Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.001%

Price spread now: Vest against Kalshi−0.075%7-day average −0.038% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Kalshi Short on Vest

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.043%−$4 on $10k

Price spread, last 4 days (all we have)+0.282%+$28 · spread now −0.075%, 7d avg −0.038%

Together, before fees+0.239%+ Points / potential airdropVest: Active · farm board+$24 on $10k · with fees, hour by hour

Funding pays, the price is against you. Vest is 0.037% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.075% now, against its 7-day average of −0.038%). If the spread goes back, that is −$4 on $10k: about 30 hours 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	94.584	0	get 0.0000% / 8h	4h 48m	$1.9M	$5.6M	2.3x
Short	Vest HYPE-PERP	94.513	0.0100	get 0.0013% / 1h	48m 57s	—	$243K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Vest against Kalshi. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 VestbpOrdersPrice spread, now −0.075%Rate

Funding earned: $21
Price spread: −0.075% → −0.038%: −$3.7
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Vest: 1 bp × 2 orders: −$2
Net: $5.3
Costs to cover: 0.120%
Break-even: 5.2 days

Slippage unknown: Kalshi: live order book, 5 min ago; Vest: no order-book sample. Net counts fees only.

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	4.88 bp	10.1 bp −$10	13.7 bp −$137	22.0 bp −$2,198	doesn't fit
Sell Vest no order-book sample	—	—	—	—	—

Vest: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1176%	1h	94.252	−0.351%	$201K	$250K	7x	as long as short
Bluefin HYPE-PERP	−0.0341%	1h	94.447	−0.145%	$80K	$154K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0150%	1h	94.330	−0.269%	$711K	$1.2M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0132%	1h	94.368	−0.229%	$22K	$21K	10x	as long as short
Bullet HYPE-USD	−0.0119%	1h	94.479	−0.111%	$112K	$575K	20x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	94.485	−0.105%	$87K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.441	−0.151%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.423	−0.170%	$1.0M	$3.6M	10x	as long as short
Derive HYPE-PERP	−0.0026%	1h	94.425	−0.168%	$16.5M	$7.5M	10x	as long as short
Bybit HYPEUSDT	−0.0014%	8h	94.430	−0.163%	$317.6M	$289.5M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	−0.0012%	4h	94.465	−0.126%	—	$53.6M	—	as long as short
Orderly PERP_HYPE_USDC	−0.0002%	4h	94.453	−0.139%	$146K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.425	−0.169%	$129K	$60K	5x	as long as short
Kalshi KXHYPEPERPlong	0.0000%	8h	94.584	long leg	$1.9M	$5.6M	2.3x
Phoenix HYPE	0.0000%	1h	94.351	−0.246%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.446	−0.146%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.492	−0.097%	$117K	—	150x	as long as short
Bitget HYPEUSDT	+0.0036%	4h	94.435	−0.158%	$227.1M	$100.2M	75x	as long as short
Phemex HYPEUSDT	+0.0043%	8h	94.441	−0.151%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0058%	8h	94.482	−0.108%	$338K	$156K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.510	−0.078%	$4.7M	$6.2M	50x	as long as short
edgeX HYPEUSDC	+0.0084%	4h	94.405	−0.190%	$5.0M	$30.7M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0086%	8h	94.427	−0.166%	$117.7M	$324.3M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.476	−0.114%	$16.3M	$63.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.490	−0.099%	$3.2M	$10.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.462	−0.129%	$82K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.470	−0.121%	$29K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.430	−0.163%	$7.4M	$51.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.562	−0.023%	$2.08B	$689.1M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.468	−0.123%	$8.8M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.463	−0.128%	$10.2M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.462	−0.129%	$378.1M	$933.4M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.332	−0.267%	$218K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.460	−0.131%	$49.5M	$56.2M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.466	−0.125%	$91.0M	$82.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.480	−0.110%	$47.1M	$18.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.441	−0.151%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.347	−0.251%	$29.3M	$54.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.421	−0.172%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.418	−0.176%	$363K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.378	−0.218%	$682K	$2.7M	20x	as long as short
Vest HYPE-PERPshort	+0.0100%	1h	94.513	−0.075%	—	$243K	5x
Polymarket Perps HYPE-USD	+0.0100%	1h	94.493	−0.096%	$496K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.544	−0.042%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.473	−0.117%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.603	+0.020%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.427	−0.166%	$18.3M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.526	−0.062%	$400K	$159K	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0131%	1h	94.561	−0.024%	$7.4M	$4.3M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0021%	1h	94.522	−0.066%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.400	−0.195%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0222%	1h	94.542	−0.045%	$20.3M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.468	−0.123%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.451	−0.141%	$83K	$123K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.464	−0.127%	$17.1M	$12.4M	75x	as long as short