Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.022%

Price spread now: Kalshi against dYdX+0.122%7-day average +0.027% · you sell dearer than you buy

Net, funding: paid 7d − costs−$77as in the Funding arb table

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$740.737% of the position

Long on dYdX Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.031%−$3 on $10k

Price spread, last 4 days (all we have)−0.262%−$26 · spread now +0.122%, 7d avg +0.027%

Together, before fees−0.293%−$29 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Kalshi is 0.095% dearer against dYdX than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of +0.027%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX HYPE-USD	94.284	0	get 0.0000% / 1h	15m 09s	$129K	$26K	5x
Short	Kalshi KXHYPEPERP	94.399	0	get 0.0000% / 8h	5h 15m	$1.8M	$5.6M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against dYdX. 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 dYdXbpFee KalshibpOrdersPrice spread, now +0.122%Rate

Funding earned: $0
Price spread: +0.122% → +0.027%: $9.51
Slippage, 4 orders: −$53.66
Fee dYdX: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$64.15
Costs to cover: 0.737%
Break-even: never at this rate

Slippage from dYdX: live order book, 29 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 dYdX live order book, 29 min ago	21.17 bp	26.2 bp −$26	28.3 bp −$283	94.6 bp −$9,460	267.6 bp −$133.8K
Sell Kalshi live order book, 4 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	−0.1112%	1h	94.144	−0.148%	$200K	$236K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0181%	1h	94.241	−0.045%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.262	−0.023%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0059%	1h	94.341	+0.061%	$112K	$579K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0054%	1h	94.230	−0.057%	$709K	$1.2M	10x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	94.319	+0.037%	$86K	$368K	20x	as long as short
Bluefin HYPE-PERP	−0.0018%	1h	94.319	+0.037%	$80K	$155K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0012%	4h	94.299	+0.016%	$146K	$685K	20x	as long as short
dYdX HYPE-USDlong	0.0000%	1h	94.284	long leg	$129K	$26K	5x
Bybit HYPEUSDT	0.0000%	8h	94.303	+0.020%	$317.4M	$289.4M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kalshi KXHYPEPERPshort	0.0000%	8h	94.399	+0.122%	$1.8M	$5.6M	2.3x
Perpl HYPE	0.0000%	43m	94.359	+0.080%	$19K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.343	+0.062%	$84K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	94.307	+0.024%	$209K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0054%	4h	94.320	+0.038%	$227.4M	$99.4M	75x	as long as short
Phemex HYPEUSDT	+0.0054%	8h	94.271	−0.014%	$12.9M	$2.8M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0079%	8h	94.334	+0.053%	$337K	$156K	20x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.277	−0.007%	$1.0M	$3.5M	10x	as long as short
edgeX HYPEUSDC	+0.0084%	4h	94.260	−0.025%	$5.0M	$30.7M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.327	+0.046%	$16.3M	$64.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.344	+0.064%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.298	+0.015%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.320	+0.038%	$17K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.355	+0.075%	$7.6M	$50.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.442	+0.168%	$2.08B	$688.1M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.342	+0.061%	$8.9M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.322	+0.040%	$10.2M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.351	+0.071%	$377.4M	$931.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.322	+0.040%	$116.1M	$319.0M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.338	+0.057%	$49.3M	$56.9M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.331	+0.050%	$90.2M	$85.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.347	+0.067%	$46.9M	$18.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.319	+0.037%	—	$53.6M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.273	−0.012%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.209	−0.080%	$29.1M	$55.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.298	+0.014%	$7.6M	$47.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.261	−0.024%	$363K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.278	−0.006%	$681K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.388	+0.110%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.357	+0.077%	$496K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.388	+0.110%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.332	+0.051%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.500	+0.229%	$1.4M	$6.8M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.275	−0.010%	$218K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.296	+0.013%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.412	+0.136%	$399K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.410	+0.134%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	94.369	+0.091%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.440	+0.165%	$31K	$339K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0248%	1h	94.424	+0.149%	$7.5M	$4.3M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.326	+0.045%	$78K	$129K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.317	+0.035%	$16.9M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0412%	1h	94.403	+0.126%	$20.2M	$30.4M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	94.359	+0.080%	$3.2M	$6.4M	20x	as long as short