Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0166%/8h= +18.2% APRpaid last 24h +0.044%

Price spread now: Reya against Kalshi−0.268%7-day average −0.052% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Kalshi Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.089%+$9 on $10k

Price spread, last 4 days (all we have)+0.246%+$25 · spread now −0.268%, 7d avg −0.052%

Together, before fees+0.335%+ Points / potential airdropReya: Active · farm board+$34 on $10k · with fees, hour by hour

Funding pays, the price is against you. Reya is 0.216% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.268% now, against its 7-day average of −0.052%). If the spread goes back, that is −$22 on $10k: about 4.3 days of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXHYPEPERP	94.131	0.0105	pay 0.0105% / 8h	5h 25m	$1.8M	$5.6M	2.3x
Short	Reya HYPERUSDPERP	93.879	0.0272	get 0.0034% / 1h	25m 25s	$77K	$129K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.268%Rate

Funding earned: $34.88
Price spread: −0.268% → −0.052%: −$21.62
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Reya: 3 bp × 2 orders: −$6
Net: −$2.73
Costs to cover: 0.160%
Break-even: 7.5 days

Slippage unknown: Kalshi: live order book, 3 min ago; Reya: no order-book sample. Net counts fees only.

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	2.83 bp	10.1 bp −$10	11.7 bp −$117	18.9 bp −$1,891	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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 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	−0.1024%	1h	93.809	−0.342%	$199K	$238K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0211%	1h	93.708	−0.450%	$22K	$21K	10x	as long as short
BingX HYPE-USDT	−0.0100%	4h	94.195	+0.068%	—	$53.6M	—	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.207	+0.081%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0062%	1h	94.170	+0.041%	$705K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0058%	1h	94.228	+0.103%	$112K	$579K	20x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	94.240	+0.116%	$86K	$368K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0017%	4h	94.155	+0.025%	$146K	$683K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.880	−0.267%	$129K	$26K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.227	+0.101%	$20K	$290K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	+0.0002%	8h	94.162	+0.033%	$318.1M	$288.2M	75x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.048	−0.088%	$83K	—	150x	as long as short
Derive HYPE-PERP	+0.0007%	1h	93.302	−0.880%	$16.2M	$7.5M	10x	as long as short
Bluefin HYPE-PERP	+0.0010%	1h	94.183	+0.055%	$80K	$156K	20x	as long as short
Phoenix HYPE	+0.0017%	1h	93.715	−0.442%	$209K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0052%	4h	94.163	+0.034%	$226.8M	$99.5M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0078%	8h	94.266	+0.143%	$337K	$161K	20x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.620	−0.543%	$5.0M	$30.5M	30x	as long as short
Phemex HYPEUSDT	+0.0081%	8h	94.187	+0.059%	$12.9M	$2.8M	50x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.180	+0.052%	$1.0M	$4.0M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.219	+0.094%	$16.3M	$64.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.231	+0.106%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.198	+0.071%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.210	+0.084%	$21K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.208	+0.082%	$7.5M	$50.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.321	+0.202%	$2.07B	$690.5M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.261	+0.138%	$8.9M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.236	+0.111%	$10.2M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.261	+0.138%	$377.2M	$931.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.154	+0.024%	$116.2M	$316.9M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.216	+0.090%	$48.9M	$55.9M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.213	+0.087%	$89.5M	$84.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.243	+0.119%	$46.6M	$18.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.311	+0.191%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.009	−0.130%	$28.9M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.696	−0.462%	$7.6M	$48.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.663	−0.497%	$357K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.643	−0.518%	$678K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.227	+0.101%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.242	+0.118%	$473K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.232	+0.107%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.174	+0.046%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.352	+0.235%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.438	−0.736%	$216K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.138	+0.007%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.245	+0.121%	$398K	$159K	20x	as long as short
Kalshi KXHYPEPERPlong	+0.0105%	8h	94.131	long leg	$1.8M	$5.6M	2.3x
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.190	+0.063%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	93.681	−0.478%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.100	−0.033%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERPshort	+0.0272%	1h	93.879	−0.268%	$77K	$129K	15x
BloFin HYPE-USDT	+0.0340%	4h	93.642	−0.519%	$16.9M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0413%	1h	94.262	+0.140%	$21.0M	$29.5M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0462%	1h	94.187	+0.059%	$7.5M	$4.2M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.935	−0.208%	$3.2M	$6.3M	20x	as long as short