HYPE

Alert

Spread before costs (cost unknown: a leg has no order-book sample)−0.023%

7d average−0.033%if it closes, per $10,000$2funding while held, a day−$1.90

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXHYPEPERP	93.120	0.0113	pay 0.0113% / 8h	2h 53m	$1.7M	$4.8M	2.3x
Short	Orderly PERP_HYPE_USDC	93.099	0.0050	get 0.0025% / 4h	2h 53m	$170K	$354K	20x

Price spread history

latest

Range statsloading…

How often the spread is this wide

share of time at each level, last 7D

Backtest

opened in the past, held until now, after costs

Backtest 7 days Backtest 30 days Backtest 90 daysopens the backtester with this pair and $10,000 a leg

Profit calculator

Position, each leg$Hold forhoursFee KalshibpFee OrderlybpOrdersClose when spread is

Spread captured: −$2.26
Funding while held: −$1.9
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$20.16
Spread needed to break even: 0.160%

Slippage unknown: Kalshi: live order book, 1 min ago; Orderly: no order-book sample. Net counts fees only.

Cost of waiting

funding view

Funding /8h: −0.0063%
Per $10,000 a day: −$1.90
Average in range /8h: —

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	2.36 bp	10.1 bp −$10	11.4 bp −$114	19.9 bp −$1,986	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

HYPE price on every exchange

against the cheapest. Click to use as the short leg.

Injective92.950cheapest Hibachi92.956+0.007%Ondo Perps93.000+0.054%Arcus93.008+0.062%Aevo93.030+0.086%Vest93.036+0.092%Variational Omni93.039+0.096%Nado93.043+0.100%Bulk93.044+0.101%BloFin93.048+0.105%dYdX93.051+0.109%GMX93.056+0.114%KuCoin93.059+0.117%Katana Perps93.060+0.118%Derive93.060+0.119%StandX93.067+0.126%Popdex93.075+0.134%Hotstuff93.078+0.138%Pacifica93.079+0.139%Reya93.084+0.145%Bullet93.090+0.151%01 Exchange93.095+0.156%Bluefin93.096+0.157%Aster93.098+0.159%Paradex93.099+0.160%

Orderly93.099+0.160%

Bybit93.100+0.161%gTrade (Gains Network)93.100+0.161%SoDEX93.100+0.161%Perpl93.102+0.163%Polymarket Perps93.102+0.164%Gate93.107+0.169%BingX93.109+0.171%Phemex93.118+0.181%Bitget93.119+0.182%

Kalshi93.120+0.183%

Extended93.121+0.184%Binance93.126+0.190%Lighter RH93.129+0.193%OKX93.133+0.197%MEXC93.135+0.199%SunX93.135+0.199%RISEx93.136+0.200%Backpack93.139+0.203%Lighter93.154+0.219%Hyperliquid93.159+0.225%Kraken Futures93.160+0.225%Coinbase International93.160+0.226%edgeX93.165+0.231%Deribit93.173+0.240%ApeX Omni93.177+0.244%Aftermath Perps93.180+0.248%HTX93.260+0.334%Phoenix93.378+0.460%

HYPE on 54 venues

cheapest first. Swap a leg.

Exchange	vs long leg	Funding /8h	Every	OI	Vol 24h	Max lev
Injective HYPE/USDC PERP	−0.183%	+0.0082%	1h	$23K	$167K	12x	as long as short
Hibachi HYPE/USDT-P	−0.176%	−0.0856%	1h	$195K	$228K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.129%	+0.0100%	1h	$699K	$973K	10x	as long as short
Arcus HYPE-USD	−0.120%	+0.0100%	1h	$1.2M	$3.9M	10x	as long as short
Aevo HYPE-PERP	−0.097%	+0.0104%	1h	$396K	$335K	20x	as long as short
Vest HYPE-PERP	−0.090%	+0.0100%	1h	—	$407K	5x	as long as short
Variational Omni HYPE	−0.087%	+0.0100%	8h	$29.1M	$50.3M	—	as long as short
Nado HYPE-PERP	−0.083%	+0.0100%	1h	$6.3M	$43.4M	10x	as long as short
Bulk HYPE-USD	−0.082%	+0.0100%	1h	$203K	$8K	10x	as long as short
BloFin HYPE-USDT	−0.077%	+0.0340%	4h	$17.5M	$11.6M	75x	as long as short

