Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0160%/8h= +17.5% APRpaid last 24h +0.007%

Price spread now: Kalshi against Bullet+0.020%7-day average +0.021% · 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−$35as in the Price arb table

costs, in and out, $10k−$350.352% of the position

Long on Bullet Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.063%−$6 on $10k

Price spread, last 4 days (all we have)−0.038%−$4 · spread now +0.020%, 7d avg +0.021%

Together, before fees−0.101%−$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.021%, so right now this pair is about funding alone: +$5 a day on $10k at the current rate. Mind the row above: over the last 3 days funding on this pair cost −0.063%, 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	Bullet HYPE-USD	94.272	−0.0060	get 0.0008% / 1h	16m 42s	$112K	$579K	20x
Short	Kalshi KXHYPEPERP	94.291	0.0100	get 0.0100% / 8h	5h 16m	$1.8M	$5.6M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Bullet. 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 BulletbpFee KalshibpOrdersPrice spread, now +0.020%Rate

Funding earned: $33.66
Price spread: +0.020% → +0.021%: −$0.04
Slippage, 4 orders: −$17.19
Fee Bullet: 4 bp × 2 orders: −$8
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$1.58
Costs to cover: 0.352%
Break-even: 7.3 days

Slippage from Bullet: live order book, 27 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 Bullet live order book, 27 min ago	0.43 bp	5.6 bp −$6	9.6 bp −$96	doesn't fit	doesn't fit
Sell Kalshi live order book, 2 min ago	2.44 bp	10.5 bp −$10	11.5 bp −$115	19.0 bp −$1,901	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	−0.1080%	1h	94.200	−0.076%	$200K	$237K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0187%	1h	94.206	−0.070%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.286	+0.015%	$3K	$331	25x	as long as short
Bullet HYPE-USDlong	−0.0060%	1h	94.272	long leg	$112K	$579K	20x
Ondo Perps HYPE-USD.P	−0.0054%	1h	94.200	−0.076%	$709K	$1.2M	10x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	94.261	−0.012%	$86K	$368K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0013%	4h	94.191	−0.086%	$146K	$685K	20x	as long as short
Bluefin HYPE-PERP	−0.0012%	1h	94.222	−0.053%	$80K	$155K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.284	+0.013%	$129K	$26K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.272	0.000%	$19K	$290K	10x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	+0.0001%	8h	94.233	−0.041%	$317.0M	$289.4M	75x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.279	+0.008%	$84K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	94.307	+0.037%	$207K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0054%	4h	94.210	−0.066%	$227.1M	$99.3M	75x	as long as short
Phemex HYPEUSDT	+0.0058%	8h	94.180	−0.098%	$12.8M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0078%	8h	94.314	+0.044%	$337K	$156K	20x	as long as short
edgeX HYPEUSDC	+0.0084%	4h	94.244	−0.029%	$5.0M	$30.7M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.230	−0.045%	$1.0M	$3.5M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.270	−0.002%	$16.3M	$64.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.281	+0.010%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.241	−0.033%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.260	−0.013%	$17K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.267	−0.005%	$7.5M	$50.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.368	+0.102%	$2.08B	$687.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.277	+0.005%	$8.8M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.279	+0.007%	$10.2M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.268	−0.004%	$377.2M	$931.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.218	−0.057%	$115.9M	$318.5M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.231	−0.043%	$49.2M	$56.5M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.273	+0.001%	$90.1M	$85.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.277	+0.005%	$46.9M	$18.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.217	−0.058%	—	$53.6M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.269	−0.003%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.229	−0.046%	$29.0M	$56.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.298	+0.027%	$7.6M	$47.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.205	−0.071%	$362K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.276	+0.004%	$681K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.350	+0.082%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.278	+0.006%	$498K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.271	−0.001%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.237	−0.037%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.384	+0.119%	$1.4M	$6.8M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.275	+0.003%	$218K	$15K	10x	as long as short
Kalshi KXHYPEPERPshort	+0.0100%	8h	94.291	+0.020%	$1.8M	$5.6M	2.3x
Extended HYPE-USD	+0.0104%	1h	94.202	−0.074%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.247	−0.027%	$398K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.260	−0.013%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	94.310	+0.040%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0196%	1h	94.304	+0.034%	$7.5M	$4.3M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.610	+0.359%	$31K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.246	−0.027%	$77K	$129K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.245	−0.029%	$16.9M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0413%	1h	94.275	+0.003%	$20.2M	$30.4M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	94.275	+0.004%	$3.2M	$6.4M	20x	as long as short