Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0096%/8h= −10.5% APRpaid last 24h −0.008%

Price spread now: Kalshi against Lighter+0.009%7-day average −0.021% · you sell dearer than you buy

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$240.238% of the position

Long on Lighter Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.157%−$16 on $10k

Price spread, last 7 days+0.052%+$5 · spread now +0.009%, 7d avg −0.021%

Together, before fees−0.105%+ Points / potential airdropLighter: Season 3 · farm board−$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.029% dearer against Lighter than usual: you sell high and buy low (spread +0.009% now, against its 7-day average of −0.021%): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 24 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter HYPE	94.300	0.0096	pay 0.0012% / 1h	15m 49s	$16.3M	$64.4M	20x
Short	Kalshi KXHYPEPERP	94.308	0	get 0.0000% / 8h	5h 15m	$1.8M	$5.6M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Lighter. 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 LighterbpFee KalshibpOrdersPrice spread, now +0.009%Rate

Funding earned: −$20.16
Price spread: +0.009% → −0.021%: $2.92
Slippage, 4 orders: −$13.75
Fee Lighter: 0 bp × 2 orders: $0
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$41
Costs to cover: 0.238%
Break-even: never at this rate

Slippage from Lighter: live order book, 13 min ago; Kalshi: 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 Lighter live order book, 13 min ago	1.17 bp	1.3 bp −$1	2.1 bp −$21	9.7 bp −$971	39.3 bp −$19.7K
Sell Kalshi live order book, 3 min ago	2.44 bp	10.5 bp −$10	11.5 bp −$115	19.0 bp −$1,901	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	−0.1096%	1h	94.167	−0.141%	$200K	$236K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0181%	1h	94.224	−0.080%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.286	−0.015%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0060%	1h	94.253	−0.050%	$111K	$579K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0054%	1h	94.200	−0.106%	$709K	$1.2M	10x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	94.261	−0.041%	$86K	$368K	20x	as long as short
Bluefin HYPE-PERP	−0.0017%	1h	94.234	−0.070%	$80K	$155K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0012%	4h	94.222	−0.083%	$146K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.284	−0.017%	$129K	$26K	5x	as long as short
Bybit HYPEUSDT	0.0000%	8h	94.280	−0.021%	$317.1M	$289.5M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kalshi KXHYPEPERPshort	0.0000%	8h	94.308	+0.009%	$1.8M	$5.6M	2.3x
Perpl HYPE	0.0000%	43m	94.266	−0.036%	$19K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.279	−0.022%	$84K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	94.307	+0.008%	$207K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0054%	4h	94.288	−0.013%	$227.2M	$99.3M	75x	as long as short
Phemex HYPEUSDT	+0.0057%	8h	94.184	−0.123%	$12.8M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0078%	8h	94.314	+0.015%	$337K	$156K	20x	as long as short
edgeX HYPEUSDC	+0.0084%	4h	94.244	−0.059%	$5.0M	$30.7M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.230	−0.074%	$1.0M	$3.5M	10x	as long as short
Lighter HYPElong	+0.0096%	1h	94.300	long leg	$16.3M	$64.4M	20x
Lighter RH HYPE	+0.0096%	1h	94.300	0.000%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.241	−0.062%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.260	−0.042%	$17K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.254	−0.048%	$7.5M	$50.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.362	+0.066%	$2.08B	$687.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.305	+0.005%	$8.8M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.322	+0.023%	$10.2M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.305	+0.005%	$377.2M	$931.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.280	−0.021%	$116.0M	$318.8M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.245	−0.058%	$49.2M	$56.9M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.260	−0.042%	$90.1M	$85.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.255	−0.048%	$46.9M	$18.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.241	−0.062%	—	$53.6M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.273	−0.029%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.209	−0.097%	$29.1M	$55.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.298	−0.002%	$7.6M	$47.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.205	−0.101%	$362K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.297	−0.003%	$682K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.326	+0.028%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.260	−0.042%	$495K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.332	+0.034%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.255	−0.048%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.411	+0.118%	$1.4M	$6.8M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.275	−0.026%	$218K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.214	−0.091%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.264	−0.038%	$398K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.270	−0.032%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	94.295	−0.005%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.610	+0.329%	$31K	$339K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0259%	1h	94.334	+0.036%	$7.5M	$4.3M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.246	−0.057%	$77K	$129K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.245	−0.058%	$16.9M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0412%	1h	94.315	+0.016%	$20.2M	$30.4M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	94.275	−0.026%	$3.2M	$6.4M	20x	as long as short