Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0003%/8h= −0.3% APRpaid last 24h +0.005%

Price spread now: Polymarket Perps against Kalshi−0.016%7-day average −0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$280.278% of the position

Long on Kalshi Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.129%+$13 on $10k

Price spread, last 7 days−0.096%−$10 · spread now −0.016%, 7d avg −0.049%

Together, before fees+0.033%+$3 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Polymarket Perps is 0.033% dearer against Kalshi than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.049%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXHYPEPERP	94.309	0.0103	pay 0.0103% / 8h	5h 20m	$1.8M	$5.6M	2.3x
Short	Polymarket Perps HYPE-USD	94.294	0.0100	get 0.0013% / 1h	20m 42s	$473K	$2.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.016%Rate

Funding earned: −$0.63
Price spread: −0.016% → −0.049%: $3.32
Slippage, 4 orders: −$9.81
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$25.11
Costs to cover: 0.278%
Break-even: never at this rate

Slippage from Kalshi: live order book, 3 min ago; Polymarket Perps: 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, 3 min ago	2.81 bp	10.6 bp −$11	12.0 bp −$120	17.2 bp −$1,720	doesn't fit
Sell Polymarket Perps live order book, 3 min ago	0.53 bp	4.5 bp −$5	5.6 bp −$56	11.8 bp −$1,182	doesn't fit

HYPE on 54 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	−0.1072%	1h	94.208	−0.107%	$200K	$238K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0197%	1h	94.053	−0.271%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.263	−0.049%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0058%	1h	94.140	−0.179%	$709K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0053%	1h	94.265	−0.047%	$112K	$579K	20x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	94.292	−0.018%	$86K	$368K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0015%	4h	94.253	−0.059%	$146K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.296	−0.013%	$129K	$26K	5x	as long as short
Bybit HYPEUSDT	0.0000%	8h	94.230	−0.084%	$317.4M	$289.7M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.297	−0.013%	$19K	$293K	10x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.290	−0.020%	$84K	—	150x	as long as short
Bluefin HYPE-PERP	+0.0005%	1h	94.257	−0.055%	$80K	$155K	20x	as long as short
Phoenix HYPE	+0.0017%	1h	94.378	+0.073%	$207K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0052%	4h	94.240	−0.073%	$227.0M	$99.5M	75x	as long as short
Phemex HYPEUSDT	+0.0056%	8h	94.268	−0.043%	$12.9M	$2.8M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0078%	8h	94.296	−0.014%	$337K	$157K	20x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.236	−0.077%	$1.0M	$4.0M	10x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	94.344	+0.037%	$5.0M	$30.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.245	−0.068%	$16.3M	$64.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.254	−0.058%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.253	−0.059%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.270	−0.041%	$17K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.226	−0.088%	$7.5M	$50.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.336	+0.029%	$2.07B	$686.9M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.258	−0.054%	$8.9M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.279	−0.032%	$10.2M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.250	−0.062%	$377.1M	$933.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.241	−0.072%	$116.2M	$317.6M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.245	−0.068%	$48.9M	$56.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.264	−0.048%	$89.8M	$85.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.236	−0.077%	$46.8M	$18.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.247	−0.066%	—	$53.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.292	−0.018%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.229	−0.085%	$29.0M	$56.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.424	+0.122%	$7.6M	$48.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.356	+0.050%	$363K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.272	−0.039%	$683K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.344	+0.037%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USDshort	+0.0100%	1h	94.294	−0.016%	$473K	$2.8M	20x
SunX HYPE-USDT	+0.0100%	4h	94.311	+0.002%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.251	−0.061%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.307	−0.002%	$1.4M	$6.8M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.275	−0.036%	$218K	$15K	10x	as long as short
Kalshi KXHYPEPERPlong	+0.0103%	8h	94.309	long leg	$1.8M	$5.6M	2.3x
Extended HYPE-USD	+0.0104%	1h	94.218	−0.097%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.262	−0.049%	$398K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.190	−0.126%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	94.299	−0.011%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.130	−0.190%	$30K	$339K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0227%	1h	94.359	+0.053%	$7.5M	$4.3M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.236	−0.078%	$77K	$129K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.264	−0.048%	$16.9M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0412%	1h	94.325	+0.017%	$20.2M	$30.4M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	94.300	−0.010%	$3.2M	$6.4M	20x	as long as short