Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0082%/8h= −9.0% APRpaid last 24h −0.055%

Price spread now: Kalshi against Kraken Futures−0.023%7-day average −0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$70as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$410.407% of the position

Long on Kraken Futures Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.294%−$29 on $10k

Price spread, last 4 days (all we have)+0.148%+$15 · spread now −0.023%, 7d avg −0.010%

Together, before fees−0.146%−$15 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.010%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_HYPEUSD	92.347	0.0333	pay 0.0042% / 1h	35m 10s	$20.5M	$30.5M	50x
Short	Kalshi KXHYPEPERP	92.326	0.0251	get 0.0251% / 8h	35m 10s	$1.8M	$5.4M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Kraken Futures. 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 Kraken FuturesbpFee KalshibpOrdersPrice spread, now −0.023%Rate

Funding earned: −$17.21
Price spread: −0.023% → −0.010%: −$1.28
Slippage, 4 orders: −$20.74
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$59.23
Costs to cover: 0.407%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 4 min ago; Kalshi: live order book, 4 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 Kraken Futures live order book, 4 min ago	2.17 bp	9.7 bp −$10	14.3 bp −$143	20.5 bp −$2,047	69.6 bp −$34.8K
Sell Kalshi live order book, 4 min ago	2.60 bp	10.6 bp −$11	11.7 bp −$117	18.9 bp −$1,889	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
Arcus HYPE-USD	−0.0948%	1h	92.234	−0.123%	$1.0M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0360%	1h	92.205	−0.154%	$193K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0162%	1h	92.269	−0.085%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	92.300	−0.051%	$86K	$356K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.221	−0.137%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0070%	4h	92.262	−0.092%	$157K	$663K	20x	as long as short
Bullet HYPE-USD	−0.0034%	1h	92.230	−0.127%	$110K	$580K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0023%	1h	92.160	−0.203%	$693K	$1.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.261	−0.094%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.266	−0.088%	$22K	$309K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0001%	4h	92.250	−0.105%	$8.7M	$36.3M	300x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.266	−0.088%	$61K	—	150x	as long as short
BingX HYPE-USDT	+0.0034%	4h	92.311	−0.039%	—	$53.3M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.257	−0.098%	$209K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0057%	8h	92.300	−0.051%	$315.6M	$281.6M	75x	as long as short
Gate HYPE_USDT	+0.0062%	4h	92.310	−0.040%	$44.3M	$55.0M	75x	as long as short
Phemex HYPEUSDT	+0.0066%	8h	92.302	−0.049%	$12.5M	$2.7M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0079%	8h	92.308	−0.043%	$112.9M	$302.6M	50x	as long as short
MEXC HYPE_USDT	+0.0084%	4h	92.301	−0.050%	$87.1M	$80.6M	100x	as long as short
Binance HYPEUSDT	+0.0086%	4h	92.300	−0.051%	$370.0M	$902.4M	75x	as long as short
edgeX HYPEUSDC	+0.0088%	4h	92.224	−0.134%	$4.9M	$29.6M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0092%	8h	92.301	−0.051%	$338K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.300	−0.051%	$16.0M	$62.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.305	−0.046%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.269	−0.085%	$68K	$1.2M	50x	as long as short
Derive HYPE-PERP	+0.0097%	1h	92.250	−0.105%	$16.0M	$7.5M	10x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.270	−0.084%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.270	−0.083%	$6.8M	$44.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.351	+0.004%	$2.01B	$665.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.291	−0.061%	$10.0M	$15.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.245	−0.111%	$201K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.307	−0.044%	$45.8M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.320	−0.030%	$223.9M	$98.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.298	−0.053%	$7.3M	$10.8M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.139	−0.226%	$28.2M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.255	−0.100%	$7.5M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.201	−0.158%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.239	−0.117%	$662K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.301	−0.050%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.270	−0.084%	$475K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.244	−0.112%	$78K	$170K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.334	−0.014%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.280	−0.073%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.400	+0.057%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.257	−0.098%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.269	−0.085%	$390K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.180	−0.181%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.320	−0.030%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERPshort	+0.0251%	8h	92.326	−0.023%	$1.8M	$5.4M	2.3x
Reya HYPERUSDPERP	+0.0261%	1h	92.235	−0.122%	$79K	$137K	15x	as long as short
BloFin HYPE-USDT	+0.0326%	4h	92.274	−0.079%	$16.7M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.257	−0.098%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0333%	1h	92.347	long leg	$20.5M	$30.5M	50x
Deribit HYPE_USDC-PERPETUAL	+0.0476%	1h	92.378	+0.033%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.344	−0.004%	$3.1M	$6.4M	20x	as long as short