Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0223%/8h= −24.5% APRpaid last 24h −0.047%

Price spread now: Kalshi against Kraken Futures+0.014%7-day average −0.008% · you sell dearer than you buy

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$380.376% of the position

Long on Kraken Futures Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.298%−$30 on $10k

Price spread, last 4 days (all we have)+0.058%+$6 · spread now +0.014%, 7d avg −0.008%

Together, before fees−0.240%−$24 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.022% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.014% now, against its 7-day average of −0.008%): +$2 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 8 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_HYPEUSD	94.182	0.0223	pay 0.0028% / 1h	34m 33s	$20.2M	$30.3M	50x
Short	Kalshi KXHYPEPERP	94.195	0	get 0.0000% / 8h	4h 34m	$1.8M	$5.6M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Kraken Futures. 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 Kraken FuturesbpFee KalshibpOrdersPrice spread, now +0.014%Rate

Funding earned: −$46.9
Price spread: +0.014% → −0.008%: $2.18
Slippage, 4 orders: −$17.58
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$82.31
Costs to cover: 0.376%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 5 min ago; Kalshi: live order book, 4 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 Kraken Futures live order book, 5 min ago	0.05 bp	6.3 bp −$6	8.7 bp −$87	15.0 bp −$1,499	58.3 bp −$29.2K
Sell Kalshi live order book, 4 min ago	3.29 bp	10.7 bp −$11	11.6 bp −$116	16.7 bp −$1,666	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	−0.1648%	1h	93.965	−0.229%	$201K	$251K	7x	as long as short
Bluefin HYPE-PERP	−0.0385%	1h	94.092	−0.095%	$80K	$153K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0238%	1h	94.110	−0.076%	$710K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0216%	1h	94.089	−0.098%	$111K	$576K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0133%	1h	94.340	+0.168%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	94.253	+0.076%	$87K	$368K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.101	−0.086%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0054%	1h	94.043	−0.148%	$16.4M	$7.5M	10x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.180	−0.002%	$1.0M	$3.6M	10x	as long as short
Bybit HYPEUSDT	−0.0019%	8h	94.189	+0.008%	$316.7M	$289.4M	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	−0.0016%	4h	94.186	+0.005%	—	$53.2M	—	as long as short
Orderly PERP_HYPE_USDC	−0.0002%	4h	94.052	−0.138%	$146K	$684K	20x	as long as short
Lighter HYPE	0.0000%	1h	94.114	−0.072%	$16.3M	$64.2M	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.135	−0.049%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERPshort	0.0000%	8h	94.195	+0.014%	$1.8M	$5.6M	2.3x
Phoenix HYPE	0.0000%	1h	94.186	+0.005%	$208K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.137	−0.048%	$19K	$288K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.118	−0.068%	$122K	—	150x	as long as short
Polymarket Perps HYPE-USD	+0.0033%	1h	94.116	−0.070%	$494K	$2.8M	20x	as long as short
Bitget HYPEUSDT	+0.0036%	4h	94.174	−0.008%	$226.4M	$99.8M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0042%	8h	94.166	−0.017%	$336K	$156K	20x	as long as short
Phemex HYPEUSDT	+0.0051%	8h	94.175	−0.007%	$12.8M	$2.9M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.180	−0.002%	$4.7M	$6.2M	50x	as long as short
SoDEX HYPE-USD	+0.0077%	1h	94.114	−0.072%	$2.0M	$1.9M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0078%	8h	94.184	+0.003%	$117.6M	$324.1M	50x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.140	−0.044%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.230	+0.051%	$81K	$1.2M	50x	as long as short
Gate HYPE_USDT	+0.0096%	4h	94.181	−0.001%	$49.7M	$56.6M	75x	as long as short
edgeX HYPEUSDC	+0.0098%	4h	94.144	−0.040%	$5.0M	$30.7M	30x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.250	+0.073%	$30K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.125	−0.060%	$6.9M	$52.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.240	+0.062%	$2.07B	$688.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.214	+0.034%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.159	−0.024%	$10.1M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.212	+0.032%	$377.3M	$934.8M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.280	+0.104%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.137	−0.047%	$89.2M	$83.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.124	−0.061%	$46.7M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.151	−0.032%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.087	−0.101%	$29.4M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.380	+0.210%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.095	−0.092%	$368K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.190	+0.009%	$681K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.185	+0.004%	—	$190K	5x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.147	−0.037%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.233	+0.055%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.170	−0.013%	$18.3M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.100	−0.086%	$398K	$159K	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0132%	1h	94.195	+0.014%	$7.4M	$4.3M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0021%	1h	94.145	−0.039%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.050	−0.140%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0223%	1h	94.182	long leg	$20.2M	$30.3M	50x
RISEx HYPE/USDC	+0.0249%	1h	94.242	+0.064%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.077	−0.111%	$84K	$125K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.143	−0.041%	$17.0M	$12.3M	75x	as long as short