Funding arb · Price arb /

VVV

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0868%/8h= −95.1% APRpaid last 24h −0.095%

Price spread now: Kalshi against Hyperliquid+0.018%7-day average −0.073% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.210%−$21 on $10k

Price spread, last 7 days−0.157%−$16 · spread now +0.018%, 7d avg −0.073%

Together, before fees−0.367%+ Points / potential airdropHyperliquid: Season 2 · farm board−$37 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.092% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.018% now, against its 7-day average of −0.073%): +$9 on $10k if it goes back. Holding the pair costs −$26 a day in funding at the current rate, which eats that in about 8 hours. At the pace of the last 7 days (−0.210% in total) that is about 3.1 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.210% in total (about -10.9% 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	Hyperliquid VVV	32.555	0.0868	pay 0.0109% / 1h	58m 41s	$75.4M	$55.2M	3x
Short	Kalshi KXVVVPERP	32.561	0	get 0.0000% / 8h	5h 58m	$107K	$6.8M	1.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Hyperliquid. 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 HyperliquidbpFee KalshibpOrdersPrice spread, now +0.018%Rate

Funding earned: −$182.32
Price spread: +0.018% → −0.073%: $9.18
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$192.14
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 5 min ago; Kalshi: live order book, 5 min ago. Net counts fees only.

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 Hyperliquid live order book, 5 min ago	0.15 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Kalshi live order book, 5 min ago	4.30 bp	14.4 bp −$14	24.7 bp −$247	doesn't fit	doesn't fit

VVV on 33 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
Deribit VVV_USDC-PERPETUAL	−0.0429%	1h	32.524	−0.096%	$92K	$23K	10x	as long as short
Kalshi KXVVVPERPshort	0.0000%	8h	32.561	+0.018%	$107K	$6.8M	1.7x
gTrade (Gains Network) VVV/USD	L +0.0004% / S −0.0004%	1h	32.511	−0.136%	$19K	—	150x	as long as short
Injective VVV/USDC PERP	+0.0033%	1h	32.820	+0.814%	$2K	$1K	5.5x	as long as short
BloFin VVV-USDT	+0.0042%	4h	32.512	−0.132%	$1.4M	$1.8M	25x	as long as short
Phoenix VVV	+0.0077%	1h	32.498	−0.175%	$57K	$291K	5x	as long as short
Lighter VVV	+0.0096%	1h	32.507	−0.147%	$2.2M	$5.4M	5x	as long as short
Lighter RH VVV	+0.0096%	1h	32.489	−0.203%	$485K	$1.6M	5x	as long as short
Nado VVV-PERP	+0.0100%	1h	32.491	−0.195%	$150K	$781K	3x	as long as short
Aster VVVUSDT	+0.0100%	4h	32.514	−0.126%	$276K	$1.8M	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VVV	+0.0100%	1h	32.503	−0.159%	$193K	$176K	10x	as long as short
Binance VVVUSDT	+0.0100%	4h	32.506	−0.151%	$34.3M	$155.7M	25x	as long as short
Bybit VVVUSDT	+0.0100%	4h	32.478	−0.238%	$40.0M	$52.3M	20x	as long as short
OKX VVV-USDT-SWAP	+0.0100%	4h	32.477	−0.240%	$4.8M	$42.7M	20x	as long as short
Gate VVV_USDT	+0.0100%	4h	32.494	−0.187%	$11.0M	$7.6M	25x	as long as short
MEXC VVV_USDT	+0.0100%	4h	32.515	−0.123%	$17.6M	$7.0M	50x	as long as short
KuCoin VVVUSDTM	+0.0100%	4h	32.488	−0.206%	$2.0M	$2.8M	20x	as long as short
Bitget VVVUSDT	+0.0100%	4h	32.480	−0.230%	$5.9M	$8.8M	20x	as long as short
BingX VVV-USDT	+0.0100%	4h	32.493	−0.190%	—	$5.4M	—	as long as short
Variational Omni VVV	+0.0100%	4h	32.611	+0.172%	$2.1M	$180K	—	as long as short
Polymarket Perps VVV-USD	+0.0100%	1h	32.464	−0.280%	$152K	$1.2M	3x	as long as short
Derive VVV-PERP	+0.0100%	1h	32.487	−0.209%	$1K	$1K	5x	as long as short
Phemex VVVUSDT	+0.0100%	4h	32.473	−0.252%	$2.1M	$2.0M	50x	as long as short
Paradex VVV-USD-PERP	+0.0100%	8h	32.480	−0.230%	$3K	$106	5x	as long as short
Extended VVV-USD	+0.0104%	1h	32.516	−0.119%	$321K	$1.6M	5x	as long as short
Aevo VVV-PERP	+0.0104%	1h	32.510	−0.140%	$7K	$13K	3x	as long as short
edgeX VVVUSDC	+0.0117%	4h	32.615	+0.184%	$81K	$332K	10x	as long as short
Coinbase International VVV-PERP-INTX	+0.0144%	1h	32.490	−0.200%	$200K	$1.1M	25x	as long as short
Backpack VVV_USDC_PERP	+0.0172%	1h	32.530	−0.076%	$125K	$377K	5x	as long as short
RISEx VVV/USDC	+0.0175%	1h	32.482	−0.224%	$403K	$582K	5x	as long as short
GMX VVV/USD [ETH-USDC]	L +0.0191% / S +0.0097%	1h	32.493	−0.189%	$566K	—	100x	as long as short
01 Exchange VVVUSD	+0.0728%	1h	32.513	−0.129%	$12K	$3K	3x	as long as short
Hyperliquid VVVlong	+0.0868%	1h	32.555	long leg	$75.4M	$55.2M	3x