Show all 54 venues

Exchange	vs long leg	Funding /8h	Every	OI	Vol 24h	Max lev
dYdX HYPE-USD	−0.074%	+0.0001%	1h	$127K	$26K	5x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	−0.069%	L +0.0361% / S −0.0183%	1h	$1.5M	—	100x	as long as short
KuCoin HYPEUSDTM	−0.066%	+0.0100%	4h	$45.8M	$19.9M	75x	as long as short
Katana Perps HYPE-USD	−0.064%	+0.0100%	8h	$38K	$1.8M	10x	as long as short
Derive HYPE-PERP	−0.064%	+0.0100%	1h	$16.4M	$7.2M	10x	as long as short
StandX HYPE-USD	−0.057%	+0.0100%	1h	$671K	$2.3M	20x	as long as short
Popdex HYPEUSDT	−0.048%	+0.0096%	1h	$140K	$1.2M	50x	as long as short
Hotstuff HYPE-PERP	−0.045%	−0.0080%	1h	$3K	$307	25x	as long as short
Pacifica HYPE	−0.044%	+0.0100%	1h	$11.3M	$12.3M	20x	as long as short
Reya HYPERUSDPERP	−0.038%	+0.0233%	1h	$73K	$149K	15x	as long as short
Bullet HYPE-USD	−0.032%	+0.0100%	1h	$113K	$564K	20x	as long as short
01 Exchange HYPEUSD	−0.027%	+0.0096%	1h	$91K	$315K	20x	as long as short
Bluefin HYPE-PERP	−0.026%	+0.3110%	1h	$73K	$185K	20x	as long as short
Aster HYPEUSDT	−0.023%	+0.0100%	4h	$8.9M	$35.3M	300x	as long as short
Paradex HYPE-USD-PERP	−0.023%	+0.0115%	8h	$336K	$287K	20x	as long as short
Orderly PERP_HYPE_USDCshort	−0.023%	+0.0050%	4h	$170K	$354K	20x
Bybit HYPEUSDT	−0.021%	+0.0100%	8h	$326.3M	$280.8M	75x	as long as short
gTrade (Gains Network) HYPE/USD	−0.021%	L +0.0002% / S −0.0001%	1h	$55K	—	150x	as long as short
SoDEX HYPE-USD	−0.021%	+0.0100%	1h	$2.0M	$2.0M	10x	as long as short
Perpl HYPE	−0.019%	+0.0112%	43m	$32K	$344K	10x	as long as short
Polymarket Perps HYPE-USD	−0.019%	+0.0100%	1h	$459K	$2.4M	20x	as long as short
Gate HYPE_USDT	−0.014%	+0.0100%	4h	$44.1M	$53.3M	75x	as long as short
BingX HYPE-USDT	−0.012%	+0.0040%	4h	—	$51.7M	—	as long as short
Phemex HYPEUSDT	−0.002%	+0.0100%	8h	$12.6M	$2.4M	50x	as long as short
Bitget HYPEUSDT	−0.001%	+0.0100%	4h	$227.8M	$100.8M	75x	as long as short
Kalshi KXHYPEPERPlong	0.000%	+0.0113%	8h	$1.7M	$4.8M	2.3x
Extended HYPE-USD	+0.001%	+0.0104%	1h	$18.2M	$41.7M	50x	as long as short
Binance HYPEUSDT	+0.007%	+0.0100%	4h	$391.3M	$843.8M	75x	as long as short
Lighter RH HYPE	+0.010%	+0.0096%	1h	$3.1M	$12.0M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.014%	+0.0100%	8h	$114.6M	$311.2M	50x	as long as short
MEXC HYPE_USDT	+0.016%	+0.0100%	4h	$89.8M	$80.6M	100x	as long as short
SunX HYPE-USDT	+0.016%	+0.0100%	4h	$32K	$1.6M	20x	as long as short
RISEx HYPE/USDC	+0.017%	+0.0611%	1h	$2.5M	$6.8M	20x	as long as short
Backpack HYPE_USDC_PERP	+0.020%	+0.0100%	1h	$8.5M	$10.4M	20x	as long as short
Lighter HYPE	+0.036%	+0.0096%	1h	$18.3M	$55.9M	20x	as long as short
Hyperliquid HYPE	+0.042%	+0.0879%	1h	$2.02B	$612.2M	10x	as long as short
Kraken Futures PF_HYPEUSD	+0.042%	+0.0257%	1h	$16.2M	$20.8M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.043%	+0.0200%	1h	$4.9M	$5.3M	50x	as long as short
edgeX HYPEUSDC	+0.048%	+0.0119%	4h	$5.1M	$28.7M	30x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.057%	+0.0233%	1h	$7.4M	$4.3M	50x	as long as short
ApeX Omni HYPEUSDT	+0.061%	+0.0100%	1h	$428K	$927K	50x	as long as short
Aftermath Perps HYPEUSD	+0.065%	+0.0316%	1h	$22K	$34K	10x	as long as short
HTX HYPE-USDT	+0.150%	+0.0892%	4h	$1.5M	$7.1M	75x	as long as short
Phoenix HYPE	+0.277%	+0.0351%	1h	$296K	$950K	10x	as long as short