Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0174%/8h= +19.1% APRpaid last 24h +0.070%

Price spread now: HTX against Kalshi+0.118%7-day average +0.015% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$420.423% of the position

Long on Kalshi Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.238%+$24 on $10k

Price spread, last 3 days (all we have)−0.239%−$24 · spread now +0.118%, 7d avg +0.015%

Together, before fees−0.001%$0 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and HTX is 0.103% dearer against Kalshi than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.015%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXHYPEPERP	93.890	0.0172	pay 0.0172% / 8h	3h 47m	$1.9M	$5.1M	2.3x
Short	HTX HYPE-USDT	94.001	0.0347	get 0.0173% / 4h	3h 47m	$1.5M	$6.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.118%Rate

Funding earned: $36.64
Price spread: +0.118% → +0.015%: $10.32
Slippage, 4 orders: −$20.31
Fee Kalshi: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: $4.65
Costs to cover: 0.423%
Break-even: 6.1 days

Slippage from Kalshi: live order book, 1 min ago; HTX: 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	2.02 bp	10.5 bp −$11	11.8 bp −$118	16.8 bp −$1,682	doesn't fit
Sell HTX live order book, 1 min ago	1.60 bp	11.0 bp −$11	17.7 bp −$177	57.4 bp −$5,744	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	−0.1408%	1h	93.799	−0.097%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.756	−0.143%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0283%	1h	93.926	+0.039%	$22K	$23K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0162%	1h	93.780	−0.117%	$705K	$927K	10x	as long as short
Gate HYPE_USDT	−0.0118%	4h	93.828	−0.066%	$44.4M	$59.2M	75x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	93.881	−0.010%	$85K	$361K	20x	as long as short
Bullet HYPE-USD	−0.0096%	1h	93.795	−0.101%	$112K	$580K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.820	−0.075%	$3K	$331	25x	as long as short
dYdX HYPE-USD	−0.0077%	1h	93.823	−0.072%	$128K	$29K	5x	as long as short
Orderly PERP_HYPE_USDC	−0.0010%	4h	93.806	−0.089%	$169K	$594K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Derive HYPE-PERP	−0.0006%	1h	93.751	−0.148%	$16.4M	$7.2M	10x	as long as short
Perpl HYPE	0.0000%	43m	93.793	−0.103%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.833	−0.061%	$27K	—	150x	as long as short
Phemex HYPEUSDT	+0.0004%	8h	93.791	−0.105%	$12.8M	$2.6M	50x	as long as short
Bybit HYPEUSDT	+0.0008%	8h	93.790	−0.107%	$322.3M	$282.8M	75x	as long as short
Aster HYPEUSDT	+0.0009%	4h	93.835	−0.059%	$8.9M	$36.1M	300x	as long as short
Bluefin HYPE-PERP	+0.0027%	1h	93.773	−0.125%	$76K	$171K	20x	as long as short
Phoenix HYPE	+0.0034%	1h	93.829	−0.065%	$218K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0040%	4h	93.805	−0.091%	$88.1M	$82.0M	100x	as long as short
Binance HYPEUSDT	+0.0041%	4h	93.804	−0.092%	$383.0M	$896.0M	75x	as long as short
edgeX HYPEUSDC	+0.0063%	4h	93.828	−0.066%	$5.1M	$29.8M	30x	as long as short
Popdex HYPEUSDT	+0.0072%	1h	93.878	−0.013%	$61K	$1.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0082%	8h	93.812	−0.083%	$115.7M	$320.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.847	−0.046%	$18.8M	$58.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.826	−0.068%	$3.0M	$12.0M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.790	−0.106%	$399K	$191K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.859	−0.033%	$341K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.840	−0.053%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.820	−0.074%	$6.6M	$44.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.876	−0.015%	$2.04B	$676.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.831	−0.063%	$10.1M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.816	−0.079%	$204K	$5K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.822	−0.072%	$46.5M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.845	−0.048%	$227.6M	$101.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.843	−0.050%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.812	−0.083%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.890	0.000%	$31.3M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.981	+0.097%	$7.6M	$45.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.927	+0.039%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.887	−0.003%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.844	−0.049%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.814	−0.081%	$479K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.877	−0.014%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.795	−0.101%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.830	−0.064%	$18.4M	$42.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.830	−0.064%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0170%	4h	93.848	−0.045%	$17.0M	$12.3M	75x	as long as short
Kalshi KXHYPEPERPlong	+0.0172%	8h	93.890	long leg	$1.9M	$5.1M	2.3x
Injective HYPE/USDC PERP	+0.0205%	1h	93.760	−0.138%	$30K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.909	+0.021%	$2.8M	$6.8M	20x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	93.780	−0.118%	$79K	$146K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0157%	1h	93.824	−0.071%	$1.4M	—	100x	as long as short
HTX HYPE-USDTshort	+0.0347%	4h	94.001	+0.118%	$1.5M	$6.3M	75x
Deribit HYPE_USDC-PERPETUAL	+0.0613%	1h	93.916	+0.028%	$7.5M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0673%	1h	93.879	−0.011%	$21.0M	$29.8M	50x	as long as short