Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0340%/8h= −37.3% APRpaid last 24h 0.000%

Price spread now: 01 Exchange against Kalshi−0.225%7-day average +0.005% · 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−$56as in the Price arb table

costs, in and out, $10k−$330.325% of the position

Long on Kalshi Short on 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.066%+$7 on $10k

Price spread, last 4 days (all we have)+0.312%+$31 · spread now −0.225%, 7d avg +0.005%

Together, before fees+0.378%+$38 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and 01 Exchange is 0.231% cheaper against Kalshi than usual: you would sell low and buy high (−$23 if the spread goes back to its 7-day average of +0.005%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.066%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.066% in total (about 7.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXHYPEPERP	93.177	0.0260	pay 0.0260% / 8h	2h 40m	$1.9M	$5.2M	2.3x
Short	01 Exchange HYPEUSD	92.967	−0.0080	pay 0.0010% / 1h	40m 06s	$84K	$359K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now −0.225%Rate

Funding earned: −$71.45
Price spread: −0.225% → +0.005%: −$23.07
Slippage, 4 orders: −$15.53
Fee Kalshi: 5 bp × 2 orders: −$10
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$127.06
Costs to cover: 0.325%
Break-even: never at this rate

Slippage from Kalshi: live order book, 4 min ago; 01 Exchange: live order book, 29 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	3.10 bp	8.1 bp −$8	11.3 bp −$113	18.6 bp −$1,856	doesn't fit
Sell 01 Exchange live order book, 29 min ago	0.16 bp	6.1 bp −$6	11.0 bp −$110	doesn't fit	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	−0.0952%	1h	93.181	+0.004%	$196K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	92.920	−0.276%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0153%	1h	93.266	+0.096%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0149%	1h	93.110	−0.072%	$696K	$977K	10x	as long as short
Gate HYPE_USDT	−0.0100%	4h	93.067	−0.118%	$44.1M	$54.2M	75x	as long as short
Backpack HYPE_USDC_PERP	−0.0097%	1h	93.053	−0.133%	$7.8M	$10.4M	20x	as long as short
01 Exchange HYPEUSDshort	−0.0080%	1h	92.967	−0.225%	$84K	$359K	20x
Hotstuff HYPE-PERP	−0.0080%	1h	93.062	−0.123%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0057%	4h	93.004	−0.186%	$155K	$652K	20x	as long as short
Aster HYPEUSDT	−0.0037%	4h	93.091	−0.092%	$8.8M	$36.3M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin HYPE-PERP	−0.0036%	1h	92.997	−0.193%	$79K	$174K	20x	as long as short
Phemex HYPEUSDT	−0.0005%	8h	93.065	−0.120%	$12.6M	$2.7M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.069	−0.116%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.004	−0.185%	$22K	$333K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.001	−0.189%	$25K	—	150x	as long as short
Bybit HYPEUSDT	+0.0005%	8h	93.071	−0.114%	$319.9M	$285.8M	75x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.098	−0.085%	—	$54.3M	—	as long as short
Bullet HYPE-USD	+0.0025%	1h	92.961	−0.232%	$111K	$579K	20x	as long as short
MEXC HYPE_USDT	+0.0038%	4h	93.141	−0.039%	$87.5M	$82.5M	100x	as long as short
Binance HYPEUSDT	+0.0040%	4h	93.055	−0.131%	$378.6M	$906.4M	75x	as long as short
edgeX HYPEUSDC	+0.0056%	4h	93.325	+0.159%	$5.1M	$29.8M	30x	as long as short
Phoenix HYPE	+0.0060%	1h	93.266	+0.096%	$212K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0065%	8h	93.085	−0.099%	$114.6M	$314.7M	50x	as long as short
Derive HYPE-PERP	+0.0067%	1h	92.992	−0.198%	$16.1M	$7.6M	10x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.036	−0.152%	$396K	$177K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.061	−0.124%	$338K	$165K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.149	−0.030%	$16.3M	$62.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.091	−0.092%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.965	−0.228%	$65K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.000	−0.190%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.968	−0.225%	$5.6M	$45.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.160	−0.018%	$2.03B	$676.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.081	−0.103%	$10.0M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.404	+0.243%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.139	−0.041%	$45.9M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.090	−0.093%	$225.2M	$100.8M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.151	−0.028%	$30.9M	$55.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.215	+0.041%	$7.5M	$47.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.355	+0.191%	$337K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.219	+0.045%	$665K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.057	−0.129%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.990	−0.201%	$465K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.184	+0.008%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.076	−0.108%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.043	−0.144%	$18.3M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.180	+0.003%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.110	−0.072%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0175%	4h	93.407	+0.247%	$17.0M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.022	−0.167%	$2.7M	$6.7M	20x	as long as short
HTX HYPE-USDT	+0.0238%	4h	93.300	+0.132%	$1.4M	$6.1M	75x	as long as short
Reya HYPERUSDPERP	+0.0254%	1h	92.935	−0.259%	$79K	$142K	15x	as long as short
Kalshi KXHYPEPERPlong	+0.0260%	8h	93.177	long leg	$1.9M	$5.2M	2.3x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0158%	1h	92.989	−0.202%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0556%	1h	93.181	+0.004%	$7.4M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0684%	1h	93.198	+0.022%	$20.8M	$30.1M	50x	as long as short