4.9M	$29.5M	30x	as long as short
Derive HYPE-PERP	+0.0090%	1h	92.271	−0.073%	$16.0M	$7.5M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0092%	8h	92.306	−0.036%	$338K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.275	−0.069%	$16.0M	$62.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.275	−0.069%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.253	−0.093%	$68K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.260	−0.086%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.335	−0.004%	$6.8M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.320	−0.021%	$2.01B	$663.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.278	−0.066%	$10.0M	$15.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.245	−0.102%	$201K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.267	−0.078%	$45.8M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.260	−0.086%	$223.8M	$98.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.255	−0.091%	$7.3M	$10.8M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.258	−0.088%	$28.3M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.315	−0.026%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.289	−0.054%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.349	+0.011%	$662K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.365	+0.028%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.327	−0.013%	$475K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.270	−0.075%	$78K	$170K	20x	as long as short
SunX HYPE-USDTshort	+0.0100%	4h	92.349	+0.011%	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	92.278	−0.066%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.441	+0.110%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.202	−0.148%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.335	−0.004%	$390K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.716%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.390	+0.055%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERPlong	+0.0253%	8h	92.339	long leg	$1.8M	$5.4M	2.3x
Reya HYPERUSDPERP	+0.0261%	1h	92.316	−0.025%	$79K	$138K	15x	as long as short
BloFin HYPE-USDT	+0.0325%	4h	92.277	−0.067%	$16.7M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.315	−0.026%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0333%	1h	92.346	+0.008%	$20.5M	$30.5M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0487%	1h	92.391	+0.056%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.303	−0.039%	$3.1M	$6.4M	20x	as long as short