Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0173%/8h= −18.9% APRpaid last 24h +0.003%

Price spread now: Popdex against Kalshi−0.112%7-day average +0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$270.275% of the position

Long on Kalshi Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.083%+$8 on $10k

Price spread, last 7 days+0.080%+$8 · spread now −0.112%, 7d avg +0.003%

Together, before fees+0.163%+$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Popdex is 0.115% cheaper against Kalshi than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of +0.003%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.083%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXHYPEPERP	95.030	0.0125	pay 0.0125% / 8h	1h 47m	$1.8M	$5.1M	2.3x
Short	Popdex HYPEUSDT	94.924	−0.0048	pay 0.0006% / 1h	47m 12s	$273K	$1.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against Kalshi. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PopdexbpOrdersPrice spread, now −0.112%Rate

Funding earned: −$36.32
Price spread: −0.112% → +0.003%: −$11.47
Slippage, 4 orders: −$11.08
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$75.27
Costs to cover: 0.275%
Break-even: never at this rate

Slippage from Kalshi: live order book, 5 min ago; Popdex: live order book, 5 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, 5 min ago	2.52 bp	9.1 bp −$9	11.3 bp −$113	16.9 bp −$1,692	doesn't fit
Sell Popdex live order book, 5 min ago	0.26 bp	3.5 bp −$3	4.6 bp −$46	16.6 bp −$1,661	doesn't fit

HYPE on 54 exchanges

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	−0.0968%	1h	94.937	−0.098%	$220K	$269K	7x	as long as short
Phemex HYPEUSDT	−0.0253%	8h	94.982	−0.051%	$12.9M	$2.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0252%	1h	94.937	−0.098%	$18.5M	$35.2M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0194%	1h	94.910	−0.126%	$689K	$1.2M	10x	as long as short
Lighter HYPE	−0.0192%	1h	94.934	−0.101%	$16.3M	$57.6M	20x	as long as short
01 Exchange HYPEUSD	−0.0136%	1h	94.923	−0.113%	$99K	$342K	20x	as long as short
Arcus HYPE-USD	−0.0130%	1h	94.922	−0.114%	$1.1M	$2.4M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0118%	1h	95.116	+0.091%	$22K	$17K	10x	as long as short
Gate HYPE_USDT	−0.0098%	4h	94.926	−0.109%	$54.7M	$53.2M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.191	+0.169%	$3K	$331	25x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni HYPEUSDT	−0.0068%	1h	95.141	+0.117%	$342K	$887K	50x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	94.910	−0.126%	$4.7M	$5.5M	50x	as long as short
Aster HYPEUSDT	−0.0054%	4h	94.949	−0.085%	$8.9M	$32.7M	300x	as long as short
Popdex HYPEUSDTshort	−0.0048%	1h	94.924	−0.112%	$273K	$1.0M	50x
Orderly PERP_HYPE_USDC	−0.0047%	4h	94.888	−0.149%	$147K	$643K	20x	as long as short
Bullet HYPE-USD	−0.0037%	1h	94.924	−0.112%	$113K	$581K	20x	as long as short
OKX HYPE-USDT-SWAP	−0.0015%	8h	94.959	−0.075%	$119.0M	$302.8M	50x	as long as short
Phoenix HYPE	−0.0008%	1h	94.963	−0.071%	$199K	$1.1M	10x	as long as short
SoDEX HYPE-USD	0.0000%	1h	94.925	−0.110%	$2.1M	$339K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.991	−0.041%	$129K	$94K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.949	−0.085%	$24K	$250K	10x	as long as short
Deribit HYPE_USDC-PERPETUAL	0.0000%	1h	95.011	−0.020%	$7.5M	$4.3M	50x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.975	−0.057%	$99K	—	150x	as long as short
Bitget HYPEUSDT	+0.0014%	4h	94.930	−0.105%	$228.2M	$86.8M	75x	as long as short
Bybit HYPEUSDT	+0.0017%	8h	94.960	−0.074%	$319.7M	$264.8M	75x	as long as short
StandX HYPE-USD	+0.0067%	1h	95.057	+0.028%	$691K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0067%	1h	94.911	−0.125%	$79K	$135K	20x	as long as short
Binance HYPEUSDT	+0.0069%	4h	94.960	−0.074%	$381.7M	$850.1M	75x	as long as short
edgeX HYPEUSDC	+0.0072%	4h	95.113	+0.087%	$5.1M	$29.2M	30x	as long as short
Bulk HYPE-USD	+0.0074%	1h	95.269	+0.251%	$232K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0076%	4h	94.925	−0.110%	$89.9M	$83.5M	100x	as long as short
Paradex HYPE-USD-PERP	+0.0077%	8h	94.959	−0.075%	$339K	$30K	20x	as long as short
BingX HYPE-USDT	+0.0092%	4h	94.924	−0.112%	—	$49.0M	—	as long as short
Lighter RH HYPE	+0.0096%	1h	94.942	−0.093%	$3.4M	$10.1M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	94.890	−0.147%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.955	−0.079%	$7.3M	$51.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.055	+0.026%	$2.11B	$646.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.991	−0.041%	$10.2M	$13.2M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.921	−0.115%	$47.2M	$17.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.967	−0.066%	$7.3M	$10.8M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.111	+0.085%	$30.0M	$53.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.984	−0.048%	$7.7M	$38.7M	10x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.992	−0.040%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.957	−0.077%	$504K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.986	−0.046%	$32K	$1.4M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.054	+0.025%	$1.4M	$5.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.893	−0.144%	$18.4M	$39.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.901	−0.136%	$401K	$130K	20x	as long as short
Kalshi KXHYPEPERPlong	+0.0125%	8h	95.030	long leg	$1.8M	$5.1M	2.3x
RISEx HYPE/USDC	+0.0133%	1h	94.932	−0.103%	$3.2M	$5.5M	20x	as long as short
Reya HYPERUSDPERP	+0.0269%	1h	94.908	−0.129%	$85K	$92K	15x	as long as short
BloFin HYPE-USDT	+0.0307%	4h	94.897	−0.140%	$17.3M	$11.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	94.960	−0.074%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.500	+0.495%	$31K	$334K	12x	as long as short