Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0010%/8h= +1.1% APRpaid last 24h 0.000%

Price spread now: Kalshi against KuCoin+0.024%7-day average +0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs−$62as in the Funding arb table

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

costs, in and out, $10k−$460.460% of the position

Long on KuCoin Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.163%−$16 on $10k

Price spread, last 7 days+0.012%+$1 · spread now +0.024%, 7d avg +0.002%

Together, before fees−0.152%−$15 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and Kalshi is 0.021% dearer against KuCoin than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.002%. Mind the row above: over the last 7 days funding on this pair cost −0.163%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin HYPEUSDTM	93.480	0.0100	pay 0.0050% / 4h	2h 45m	$46.8M	$18.7M	75x
Short	Kalshi KXHYPEPERP	93.502	0.0110	get 0.0110% / 8h	6h 45m	$1.8M	$5.6M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against KuCoin. 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 KuCoinbpFee KalshibpOrdersPrice spread, now +0.024%Rate

Funding earned: $2.16
Price spread: +0.024% → +0.002%: $2.14
Slippage, 4 orders: −$24.03
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$41.73
Costs to cover: 0.460%
Break-even: 142.1 days

Slippage from KuCoin: live order book, 8 min ago; Kalshi: live order book, 3 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 KuCoin live order book, 8 min ago	0.05 bp	11.4 bp −$11	15.6 bp −$156	doesn't fit	doesn't fit
Sell Kalshi live order book, 3 min ago	3.31 bp	13.0 bp −$13	14.5 bp −$145	19.4 bp −$1,937	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	−0.1824%	1h	93.430	−0.053%	$196K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0377%	1h	93.530	+0.053%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.503	+0.025%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0038%	1h	93.441	−0.042%	$111K	$578K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0029%	4h	93.422	−0.062%	$146K	$663K	20x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.477	−0.003%	$88K	$366K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0021%	1h	93.350	−0.139%	$702K	$1.2M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.502	+0.024%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.450	−0.032%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.470	−0.011%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus HYPE-USD	+0.0011%	1h	93.414	−0.071%	$1.0M	$3.9M	10x	as long as short
Bitget HYPEUSDT	+0.0018%	4h	93.473	−0.007%	$226.2M	$98.8M	75x	as long as short
Bybit HYPEUSDT	+0.0023%	8h	93.460	−0.021%	$317.8M	$283.8M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.637	+0.168%	$209K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0027%	8h	93.453	−0.029%	$12.6M	$2.7M	50x	as long as short
edgeX HYPEUSDC	+0.0093%	4h	93.500	+0.021%	$5.0M	$30.0M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	93.483	+0.003%	$340K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.469	−0.012%	$16.1M	$63.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.463	−0.018%	$3.1M	$11.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.453	−0.029%	$77K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.440	−0.043%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.430	−0.054%	$7.8M	$48.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.512	+0.034%	$2.04B	$667.9M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.459	−0.022%	$8.7M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.466	−0.015%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.466	−0.015%	$374.8M	$911.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.478	−0.002%	$114.7M	$309.3M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.614	+0.144%	$204K	$3K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.467	−0.014%	$46.5M	$54.0M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.485	+0.005%	$91.8M	$80.3M	100x	as long as short
KuCoin HYPEUSDTMlong	+0.0100%	4h	93.480	long leg	$46.8M	$18.7M	75x
BingX HYPE-USDT	+0.0100%	4h	93.465	−0.016%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.500	+0.021%	$7.3M	$10.9M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.419	−0.066%	$28.7M	$56.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.675	+0.209%	$7.6M	$47.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.596	+0.124%	$343K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.699	+0.234%	$670K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.520	+0.042%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.465	−0.016%	$490K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.437	−0.046%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.420	−0.064%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.420	−0.064%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.452	−0.030%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.608	+0.137%	$1.4M	$6.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.452	−0.030%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.429	−0.054%	$395K	$161K	20x	as long as short
Kalshi KXHYPEPERPshort	+0.0110%	8h	93.502	+0.024%	$1.8M	$5.6M	2.3x
Injective HYPE/USDC PERP	+0.0122%	1h	93.560	+0.086%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.550	+0.075%	$4.8M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0268%	1h	93.435	−0.049%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.466	−0.015%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.441	−0.042%	$16.8M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0341%	1h	93.519	+0.042%	$20.8M	$29.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0510%	1h	93.551	+0.076%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.508	+0.030%	$3.2M	$6.3M	20x	as long as short