Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0160%/8h= −17.5% APRpaid last 24h −0.007%

Price spread now: Bullet against Kalshi−0.041%48s7-day average −0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$350.352% of the position

Long on Kalshi Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.063%+$6 on $10k

Price spread, last 4 days (all we have)+0.059%+$6 · spread now −0.041%, 7d avg −0.021%

Together, before fees+0.121%+$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Bullet is 0.020% cheaper against Kalshi than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.021%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.063%, so the current rate has only just turned against you. The two prices were read 48 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	Kalshi KXHYPEPERP	94.291	0.0100	pay 0.0100% / 8h	5h 16m	$1.8M	$5.6M	2.3x
Short	Bullet HYPE-USD	94.253	−0.0060	pay 0.0007% / 1h	16m 25s	$111K	$579K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.041%Rate

Funding earned: −$33.59
Price spread: −0.041% → −0.021%: −$2.02
Slippage, 4 orders: −$17.19
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$70.81
Costs to cover: 0.352%
Break-even: never at this rate

Slippage from Kalshi: live order book, 2 min ago; Bullet: live order book, 28 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, 2 min ago	2.44 bp	10.8 bp −$11	12.2 bp −$122	18.7 bp −$1,875	doesn't fit
Sell Bullet live order book, 28 min ago	0.43 bp	8.3 bp −$8	13.3 bp −$133	doesn't fit	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	−0.1096%	1h	94.167	−0.131%	$200K	$236K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0181%	1h	94.224	−0.071%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.286	−0.005%	$3K	$331	25x	as long as short
Bullet HYPE-USDshort	−0.0060%	1h	94.253	−0.041%	$111K	$579K	20x
Ondo Perps HYPE-USD.P	−0.0054%	1h	94.200	−0.097%	$709K	$1.2M	10x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	94.261	−0.032%	$86K	$368K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0013%	4h	94.191	−0.106%	$146K	$685K	20x	as long as short
Bluefin HYPE-PERP	−0.0012%	1h	94.222	−0.073%	$80K	$155K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.284	−0.007%	$129K	$26K	5x	as long as short
Bybit HYPEUSDT	0.0000%	8h	94.221	−0.074%	$317.0M	$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
Perpl HYPE	0.0000%	43m	94.272	−0.020%	$19K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.279	−0.012%	$84K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	94.307	+0.017%	$207K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0054%	4h	94.230	−0.065%	$227.1M	$99.3M	75x	as long as short
Phemex HYPEUSDT	+0.0058%	8h	94.180	−0.118%	$12.8M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0078%	8h	94.314	+0.024%	$337K	$156K	20x	as long as short
edgeX HYPEUSDC	+0.0084%	4h	94.244	−0.050%	$5.0M	$30.7M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.230	−0.065%	$1.0M	$3.5M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.270	−0.022%	$16.3M	$64.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.281	−0.011%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.241	−0.053%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.260	−0.033%	$17K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.254	−0.039%	$7.5M	$50.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.352	+0.065%	$2.07B	$687.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.263	−0.030%	$8.8M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.279	−0.013%	$10.2M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.254	−0.039%	$377.1M	$932.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.230	−0.065%	$116.0M	$318.8M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.231	−0.064%	$49.2M	$56.5M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.253	−0.040%	$90.1M	$85.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.254	−0.039%	$46.9M	$18.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.232	−0.063%	—	$53.6M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.269	−0.023%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.229	−0.066%	$29.0M	$56.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.298	+0.007%	$7.6M	$47.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.205	−0.091%	$362K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.297	+0.006%	$682K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.326	+0.037%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.260	−0.033%	$495K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.271	−0.021%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.237	−0.057%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.384	+0.099%	$1.4M	$6.8M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.275	−0.017%	$218K	$15K	10x	as long as short
Kalshi KXHYPEPERPlong	+0.0100%	8h	94.291	long leg	$1.8M	$5.6M	2.3x
Extended HYPE-USD	+0.0104%	1h	94.202	−0.094%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.247	−0.047%	$398K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.260	−0.033%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	94.310	+0.020%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0196%	1h	94.304	+0.014%	$7.5M	$4.3M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.610	+0.338%	$31K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.246	−0.047%	$77K	$129K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.245	−0.049%	$16.9M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0413%	1h	94.275	−0.017%	$20.2M	$30.4M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	94.275	−0.017%	$3.2M	$6.4M	20x	as long as short