Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0082%/8h= +9.0% APRpaid last 24h +0.055%

Price spread now: Kraken Futures against Kalshi+0.023%7-day average +0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$410.407% of the position

Long on Kalshi Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.294%+$29 on $10k

Price spread, last 4 days (all we have)−0.148%−$15 · spread now +0.023%, 7d avg +0.010%

Together, before fees+0.146%+$15 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.010%, so right now this pair is about funding alone: +$2 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	92.326	0.0251	pay 0.0251% / 8h	35m 12s	$1.8M	$5.4M	2.3x
Short	Kraken Futures PF_HYPEUSD	92.347	0.0333	get 0.0042% / 1h	35m 12s	$20.5M	$30.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.023%Rate

Funding earned: $17.21
Price spread: +0.023% → +0.010%: $1.28
Slippage, 4 orders: −$20.74
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$22.25
Costs to cover: 0.407%
Break-even: 16.0 days

Slippage from Kalshi: live order book, 4 min ago; Kraken Futures: live order book, 4 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, 4 min ago	2.60 bp	11.1 bp −$11	12.3 bp −$123	20.3 bp −$2,028	doesn't fit
Sell Kraken Futures live order book, 4 min ago	2.17 bp	9.2 bp −$9	10.0 bp −$100	17.6 bp −$1,760	53.9 bp −$26.9K

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
Arcus HYPE-USD	−0.0948%	1h	92.234	−0.100%	$1.0M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0360%	1h	92.205	−0.131%	$193K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0162%	1h	92.269	−0.062%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	92.300	−0.028%	$86K	$356K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.221	−0.114%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0070%	4h	92.262	−0.069%	$157K	$663K	20x	as long as short
Bullet HYPE-USD	−0.0034%	1h	92.230	−0.104%	$110K	$580K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0023%	1h	92.160	−0.180%	$693K	$1.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.261	−0.071%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.266	−0.065%	$22K	$309K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0001%	4h	92.250	−0.082%	$8.7M	$36.3M	300x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.266	−0.065%	$61K	—	150x	as long as short
BingX HYPE-USDT	+0.0034%	4h	92.311	−0.016%	—	$53.3M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.257	−0.075%	$209K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0057%	8h	92.300	−0.028%	$315.6M	$281.6M	75x	as long as short
Gate HYPE_USDT	+0.0062%	4h	92.310	−0.017%	$44.3M	$55.0M	75x	as long as short
Phemex HYPEUSDT	+0.0066%	8h	92.302	−0.026%	$12.5M	$2.7M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0079%	8h	92.308	−0.019%	$112.9M	$302.6M	50x	as long as short
MEXC HYPE_USDT	+0.0084%	4h	92.301	−0.027%	$87.1M	$80.6M	100x	as long as short
Binance HYPEUSDT	+0.0086%	4h	92.300	−0.028%	$370.0M	$902.4M	75x	as long as short
edgeX HYPEUSDC	+0.0088%	4h	92.224	−0.111%	$4.9M	$29.6M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0092%	8h	92.301	−0.027%	$338K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.300	−0.028%	$16.0M	$62.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.305	−0.023%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.269	−0.062%	$68K	$1.2M	50x	as long as short
Derive HYPE-PERP	+0.0097%	1h	92.250	−0.082%	$16.0M	$7.5M	10x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.270	−0.061%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.270	−0.060%	$6.8M	$44.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.351	+0.027%	$2.01B	$665.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.291	−0.038%	$10.0M	$15.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.245	−0.088%	$201K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.307	−0.021%	$45.8M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.320	−0.006%	$223.9M	$98.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.298	−0.030%	$7.3M	$10.8M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.139	−0.203%	$28.2M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.255	−0.077%	$7.5M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.201	−0.135%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.239	−0.094%	$662K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.301	−0.027%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.270	−0.061%	$475K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.244	−0.089%	$78K	$170K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.334	+0.009%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.280	−0.050%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.400	+0.080%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.257	−0.075%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.269	−0.062%	$390K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.180	−0.158%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.320	−0.006%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERPlong	+0.0251%	8h	92.326	long leg	$1.8M	$5.4M	2.3x
Reya HYPERUSDPERP	+0.0261%	1h	92.235	−0.099%	$79K	$137K	15x	as long as short
BloFin HYPE-USDT	+0.0326%	4h	92.274	−0.056%	$16.7M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.257	−0.075%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSDshort	+0.0333%	1h	92.347	+0.023%	$20.5M	$30.5M	50x
Deribit HYPE_USDC-PERPETUAL	+0.0476%	1h	92.378	+0.056%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.344	+0.019%	$3.1M	$6.4M	20x	as long as short