Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0015%/8h= +1.6% APRpaid last 24h −0.007%

Price spread now: Kalshi against Aevo+0.020%7-day average +0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$480.475% of the position

Long on Aevo Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.181%−$18 on $10k

Price spread, last 4 days (all we have)+0.077%+$8 · spread now +0.020%, 7d avg +0.029%

Together, before fees−0.105%−$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.029%, so right now this pair is about funding alone: $0 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.181%, 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	Aevo HYPE-PERP	94.288	0.0104	pay 0.0013% / 1h	2m 35s	$399K	$159K	20x
Short	Kalshi KXHYPEPERP	94.307	0.0119	get 0.0119% / 8h	6h 02m	$1.8M	$5.6M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Aevo. 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 AevobpFee KalshibpOrdersPrice spread, now +0.020%Rate

Funding earned: $3.15
Price spread: +0.020% → +0.029%: −$0.86
Slippage, 4 orders: −$21.51
Fee Aevo: 8 bp × 2 orders: −$16
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$45.21
Costs to cover: 0.475%
Break-even: 107.4 days

Slippage from Aevo: live order book, 46 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 Aevo live order book, 46 min ago	7.18 bp	15.4 bp −$15	17.9 bp −$179	23.3 bp −$2,333	doesn't fit
Sell Kalshi live order book, 1 min ago	2.49 bp	7.8 bp −$8	12.8 bp −$128	20.4 bp −$2,041	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	−0.1288%	1h	94.273	−0.016%	$201K	$241K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0311%	1h	94.294	+0.007%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.328	+0.042%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0015%	4h	94.245	−0.046%	$150K	$681K	20x	as long as short
Bullet HYPE-USD	0.0000%	1h	94.266	−0.024%	$112K	$580K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.272	−0.017%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	94.236	−0.055%	$87K	$372K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.263	−0.027%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.260	−0.030%	$63K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	94.198	−0.095%	$1.0M	$4.0M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	+0.0019%	8h	94.190	−0.104%	$318.2M	$287.1M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	94.438	+0.159%	$211K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0036%	8h	94.265	−0.024%	$12.8M	$2.8M	50x	as long as short
Bitget HYPEUSDT	+0.0038%	4h	94.201	−0.092%	$227.2M	$99.4M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0059%	1h	94.220	−0.072%	$711K	$1.2M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	94.240	−0.051%	$342K	$158K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.213	−0.080%	$16.4M	$63.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.217	−0.075%	$3.2M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.218	−0.074%	$78K	$1.2M	50x	as long as short
edgeX HYPEUSDC	+0.0098%	4h	94.343	+0.059%	$5.0M	$30.4M	30x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.230	−0.062%	$30K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.245	−0.045%	$7.1M	$49.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.315	+0.029%	$2.07B	$680.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.220	−0.072%	$8.8M	$37.0M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.237	−0.054%	$10.2M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.220	−0.072%	$378.7M	$925.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.189	−0.105%	$116.4M	$317.5M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.213	−0.079%	$217K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.205	−0.088%	$48.2M	$55.9M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.221	−0.071%	$91.0M	$82.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.226	−0.066%	$46.5M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.206	−0.087%	—	$53.7M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.328	+0.042%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.388	+0.107%	$28.9M	$56.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.427	+0.147%	$7.7M	$48.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.313	+0.027%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.316	+0.030%	$675K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.303	+0.016%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.254	−0.036%	$478K	$2.8M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.279	−0.010%	$80K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	94.269	−0.021%	$16.3M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.313	+0.027%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.289	+0.001%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.400	+0.119%	$1.4M	$6.6M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.175	−0.120%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERPlong	+0.0104%	1h	94.288	long leg	$399K	$159K	20x
Kalshi KXHYPEPERPshort	+0.0119%	8h	94.307	+0.020%	$1.8M	$5.6M	2.3x
Injective HYPE/USDC PERP	+0.0122%	1h	94.610	+0.342%	$31K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.460	+0.182%	$4.7M	$6.1M	50x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.243	−0.047%	$77K	$130K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	94.255	−0.035%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0338%	1h	94.374	+0.091%	$21.0M	$29.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.285	−0.003%	$16.8M	$12.3M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0354%	1h	94.374	+0.091%	$7.5M	$4.1M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	94.269	−0.020%	$3.2M	$6.3M	20x	as long as short