Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.1588%/8h= −173.9% APRpaid last 24h −0.187%

Price spread now: Hibachi against Kalshi−0.119%7-day average −0.104% · you buy dearer than you sell

Net, funding: paid 7d − costs−$221as in the Funding arb table

Net, price: spread back to 7d avg − costs−$78as in the Price arb table

costs, in and out, $10k−$770.769% of the position

Long on Kalshi Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days−1.444%−$144 on $10k

Price spread, last 3 days (all we have)−0.002%$0 · spread now −0.119%, 7d avg −0.104%

Together, before fees−1.447%+ Points / potential airdropHibachi: Active · farm board−$145 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.104%, so right now this pair is about funding alone: −$48 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	94.196	0.0228	pay 0.0228% / 8h	3h 23m	$1.9M	$5.1M	2.3x
Short	Hibachi HYPE/USDT-P	94.084	−0.1360	pay 0.0170% / 1h	23m 56s	$199K	$228K	7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi 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 HibachibpOrdersPrice spread, now −0.119%Rate

Funding earned: −$333.47
Price spread: −0.119% → −0.104%: −$1.49
Slippage, 4 orders: −$57.93
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$411.89
Costs to cover: 0.769%
Break-even: never at this rate

Slippage from Kalshi: live order book, 5 min ago; Hibachi: live order book, 50 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	2.23 bp	10.1 bp −$10	12.4 bp −$124	18.7 bp −$1,869	doesn't fit
Sell Hibachi live order book, 50 min ago	12.88 bp	17.4 bp −$17	31.7 bp −$317	doesn't fit	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-Pshort	−0.1360%	1h	94.084	−0.119%	$199K	$228K	7x
Arcus HYPE-USD	−0.0625%	1h	94.026	−0.180%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0220%	1h	94.161	−0.037%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0146%	1h	94.090	−0.113%	$711K	$959K	10x	as long as short
dYdX HYPE-USD	−0.0127%	1h	94.123	−0.077%	$129K	$31K	5x	as long as short
Bullet HYPE-USD	−0.0111%	1h	94.097	−0.105%	$113K	$580K	20x	as long as short
Phemex HYPEUSDT	−0.0105%	8h	94.095	−0.107%	$12.8M	$2.6M	50x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.104	−0.098%	$86K	$360K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.136	−0.064%	$3K	$331	25x	as long as short
Bybit HYPEUSDT	−0.0023%	8h	94.042	−0.163%	$323.0M	$280.4M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0019%	4h	94.077	−0.126%	$160K	$645K	20x	as long as short
Gate HYPE_USDT	−0.0002%	4h	94.085	−0.118%	$44.5M	$59.8M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.152	−0.046%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.129	−0.071%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0021%	4h	94.127	−0.073%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	94.222	+0.028%	$219K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0040%	1h	94.058	−0.146%	$16.4M	$7.3M	10x	as long as short
MEXC HYPE_USDT	+0.0050%	4h	94.088	−0.115%	$89.2M	$82.7M	100x	as long as short
Binance HYPEUSDT	+0.0053%	4h	94.058	−0.147%	$383.7M	$893.3M	75x	as long as short
edgeX HYPEUSDC	+0.0057%	4h	94.108	−0.093%	$5.1M	$29.9M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0078%	8h	94.054	−0.151%	$116.1M	$318.4M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.123	−0.078%	$19.2M	$59.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.107	−0.094%	$3.0M	$12.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.098	−0.104%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.093	−0.110%	$400K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.153	−0.046%	$342K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.100	−0.102%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.097	−0.105%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.175	−0.022%	$2.05B	$671.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.144	−0.055%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.125	−0.075%	$46.6M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.081	−0.122%	$228.1M	$100.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.078	−0.125%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.096	−0.106%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.149	−0.049%	$31.5M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.151	−0.048%	$7.6M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.088	−0.115%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.161	−0.037%	$681K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.162	−0.036%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.135	−0.065%	$480K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.096	−0.106%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.182	−0.015%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.088	−0.115%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.151	−0.048%	$205K	$2K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.036	−0.170%	$18.8M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.190	−0.006%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.312%	$31K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0206%	4h	94.153	−0.046%	$17.1M	$12.2M	75x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.146	−0.053%	$2.8M	$6.8M	20x	as long as short
Kalshi KXHYPEPERPlong	+0.0228%	8h	94.196	long leg	$1.9M	$5.1M	2.3x
Reya HYPERUSDPERP	+0.0251%	1h	94.101	−0.101%	$79K	$142K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0324%	1h	94.189	−0.007%	$7.5M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0155%	1h	94.130	−0.070%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0401%	4h	94.293	+0.103%	$1.5M	$6.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0670%	1h	94.177	−0.021%	$21.0M	$29.7M	50x	as long as short