Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0060%/8h= −6.6% APRpaid last 24h −0.001%

Price spread now: Gate against Kalshi−0.130%48s7-day average −0.021% · 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—prices read too far apart to compare

costs, in and out, $10k−$410.411% of the position

Long on Kalshi Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.107%+$11 on $10k

Price spread, last 7 days+0.015%+$2 · spread now −0.130%, 7d avg −0.021%

Together, before fees+0.122%+$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Gate is 0.109% cheaper against Kalshi than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.021%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.107%, 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	93.365	0.0118	pay 0.0118% / 8h	5h 07m	$1.9M	$5.2M	2.3x
Short	Gate HYPE_USDT	93.244	0.0058	get 0.0029% / 4h	1h 07m	$44.0M	$58.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.130%Rate

Funding earned: −$12.57
Price spread: −0.130% → −0.021%: −$10.87
Slippage, 4 orders: −$16.08
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$64.52
Costs to cover: 0.411%
Break-even: never at this rate

Slippage from Kalshi: live order book, 1 min ago; Gate: live order book, 1 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, 1 min ago	2.68 bp	10.9 bp −$11	12.1 bp −$121	18.1 bp −$1,811	doesn't fit
Sell Gate live order book, 1 min ago	0.59 bp	10.0 bp −$10	15.6 bp −$156	27.8 bp −$2,785	50.0 bp −$25.0K

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
Aftermath Perps HYPEUSD	−0.0476%	1h	93.219	−0.156%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0408%	1h	93.255	−0.118%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.134	−0.247%	$1.2M	$3.9M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0130%	1h	93.160	−0.220%	$699K	$895K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.192	−0.185%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.269	−0.103%	$90K	$358K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.227	−0.148%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.246	−0.127%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.272	−0.100%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0003%	4h	93.225	−0.150%	$8.9M	$35.7M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex HYPEUSDT	+0.0008%	1h	93.241	−0.133%	$58K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0016%	4h	93.253	−0.120%	$176K	$524K	20x	as long as short
Bybit HYPEUSDT	+0.0020%	8h	93.240	−0.134%	$323.1M	$282.2M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.306	−0.063%	$214K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0047%	1h	93.248	−0.125%	$111K	$577K	20x	as long as short
Derive HYPE-PERP	+0.0050%	1h	93.190	−0.187%	$16.3M	$7.0M	10x	as long as short
Gate HYPE_USDTshort	+0.0058%	4h	93.244	−0.130%	$44.0M	$58.8M	75x
MEXC HYPE_USDT	+0.0060%	4h	93.253	−0.120%	$90.1M	$82.3M	100x	as long as short
Binance HYPEUSDT	+0.0061%	4h	93.236	−0.138%	$382.7M	$887.0M	75x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.250	−0.123%	$5.1M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.246	−0.128%	$18.6M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.235	−0.139%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.229	−0.145%	$397K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.192	−0.186%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.260	−0.112%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.193	−0.184%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.279	−0.092%	$2.03B	$661.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.221	−0.154%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.234	−0.140%	$114.1M	$312.2M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.266	−0.106%	$47.0M	$18.5M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.267	−0.105%	$226.2M	$102.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.241	−0.133%	—	$53.7M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.258	−0.115%	$7.8M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.212	−0.163%	$30.8M	$51.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.317	−0.051%	$7.5M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.303	−0.066%	$415K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.252	−0.121%	$674K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.276	−0.096%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.261	−0.111%	$493K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.255	−0.118%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.281	−0.090%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.230	−0.145%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.288	−0.082%	$12.7M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.280	−0.091%	$204K	$8K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.146	−0.234%	$18.2M	$41.6M	50x	as long as short
Kalshi KXHYPEPERPlong	+0.0118%	8h	93.365	long leg	$1.9M	$5.2M	2.3x
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.260	−0.112%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0220%	4h	93.396	+0.033%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.530	+0.177%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.245	−0.128%	$77K	$159K	15x	as long as short
BloFin HYPE-USDT	+0.0250%	4h	93.270	−0.102%	$16.9M	$12.4M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.288	−0.083%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.260	−0.112%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0361%	1h	93.326	−0.042%	$7.4M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.341	−0.025%	$20.9M	$28.9M	50x	as long as short