Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0014%/8h= +1.6% APRpaid last 24h +0.007%

Price spread now: Coinbase International against Kalshi−0.058%7-day average −0.054% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$370.371% of the position

Long on Kalshi Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.074%+$7 on $10k

Price spread, last 4 days (all we have)−0.048%−$5 · spread now −0.058%, 7d avg −0.054%

Together, before fees+0.027%+$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.054%, so right now this pair is about funding alone: $0 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXHYPEPERP	94.375	0.0106	pay 0.0106% / 8h	5h 21m	$1.8M	$5.6M	2.3x
Short	Coinbase International HYPE-PERP-INTX	94.320	0.0120	get 0.0015% / 1h	21m 46s	$4.7M	$6.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.058%Rate

Funding earned: $3.04
Price spread: −0.058% → −0.054%: −$0.42
Slippage, 4 orders: −$17.08
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$34.46
Costs to cover: 0.371%
Break-even: 86.3 days

Slippage from Kalshi: live order book, 2 min ago; Coinbase International: 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 Kalshi live order book, 2 min ago	2.81 bp	10.6 bp −$11	12.0 bp −$120	17.2 bp −$1,720	doesn't fit
Sell Coinbase International live order book, 2 min ago	3.18 bp	8.7 bp −$9	14.6 bp −$146	37.6 bp −$3,759	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-P	−0.1048%	1h	94.204	−0.182%	$200K	$238K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0200%	1h	94.001	−0.396%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.347	−0.030%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0070%	1h	94.230	−0.154%	$705K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0054%	1h	94.240	−0.143%	$112K	$579K	20x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	94.291	−0.089%	$86K	$368K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0016%	4h	94.227	−0.157%	$146K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.296	−0.083%	$129K	$26K	5x	as long as short
Bybit HYPEUSDT	0.0000%	8h	94.250	−0.132%	$317.8M	$289.5M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.289	−0.091%	$19K	$293K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.419	+0.047%	$84K	—	150x	as long as short
Derive HYPE-PERP	+0.0007%	1h	93.302	−1.137%	$16.2M	$7.5M	10x	as long as short
Bluefin HYPE-PERP	+0.0009%	1h	94.215	−0.170%	$80K	$155K	20x	as long as short
Phoenix HYPE	+0.0017%	1h	93.715	−0.699%	$208K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0052%	4h	94.270	−0.111%	$227.2M	$99.7M	75x	as long as short
Phemex HYPEUSDT	+0.0054%	8h	94.223	−0.161%	$12.9M	$2.8M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0078%	8h	94.325	−0.053%	$337K	$157K	20x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.620	−0.800%	$5.0M	$30.5M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.271	−0.110%	$1.0M	$4.0M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.276	−0.105%	$16.3M	$64.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.286	−0.094%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.247	−0.136%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.270	−0.111%	$11K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.320	−0.059%	$7.5M	$50.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.370	−0.005%	$2.07B	$686.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.270	−0.112%	$8.9M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.304	−0.075%	$10.2M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.270	−0.111%	$377.2M	$932.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.264	−0.118%	$116.2M	$317.7M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.238	−0.145%	$48.9M	$56.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.271	−0.110%	$89.8M	$84.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.195	−0.191%	$46.6M	$18.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.237	−0.146%	—	$53.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.205	−0.180%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.009	−0.388%	$28.9M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.696	−0.719%	$7.6M	$48.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.663	−0.754%	$357K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.361	−0.015%	$683K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.340	−0.037%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.282	−0.099%	$473K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.285	−0.095%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.228	−0.156%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.350	−0.026%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.438	−0.993%	$216K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.166	−0.221%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.238	−0.145%	$398K	$159K	20x	as long as short
Kalshi KXHYPEPERPlong	+0.0106%	8h	94.375	long leg	$1.8M	$5.6M	2.3x
Coinbase International HYPE-PERP-INTXshort	+0.0120%	1h	94.320	−0.058%	$4.7M	$6.2M	50x
Deribit HYPE_USDC-PERPETUAL	+0.0121%	1h	94.318	−0.060%	$7.5M	$4.3M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	94.284	−0.097%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.610	+0.249%	$31K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.227	−0.157%	$77K	$129K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.378	+0.003%	$17.0M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0412%	1h	94.293	−0.087%	$20.2M	$30.4M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	94.296	−0.084%	$3.2M	$6.4M	20x	as long as short