Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0097%/8h= +10.6% APRpaid last 24h +0.008%

Price spread now: Kalshi against Derive+0.257%366s7-day average +0.063% · you sell dearer than you buy

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

Long on Derive Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.146%−$15 on $10k

Price spread, last 4 days (all we have)−0.156%−$16 · spread now +0.257%, 7d avg +0.063%

Together, before fees−0.302%−$30 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Kalshi is 0.194% dearer against Derive than usual: you sell high and buy low: +$19 more if the spread goes back to its 7-day average of +0.063%. Mind the row above: over the last 7 days funding on this pair cost −0.146%, so the current rate has only just turned in your favour. The two prices were read 366 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive HYPE-PERP	93.302	0.0007	pay 0.0001% / 1h	29m 34s	$16.2M	$7.5M	10x
Short	Kalshi KXHYPEPERP	93.542	0.0104	get 0.0104% / 8h	5h 29m	$1.8M	$5.6M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Derive. 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 DerivebpFee KalshibpOrdersPrice spread, now +0.257%Rate

Funding earned: $20.39
Price spread: +0.257% → +0.063%: $19.39
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $23.78
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Derive: no order-book sample; Kalshi: live order book, 4 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 Derive no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 4 min ago	3.42 bp	11.4 bp −$11	12.6 bp −$126	18.1 bp −$1,815	doesn't fit

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	+0.161%	$198K	$240K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0194%	1h	93.498	+0.209%	$22K	$21K	10x	as long as short
Bullet HYPE-USD	−0.0086%	1h	93.533	+0.247%	$111K	$579K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0083%	1h	93.420	+0.126%	$703K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.565	+0.281%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.613	+0.333%	$86K	$367K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0021%	4h	93.537	+0.251%	$145K	$685K	20x	as long as short
Bluefin HYPE-PERP	−0.0017%	1h	93.544	+0.259%	$79K	$155K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.519	+0.232%	$128K	$26K	5x	as long as short
Bybit HYPEUSDT	0.0000%	8h	93.560	+0.276%	$315.7M	$287.9M	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	+0.327%	$20K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.520	+0.233%	$83K	—	150x	as long as short
BingX HYPE-USDT	+0.0002%	4h	93.573	+0.290%	—	$53.5M	—	as long as short
Derive HYPE-PERPlong	+0.0007%	1h	93.302	long leg	$16.2M	$7.5M	10x
Phoenix HYPE	+0.0017%	1h	93.508	+0.220%	$208K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0046%	4h	93.571	+0.288%	$225.4M	$99.5M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0077%	8h	93.618	+0.338%	$334K	$161K	20x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.570	+0.287%	$1.0M	$4.0M	10x	as long as short
Phemex HYPEUSDT	+0.0093%	8h	93.557	+0.273%	$12.8M	$2.8M	50x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	93.451	+0.159%	$5.0M	$30.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.574	+0.291%	$16.1M	$64.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.587	+0.305%	$3.1M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.593	+0.311%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.570	+0.287%	$21K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.573	+0.291%	$7.5M	$50.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.659	+0.382%	$2.05B	$682.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.596	+0.315%	$8.8M	$37.0M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.613	+0.333%	$10.1M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.589	+0.307%	$374.5M	$929.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.554	+0.270%	$115.5M	$314.7M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.583	+0.301%	$48.6M	$55.3M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.592	+0.310%	$90.5M	$84.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.574	+0.291%	$46.3M	$18.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.561	+0.277%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.449	+0.157%	$28.7M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.492	+0.204%	$7.5M	$48.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.494	+0.205%	$354K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.548	+0.263%	$678K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.628	+0.349%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.597	+0.316%	$470K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.584	+0.302%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.560	+0.276%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.700	+0.426%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.438	+0.146%	$216K	$15K	10x	as long as short
Kalshi KXHYPEPERPshort	+0.0104%	8h	93.542	+0.257%	$1.8M	$5.6M	2.3x
Extended HYPE-USD	+0.0104%	1h	93.564	+0.280%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.549	+0.265%	$395K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.600	+0.319%	$4.7M	$6.1M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0152% / S +0.0022%	1h	93.515	+0.228%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.460	+0.169%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.543	+0.258%	$77K	$129K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0284%	1h	93.642	+0.364%	$7.5M	$4.2M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.489	+0.200%	$16.9M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0415%	1h	93.626	+0.347%	$20.9M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.563	+0.280%	$3.2M	$6.4M	20x	as long as short