Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.1024%/8h= +112.1% APRpaid last 24h +0.238%

Price spread now: Kalshi against Hibachi+0.181%7-day average +0.103% · you sell dearer than you buy

Net, funding: paid 7d − costs+$71as in the Funding arb table

Net, price: spread back to 7d avg − costs−$72as in the Price arb table

costs, in and out, $10k−$800.802% of the position

Long on Hibachi Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days+1.510%+$151 on $10k

Price spread, last 4 days (all we have)−0.142%−$14 · spread now +0.181%, 7d avg +0.103%

Together, before fees+1.368%+ Points / potential airdropHibachi: Active · farm board+$137 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$31 a day on $10k at the current rate, and Kalshi is 0.079% dearer against Hibachi than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.103%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi HYPE/USDT-P	92.750	−0.1024	get 0.0128% / 1h	41m 54s	$193K	$229K	7x
Short	Kalshi KXHYPEPERP	92.918	0	get 0.0000% / 8h	7h 41m	$1.8M	$5.4M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Hibachi. 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 HibachibpFee KalshibpOrdersPrice spread, now +0.181%Rate

Funding earned: $215.04
Price spread: +0.181% → +0.103%: $7.87
Slippage, 4 orders: −$61.16
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $142.75
Costs to cover: 0.802%
Break-even: 2.4 days

Slippage from Hibachi: live order book, 12 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 Hibachi live order book, 12 min ago	9.25 bp	43.2 bp −$43	60.9 bp −$609	doesn't fit	doesn't fit
Sell Kalshi live order book, 2 min ago	3.01 bp	12.1 bp −$12	13.8 bp −$138	21.8 bp −$2,180	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-Plong	−0.1024%	1h	92.750	long leg	$193K	$229K	7x
Aftermath Perps HYPEUSD	−0.0272%	1h	92.870	+0.130%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.763	+0.014%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.901	+0.163%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0063%	4h	92.748	−0.002%	$158K	$667K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.929	+0.193%	$127K	$29K	5x	as long as short
Kalshi KXHYPEPERPshort	0.0000%	8h	92.918	+0.181%	$1.8M	$5.4M	2.3x
Perpl HYPE	0.0000%	43m	92.813	+0.068%	$22K	$301K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.795	+0.049%	$62K	—	150x	as long as short
Bullet HYPE-USD	+0.0013%	1h	92.771	+0.022%	$112K	$577K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPE	+0.0026%	1h	92.899	+0.161%	$210K	$1.2M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0027%	1h	92.850	+0.108%	$698K	$1.1M	10x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.750	0.000%	$315.7M	$282.7M	75x	as long as short
Gate HYPE_USDT	+0.0038%	4h	92.771	+0.023%	$44.7M	$53.9M	75x	as long as short
Phemex HYPEUSDT	+0.0049%	8h	92.781	+0.034%	$12.5M	$2.7M	50x	as long as short
01 Exchange HYPEUSD	+0.0056%	1h	92.817	+0.072%	$87K	$362K	20x	as long as short
Bitget HYPEUSDT	+0.0070%	4h	92.747	−0.003%	$224.7M	$99.1M	75x	as long as short
Popdex HYPEUSDT	+0.0088%	1h	92.784	+0.037%	$69K	$1.1M	50x	as long as short
Aster HYPEUSDT	+0.0095%	4h	92.790	+0.043%	$8.7M	$36.1M	300x	as long as short
Lighter HYPE	+0.0096%	1h	92.799	+0.053%	$16.0M	$62.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.797	+0.051%	$3.1M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	92.819	+0.074%	$339K	$163K	20x	as long as short
edgeX HYPEUSDC	+0.0099%	4h	92.872	+0.132%	$4.9M	$29.6M	30x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.780	+0.033%	$39K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.831	+0.087%	$7.5M	$45.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.816	+0.071%	$2.02B	$665.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.836	+0.092%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.754	+0.005%	$372.9M	$905.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.762	+0.013%	$113.8M	$304.0M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.923	+0.187%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.750	0.000%	$87.1M	$80.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.763	+0.014%	$46.0M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.761	+0.012%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.784	+0.037%	$7.2M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.879	+0.139%	$28.6M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.881	+0.141%	$7.5M	$46.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.846	+0.104%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.940	+0.205%	$668K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.849	+0.107%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.820	+0.076%	$468K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.764	+0.015%	$78K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.744	−0.006%	$16.0M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.777	+0.029%	$31K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.771	+0.023%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.731	−0.020%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.771	+0.023%	$392K	$164K	20x	as long as short
HTX HYPE-USDT	+0.0141%	4h	92.950	+0.216%	$1.4M	$6.3M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.810	+0.065%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.838	+0.095%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.860	+0.119%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0264%	1h	92.765	+0.016%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.783	+0.036%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.918	+0.181%	$16.8M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0353%	1h	92.862	+0.121%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.850	+0.107%	$3.1M	$6.4M	20x	as long as short