Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.002%

Price spread now: Kalshi against MEXC+0.074%7-day average −0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$270.266% of the position

Long on MEXC Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.161%−$16 on $10k

Price spread, last 7 days−0.056%−$6 · spread now +0.074%, 7d avg −0.002%

Together, before fees−0.216%−$22 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.076% dearer against MEXC than usual: you sell high and buy low (spread +0.074% now, against its 7-day average of −0.002%): +$8 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC HYPE_USDT	94.609	0.0100	pay 0.0050% / 4h	3h 36m	$93.8M	$85.9M	100x
Short	Kalshi KXHYPEPERP	94.679	0	get 0.0000% / 8h	3h 36m	$1.8M	$5.6M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against MEXC. 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 MEXCbpFee KalshibpOrdersPrice spread, now +0.074%Rate

Funding earned: −$21
Price spread: +0.074% → −0.002%: $7.6
Slippage, 4 orders: −$12.61
Fee MEXC: 2 bp × 2 orders: −$4
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$40.01
Costs to cover: 0.266%
Break-even: never at this rate

Slippage from MEXC: live order book, 3 min ago; Kalshi: live order book, 2 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 MEXC live order book, 3 min ago	0.21 bp	2.2 bp −$2	3.2 bp −$32	7.4 bp −$742	37.5 bp −$18.7K
Sell Kalshi live order book, 2 min ago	2.17 bp	10.4 bp −$10	11.9 bp −$119	20.1 bp −$2,007	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	94.507	−0.107%	$207K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0615%	1h	94.589	−0.021%	$80K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0314%	1h	94.681	+0.076%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0200%	1h	94.618	+0.009%	$112K	$578K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0148%	1h	94.530	−0.084%	$704K	$1.3M	10x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.585	−0.025%	$1.0M	$3.5M	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.607	−0.002%	$90K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.588	−0.022%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0080%	4h	94.588	−0.022%	$51.4M	$54.9M	75x	as long as short
Phemex HYPEUSDT	−0.0060%	8h	94.610	+0.001%	$12.9M	$2.9M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.607	−0.002%	$19.0M	$35.3M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	94.596	−0.014%	$147K	$682K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.650	+0.044%	$130K	$94K	5x	as long as short
Bybit HYPEUSDT	0.0000%	8h	94.569	−0.042%	$318.2M	$296.5M	75x	as long as short
Kalshi KXHYPEPERPshort	0.0000%	8h	94.679	+0.074%	$1.8M	$5.6M	2.3x
Perpl HYPE	0.0000%	43m	94.603	−0.007%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.630	+0.022%	$95K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.747	+0.146%	$210K	$1.2M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.600	−0.010%	$4.7M	$6.4M	50x	as long as short
Bitget HYPEUSDT	+0.0026%	4h	94.590	−0.020%	$227.2M	$99.7M	75x	as long as short
Derive HYPE-PERP	+0.0045%	1h	94.575	−0.036%	$16.3M	$7.5M	10x	as long as short
Vest HYPE-PERP	+0.0048%	1h	94.666	+0.060%	—	$190K	5x	as long as short
OKX HYPE-USDT-SWAP	+0.0052%	8h	94.574	−0.037%	$118.1M	$329.5M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0052%	8h	94.638	+0.030%	$338K	$154K	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0056%	1h	94.699	+0.095%	$7.5M	$4.4M	50x	as long as short
SoDEX HYPE-USD	+0.0092%	1h	94.631	+0.023%	$2.1M	$2.0M	10x	as long as short
edgeX HYPEUSDC	+0.0096%	4h	94.547	−0.065%	$5.0M	$30.8M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.617	+0.008%	$16.2M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.621	+0.013%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.586	−0.024%	$148K	$1.3M	50x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.606	−0.003%	$7.6M	$10.7M	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.560	−0.052%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.608	−0.001%	$7.3M	$51.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.732	+0.130%	$2.08B	$685.8M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.582	−0.029%	$9.7M	$37.6M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.632	+0.024%	$10.2M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.605	−0.004%	$381.0M	$938.8M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.564	−0.048%	$220K	$14K	10x	as long as short
MEXC HYPE_USDTlong	+0.0100%	4h	94.609	long leg	$93.8M	$85.9M	100x
KuCoin HYPEUSDTM	+0.0100%	4h	94.591	−0.019%	$47.2M	$19.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.585	−0.025%	—	$53.5M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	94.549	−0.063%	$30.0M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.563	−0.049%	$7.6M	$44.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.555	−0.057%	$345K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.556	−0.056%	$694K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.675	+0.070%	$499K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.675	+0.070%	$33K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.750	+0.149%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.566	−0.046%	$18.4M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.610	+0.001%	$400K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.633	+0.026%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.593%	$31K	$340K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.595	−0.015%	$85K	$118K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	94.658	+0.052%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.614	+0.005%	$17.3M	$12.6M	75x	as long as short