Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0016%/8h= −1.8% APRpaid last 24h −0.007%

Price spread now: Kalshi against Coinbase International+0.087%7-day average +0.054% · you sell dearer than you buy

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$370.368% of the position

Long on Coinbase International Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.074%−$7 on $10k

Price spread, last 4 days (all we have)+0.019%+$2 · spread now +0.087%, 7d avg +0.054%

Together, before fees−0.055%−$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.033% dearer against Coinbase International than usual: you sell high and buy low (spread +0.087% now, against its 7-day average of +0.054%): +$3 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 6.8 days. At the pace of the last 7 days (−0.074% in total) that is about 3.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International HYPE-PERP-INTX	93.560	0.0120	pay 0.0015% / 1h	28m 53s	$4.7M	$6.1M	50x
Short	Kalshi KXHYPEPERP	93.641	0.0104	get 0.0104% / 8h	5h 28m	$1.8M	$5.6M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Coinbase International. 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 Coinbase InternationalbpFee KalshibpOrdersPrice spread, now +0.087%Rate

Funding earned: −$3.37
Price spread: +0.087% → +0.054%: $3.25
Slippage, 4 orders: −$16.84
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$36.96
Costs to cover: 0.368%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 5 min ago; Kalshi: live order book, 5 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 Coinbase International live order book, 5 min ago	3.21 bp	8.2 bp −$8	13.9 bp −$139	34.4 bp −$3,444	doesn't fit
Sell Kalshi live order book, 5 min ago	3.42 bp	11.4 bp −$11	12.6 bp −$126	18.1 bp −$1,815	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	−0.1000%	1h	93.453	−0.114%	$198K	$240K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0194%	1h	93.516	−0.047%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0083%	1h	93.420	−0.150%	$703K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.565	+0.005%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0079%	1h	93.558	−0.002%	$111K	$579K	20x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.613	+0.057%	$86K	$367K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0019%	4h	93.531	−0.031%	$145K	$685K	20x	as long as short
Bluefin HYPE-PERP	−0.0012%	1h	93.561	+0.001%	$79K	$155K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.519	−0.044%	$128K	$26K	5x	as long as short
Bybit HYPEUSDT	0.0000%	8h	93.534	−0.028%	$315.6M	$287.3M	75x	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	93.608	+0.051%	$20K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.520	−0.043%	$83K	—	150x	as long as short
BingX HYPE-USDT	+0.0002%	4h	93.552	−0.009%	—	$53.6M	—	as long as short
Derive HYPE-PERP	+0.0007%	1h	93.302	−0.275%	$16.2M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0017%	1h	93.508	−0.056%	$208K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0046%	4h	93.552	−0.009%	$225.4M	$99.5M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0077%	8h	93.618	+0.062%	$334K	$161K	20x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.570	+0.011%	$1.0M	$4.0M	10x	as long as short
Phemex HYPEUSDT	+0.0092%	8h	93.566	+0.006%	$12.8M	$2.8M	50x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	93.451	−0.116%	$5.0M	$30.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.554	−0.006%	$16.1M	$64.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.562	+0.002%	$3.1M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.593	+0.035%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.570	+0.011%	$21K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.573	+0.014%	$7.5M	$50.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.636	+0.081%	$2.05B	$682.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.573	+0.014%	$8.8M	$37.0M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.613	+0.057%	$10.1M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.558	−0.002%	$374.3M	$929.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.542	−0.019%	$115.4M	$314.6M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.555	−0.005%	$48.6M	$55.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.559	−0.001%	$90.5M	$84.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.554	−0.006%	$46.3M	$18.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.561	+0.001%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.449	−0.119%	$28.7M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.492	−0.072%	$7.5M	$48.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.494	−0.071%	$354K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.548	−0.013%	$678K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.628	+0.073%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.597	+0.040%	$470K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.644	+0.090%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.545	−0.016%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.700	+0.150%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.438	−0.130%	$216K	$15K	10x	as long as short
Kalshi KXHYPEPERPshort	+0.0104%	8h	93.641	+0.087%	$1.8M	$5.6M	2.3x
Extended HYPE-USD	+0.0104%	1h	93.533	−0.029%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.559	−0.001%	$395K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTXlong	+0.0120%	1h	93.560	long leg	$4.7M	$6.1M	50x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0152% / S +0.0022%	1h	93.515	−0.048%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.530	−0.032%	$30K	$339K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0241%	1h	93.637	+0.082%	$7.5M	$4.2M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.535	−0.027%	$77K	$129K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.572	+0.013%	$16.9M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0415%	1h	93.619	+0.063%	$20.9M	$29.5M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.563	+0.004%	$3.2M	$6.4M	20x	as long as short