Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0056%/8h= +6.1% APRpaid last 24h −0.024%

Price spread now: 01 Exchange against Kalshi+0.008%7-day average +0.003% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$330.334% of the position

Long on Kalshi Short on 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.042%+$4 on $10k

Price spread, last 4 days (all we have)+0.414%+$41 · spread now +0.008%, 7d avg +0.003%

Together, before fees+0.456%+$46 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.003%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXHYPEPERP	92.955	0	get 0.0000% / 8h	7h 43m	$1.8M	$5.4M	2.3x
Short	01 Exchange HYPEUSD	92.962	0.0056	get 0.0007% / 1h	43m 28s	$87K	$362K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now +0.008%Rate

Funding earned: $11.76
Price spread: +0.008% → +0.003%: $0.43
Slippage, 4 orders: −$16.39
Fee Kalshi: 5 bp × 2 orders: −$10
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$21.19
Costs to cover: 0.334%
Break-even: 19.6 days

Slippage from Kalshi: live order book, 5 min ago; 01 Exchange: live order book, 11 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	3.33 bp	10.4 bp −$10	13.0 bp −$130	19.7 bp −$1,969	doesn't fit
Sell 01 Exchange live order book, 11 min ago	0.16 bp	5.9 bp −$6	10.4 bp −$104	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
Hibachi HYPE/USDT-P	−0.0976%	1h	92.719	−0.254%	$193K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0272%	1h	92.888	−0.072%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.885	−0.075%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.870	−0.091%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0062%	4h	92.893	−0.067%	$158K	$667K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.929	−0.028%	$127K	$29K	5x	as long as short
Kalshi KXHYPEPERPlong	0.0000%	8h	92.955	long leg	$1.8M	$5.4M	2.3x
Perpl HYPE	0.0000%	43m	92.963	+0.008%	$22K	$301K	10x	as long as short
Bullet HYPE-USD	+0.0002%	1h	92.910	−0.049%	$112K	$577K	20x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.930	−0.027%	$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	−0.060%	$210K	$1.2M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0027%	1h	92.870	−0.091%	$698K	$1.1M	10x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.900	−0.059%	$316.2M	$282.7M	75x	as long as short
Gate HYPE_USDT	+0.0046%	4h	92.942	−0.014%	$44.8M	$53.9M	75x	as long as short
Phemex HYPEUSDT	+0.0046%	8h	92.922	−0.036%	$12.5M	$2.7M	50x	as long as short
01 Exchange HYPEUSDshort	+0.0056%	1h	92.962	+0.008%	$87K	$362K	20x
Bitget HYPEUSDT	+0.0072%	4h	92.896	−0.063%	$225.0M	$99.1M	75x	as long as short
Aster HYPEUSDT	+0.0095%	4h	92.939	−0.017%	$8.7M	$36.1M	300x	as long as short
Lighter HYPE	+0.0096%	1h	92.954	−0.001%	$16.0M	$62.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.952	−0.003%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.923	−0.034%	$70K	$1.1M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	92.963	+0.009%	$339K	$163K	20x	as long as short
edgeX HYPEUSDC	+0.0099%	4h	92.872	−0.089%	$4.9M	$29.6M	30x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.900	−0.059%	$39K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.933	−0.024%	$7.4M	$45.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.969	+0.015%	$2.03B	$665.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.948	−0.008%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.925	−0.033%	$373.5M	$904.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.905	−0.054%	$113.9M	$304.5M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.923	−0.034%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.936	−0.020%	$87.3M	$80.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.931	−0.026%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.917	−0.041%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.934	−0.023%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.879	−0.082%	$28.6M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.881	−0.080%	$7.5M	$46.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.846	−0.117%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.888	−0.072%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.978	+0.025%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.966	+0.012%	$469K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.896	−0.063%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.875	−0.086%	$16.0M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.919	−0.039%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.914	−0.044%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.875	−0.086%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.927	−0.030%	$393K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.950	−0.005%	$4.7M	$5.6M	50x	as long as short
HTX HYPE-USDT	+0.0169%	4h	93.057	+0.110%	$1.4M	$6.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.980	+0.027%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.860	−0.102%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0264%	1h	92.939	−0.018%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.940	−0.016%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.796	−0.171%	$16.7M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0406%	1h	93.004	+0.053%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.986	+0.033%	$3.2M	$6.4M	20x	as long as short