Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0278%/8h= +30.4% APRpaid last 24h −0.012%

Price spread now: Kalshi against Aster+0.047%7-day average +0.015% · 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−$25as in the Price arb table

costs, in and out, $10k−$280.283% of the position

Long on Aster Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.149%−$15 on $10k

Price spread, last 7 days+0.067%+$7 · spread now +0.047%, 7d avg +0.015%

Together, before fees−0.082%+ Points / potential airdropAster: Stage 5 · farm board−$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Kalshi is 0.032% dearer against Aster than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.015%. Mind the row above: over the last 7 days funding on this pair cost −0.149%, 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 7 days it paid -0.149% in total (about -7.8% 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	Aster HYPEUSDT	93.044	−0.0004	get 0.0002% / 4h	1h 55m	$8.8M	$35.4M	300x
Short	Kalshi KXHYPEPERP	93.088	0.0273	get 0.0273% / 8h	1h 55m	$1.9M	$4.8M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Aster. 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 AsterbpFee KalshibpOrdersPrice spread, now +0.047%Rate

Funding earned: $58.31
Price spread: +0.047% → +0.015%: $3.18
Slippage, 4 orders: −$10.35
Fee Aster: 4 bp × 2 orders: −$8
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $33.15
Costs to cover: 0.283%
Break-even: 3.0 days

Slippage from Aster: live order book, 4 min ago; Kalshi: live order book, 4 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 Aster live order book, 4 min ago	0.05 bp	4.1 bp −$4	4.5 bp −$45	11.2 bp −$1,119	doesn't fit
Sell Kalshi live order book, 4 min ago	2.47 bp	7.6 bp −$8	12.4 bp −$124	19.1 bp −$1,912	doesn't fit

HYPE on 54 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	−0.1144%	1h	93.108	+0.068%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	92.891	−0.164%	$1.2M	$3.8M	10x	as long as short
Bluefin HYPE-PERP	−0.0329%	1h	92.965	−0.085%	$79K	$170K	20x	as long as short
ApeX Omni HYPEUSDT	−0.0172%	1h	93.008	−0.039%	$336K	$1.0M	50x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	93.000	−0.047%	$84K	$346K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.041	−0.003%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0051%	4h	92.984	−0.064%	$155K	$639K	20x	as long as short
Bullet HYPE-USD	−0.0045%	1h	93.012	−0.034%	$111K	$578K	20x	as long as short
Aster HYPEUSDTlong	−0.0004%	4h	93.044	long leg	$8.8M	$35.4M	300x
Phemex HYPEUSDT	−0.0002%	8h	93.040	−0.004%	$12.6M	$2.7M	50x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	93.063	+0.021%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.011	−0.036%	$22K	$321K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.020	−0.025%	$25K	—	150x	as long as short
BingX HYPE-USDT	+0.0008%	4h	93.042	−0.002%	—	$53.2M	—	as long as short
Aftermath Perps HYPEUSD	+0.0017%	1h	93.219	+0.188%	$22K	$21K	10x	as long as short
Bybit HYPEUSDT	+0.0017%	8h	93.050	+0.006%	$320.4M	$275.8M	75x	as long as short
Gate HYPE_USDT	+0.0030%	4h	93.054	+0.011%	$44.4M	$54.2M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0034%	1h	93.000	−0.047%	$696K	$906K	10x	as long as short
Phoenix HYPE	+0.0060%	1h	93.056	+0.013%	$210K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0076%	4h	93.036	−0.009%	$87.6M	$79.8M	100x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	93.073	+0.031%	$114.2M	$300.2M	50x	as long as short
Binance HYPEUSDT	+0.0077%	4h	93.069	+0.027%	$378.4M	$872.9M	75x	as long as short
edgeX HYPEUSDC	+0.0091%	4h	92.963	−0.087%	$5.0M	$29.7M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.064	+0.021%	$16.3M	$61.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.030	−0.015%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.986	−0.062%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.041	−0.003%	$338K	$162K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.990	−0.058%	$38K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.022	−0.024%	$5.7M	$43.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.145	+0.109%	$2.03B	$659.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.035	−0.010%	$10.0M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.046	+0.002%	$46.0M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.043	−0.001%	$225.1M	$96.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.044	0.000%	$7.3M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.170	+0.135%	$31.0M	$54.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.978	−0.071%	$7.5M	$46.3M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.240	+0.211%	$665K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.069	+0.027%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.011	−0.035%	$473K	$2.4M	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.962	−0.088%	$16.1M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.110	+0.071%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.000	−0.047%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.998	−0.050%	$202K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.978	−0.071%	$18.3M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.996	−0.051%	$396K	$170K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.070	+0.028%	$4.9M	$5.4M	50x	as long as short
HTX HYPE-USDT	+0.0211%	4h	93.167	+0.132%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0256%	1h	92.984	−0.065%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERPshort	+0.0273%	8h	93.088	+0.047%	$1.9M	$4.8M	2.3x
Deribit HYPE_USDC-PERPETUAL	+0.0287%	1h	93.079	+0.038%	$7.4M	$4.4M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.028	−0.017%	$1.4M	—	100x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.090	+0.049%	$3.2M	$6.7M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	92.930	−0.123%	$30K	$338K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0687%	1h	93.071	+0.029%	$20.7M	$30.0M	50x	as long as short