Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0020%/8h= −2.2% APRpaid last 24h −0.002%

Price spread now: Binance against Kalshi−0.035%7-day average +0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$330.333% of the position

Long on Kalshi Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.157%+$16 on $10k

Price spread, last 7 days−0.004%$0 · spread now −0.035%, 7d avg +0.004%

Together, before fees+0.153%+$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Binance is 0.040% cheaper against Kalshi than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.004%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.157%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXHYPEPERP	93.569	0.0120	pay 0.0120% / 8h	6h 49m	$1.8M	$5.6M	2.3x
Short	Binance HYPEUSDT	93.536	0.0100	get 0.0050% / 4h	2h 49m	$375.0M	$911.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Kalshi. 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 KalshibpFee BinancebpOrdersPrice spread, now −0.035%Rate

Funding earned: −$4.22
Price spread: −0.035% → +0.004%: −$3.95
Slippage, 4 orders: −$13.31
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$41.48
Costs to cover: 0.333%
Break-even: never at this rate

Slippage from Kalshi: live order book, 5 min ago; Binance: live order book, 10 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 Kalshi live order book, 5 min ago	4.38 bp	12.6 bp −$13	13.9 bp −$139	20.8 bp −$2,081	doesn't fit
Sell Binance live order book, 10 min ago	0.05 bp	6.1 bp −$6	7.6 bp −$76	13.6 bp −$1,361	35.4 bp −$17.7K

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	−0.1848%	1h	93.418	−0.161%	$196K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0365%	1h	93.494	−0.080%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.494	−0.080%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0046%	1h	93.542	−0.029%	$111K	$578K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0032%	4h	93.520	−0.052%	$146K	$663K	20x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	93.528	−0.044%	$88K	$365K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0011%	1h	93.580	+0.012%	$704K	$1.2M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.530	−0.042%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.508	−0.065%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.559	−0.011%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus HYPE-USD	+0.0011%	1h	93.473	−0.103%	$1.0M	$3.9M	10x	as long as short
Bitget HYPEUSDT	+0.0018%	4h	93.562	−0.007%	$226.4M	$99.1M	75x	as long as short
Phemex HYPEUSDT	+0.0024%	8h	93.557	−0.013%	$12.6M	$2.7M	50x	as long as short
Bybit HYPEUSDT	+0.0025%	8h	93.551	−0.019%	$318.2M	$283.6M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.701	+0.141%	$210K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0083%	4h	93.497	−0.077%	$5.0M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.552	−0.018%	$340K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.544	−0.026%	$16.2M	$63.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.539	−0.032%	$3.1M	$11.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.501	−0.073%	$77K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.500	−0.074%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.511	−0.061%	$7.6M	$48.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.585	+0.017%	$2.04B	$666.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.527	−0.045%	$8.7M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.547	−0.024%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDTshort	+0.0100%	4h	93.536	−0.035%	$375.0M	$911.0M	75x
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.576	+0.007%	$114.7M	$309.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.614	+0.048%	$204K	$3K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.561	−0.009%	$46.5M	$54.0M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.549	−0.021%	$92.1M	$80.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.545	−0.026%	$46.8M	$18.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.571	+0.002%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.582	+0.014%	$7.3M	$10.9M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.649	+0.085%	$28.7M	$56.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.675	+0.113%	$7.6M	$47.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.596	+0.029%	$343K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.626	+0.061%	$670K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.574	+0.006%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.527	−0.045%	$490K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.517	−0.056%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.521	−0.052%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.494	−0.080%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.530	−0.042%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.670	+0.108%	$1.4M	$6.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.516	−0.057%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.539	−0.032%	$395K	$161K	20x	as long as short
Kalshi KXHYPEPERPlong	+0.0120%	8h	93.569	long leg	$1.8M	$5.6M	2.3x
Injective HYPE/USDC PERP	+0.0122%	1h	93.440	−0.138%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.560	−0.010%	$4.8M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0268%	1h	93.496	−0.078%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.554	−0.016%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.529	−0.043%	$16.9M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0340%	1h	93.613	+0.047%	$20.9M	$29.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0434%	1h	93.635	+0.071%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.568	−0.001%	$3.2M	$6.3M	20x	as long as short