Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0333%/8h= +36.5% APRpaid last 24h +0.001%

Price spread now: Kalshi against 01 Exchange+0.054%7-day average −0.005% · 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−$28as in the Price arb table

costs, in and out, $10k−$340.336% of the position

Long on 01 Exchange Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.066%−$7 on $10k

Price spread, last 4 days (all we have)+0.778%+$78 · spread now +0.054%, 7d avg −0.005%

Together, before fees+0.712%+$71 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Kalshi is 0.058% dearer against 01 Exchange than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.005%. Mind the row above: over the last 4 days funding on this pair cost −0.066%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.066% in total (about -6.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	01 Exchange HYPEUSD	93.246	−0.0056	get 0.0007% / 1h	27m 12s	$85K	$344K	20x
Short	Kalshi KXHYPEPERP	93.296	0.0277	get 0.0277% / 8h	1h 27m	$1.9M	$5.0M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against 01 Exchange. 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 01 ExchangebpFee KalshibpOrdersPrice spread, now +0.054%Rate

Funding earned: $70.02
Price spread: +0.054% → −0.005%: $5.84
Slippage, 4 orders: −$16.62
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $42.24
Costs to cover: 0.336%
Break-even: 2.8 days

Slippage from 01 Exchange: live order book, 37 min ago; Kalshi: live order book, 1 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 01 Exchange live order book, 37 min ago	0.80 bp	5.8 bp −$6	10.0 bp −$100	doesn't fit	doesn't fit
Sell Kalshi live order book, 1 min ago	2.62 bp	10.3 bp −$10	11.4 bp −$114	18.6 bp −$1,858	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	−0.1280%	1h	93.345	+0.106%	$197K	$227K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.150	−0.103%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0113%	1h	93.320	+0.079%	$699K	$996K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.305	+0.063%	$3K	$331	25x	as long as short
01 Exchange HYPEUSDlong	−0.0056%	1h	93.246	long leg	$85K	$344K	20x
Aftermath Perps HYPEUSD	−0.0047%	1h	93.402	+0.167%	$22K	$21K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0045%	4h	93.194	−0.056%	$153K	$652K	20x	as long as short
Phemex HYPEUSDT	−0.0038%	8h	93.261	+0.016%	$12.6M	$2.7M	50x	as long as short
Bullet HYPE-USD	−0.0019%	1h	93.217	−0.031%	$111K	$578K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.309	+0.068%	$128K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.273	+0.029%	$23K	$319K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.237	−0.010%	$61K	—	150x	as long as short
Aster HYPEUSDT	+0.0020%	4h	93.232	−0.015%	$8.8M	$35.5M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.609	+0.389%	$213K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0032%	4h	93.228	−0.019%	—	$53.0M	—	as long as short
Bybit HYPEUSDT	+0.0040%	8h	93.210	−0.039%	$320.6M	$276.8M	75x	as long as short
Gate HYPE_USDT	+0.0058%	4h	93.225	−0.023%	$44.6M	$55.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0074%	8h	93.223	−0.025%	$113.9M	$301.0M	50x	as long as short
Derive HYPE-PERP	+0.0083%	1h	93.192	−0.058%	$16.2M	$7.5M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.234	−0.013%	$16.2M	$61.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.233	−0.014%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.244	−0.002%	$69K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.289	+0.046%	$339K	$162K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.260	+0.015%	$17K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.254	+0.009%	$5.8M	$43.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.312	+0.071%	$2.04B	$654.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.278	+0.034%	$10.0M	$14.7M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.215	−0.033%	$378.2M	$876.0M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.364	+0.127%	$203K	$10K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.239	−0.008%	$89.7M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.251	+0.005%	$45.9M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.222	−0.026%	$225.4M	$96.5M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.278	+0.034%	$7.4M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.546	+0.322%	$31.2M	$53.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.348	+0.109%	$7.5M	$45.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.581	+0.359%	$340K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.415	+0.181%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.305	+0.064%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.280	+0.036%	$471K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.188	−0.062%	$79K	$170K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.290	+0.047%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.215	−0.033%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.189	−0.061%	$18.4M	$43.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.222	−0.025%	$397K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0111%	4h	93.350	+0.112%	$5.1M	$29.0M	30x	as long as short
HTX HYPE-USDT	+0.0174%	4h	93.442	+0.210%	$1.4M	$6.0M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.280	+0.036%	$4.8M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0258%	1h	93.231	−0.016%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERPshort	+0.0277%	8h	93.296	+0.054%	$1.9M	$5.0M	2.3x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.251	+0.005%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.252	+0.006%	$16.9M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0501%	1h	93.312	+0.071%	$7.4M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.334	+0.094%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.150	−0.103%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0686%	1h	93.281	+0.038%	$20.7M	$29.7M	50x	as long as short