Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0094%/8h= −10.3% APRpaid last 24h +0.018%

Price spread now: Phoenix against Kalshi+0.037%74s7-day average +0.098% · you sell dearer than you buy

Net, funding: paid 7d − costs+$12as 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−$300.302% of the position

Long on Kalshi Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.424%+$42 on $10k

Price spread, last 7 days−0.012%−$1 · spread now +0.037%, 7d avg +0.098%

Together, before fees+0.412%+$41 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phoenix is 0.061% cheaper against Kalshi than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.098%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.424%, so the current rate has only just turned against you. The two prices were read 74 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	93.666	0.0120	pay 0.0120% / 8h	6h 49m	$1.8M	$5.6M	2.3x
Short	Phoenix HYPE	93.701	0.0026	get 0.0003% / 1h	49m 43s	$210K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.037%Rate

Funding earned: −$19.83
Price spread: +0.037% → +0.098%: −$6.08
Slippage, 4 orders: −$13.16
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$56.07
Costs to cover: 0.302%
Break-even: never at this rate

Slippage from Kalshi: live order book, 4 min ago; Phoenix: live order book, 3 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	4.38 bp	12.6 bp −$13	13.9 bp −$139	20.8 bp −$2,081	doesn't fit
Sell Phoenix live order book, 3 min ago	0.05 bp	3.6 bp −$4	6.4 bp −$64	109.0 bp −$10.9K	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	−0.1880%	1h	93.511	−0.166%	$197K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0373%	1h	93.547	−0.127%	$22K	$21K	10x	as long as short
Bullet HYPE-USD	−0.0082%	1h	93.541	−0.133%	$112K	$578K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.613	−0.057%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0033%	4h	93.512	−0.164%	$146K	$663K	20x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.615	−0.054%	$88K	$365K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0011%	1h	93.580	−0.092%	$704K	$1.2M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.530	−0.145%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.556	−0.117%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.557	−0.117%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus HYPE-USD	+0.0011%	1h	93.473	−0.206%	$1.0M	$3.9M	10x	as long as short
Phemex HYPEUSDT	+0.0018%	8h	93.489	−0.189%	$12.6M	$2.7M	50x	as long as short
Bitget HYPEUSDT	+0.0018%	4h	93.504	−0.173%	$226.2M	$99.0M	75x	as long as short
Bybit HYPEUSDT	+0.0024%	8h	93.510	−0.167%	$318.0M	$283.6M	75x	as long as short
Phoenix HYPEshort	+0.0026%	1h	93.701	+0.037%	$210K	$1.2M	10x
edgeX HYPEUSDC	+0.0083%	4h	93.497	−0.180%	$5.0M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.552	−0.122%	$340K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.522	−0.154%	$16.2M	$63.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.522	−0.154%	$3.1M	$11.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.600	−0.070%	$77K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.580	−0.092%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.597	−0.073%	$7.6M	$48.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.567	−0.106%	$2.04B	$666.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.512	−0.164%	$8.7M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.547	−0.127%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.501	−0.176%	$374.9M	$911.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.510	−0.167%	$114.7M	$309.3M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.614	−0.055%	$204K	$3K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.512	−0.164%	$46.4M	$54.0M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.508	−0.169%	$92.0M	$80.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.522	−0.154%	$46.8M	$18.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.498	−0.179%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.516	−0.160%	$7.3M	$10.8M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.649	−0.019%	$28.7M	$56.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.576	−0.096%	$7.5M	$47.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.516	−0.160%	$343K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.661	−0.005%	$670K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.647	−0.020%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.602	−0.068%	$490K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.493	−0.185%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.486	−0.192%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.580	−0.092%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.463	−0.217%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.650	−0.017%	$1.4M	$6.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.472	−0.207%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.526	−0.150%	$395K	$161K	20x	as long as short
Kalshi KXHYPEPERPlong	+0.0120%	8h	93.666	long leg	$1.8M	$5.6M	2.3x
Injective HYPE/USDC PERP	+0.0122%	1h	93.570	−0.102%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.550	−0.124%	$4.8M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0268%	1h	93.544	−0.131%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.548	−0.125%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.673	+0.007%	$16.9M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0341%	1h	93.526	−0.149%	$20.8M	$29.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0381%	1h	93.572	−0.100%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.666	0.000%	$3.2M	$6.3M	20x	as long as short