Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0009%/8h= +1.0% APRpaid last 24h −0.006%

Price spread now: Kalshi against Lighter RH−0.084%7-day average +0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$240.244% of the position

Long on Lighter RH Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.112%−$11 on $10k

Price spread, last 7 days+0.171%+$17 · spread now −0.084%, 7d avg +0.007%

Together, before fees+0.060%+ Points / potential airdropLighter RH: Points live · farm board+$6 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kalshi is 0.091% cheaper against Lighter RH than usual: you would sell low and buy high (spread −0.084% now, against its 7-day average of +0.007%). If the spread goes back, that is −$9 on $10k: about 32 days of funding at the current rate ($0 a day). Mind the row above: over the last 7 days funding on this pair cost −0.112%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH HYPE	94.210	0.0096	pay 0.0012% / 1h	26m 13s	$3.2M	$11.1M	20x
Short	Kalshi KXHYPEPERP	94.131	0.0105	get 0.0105% / 8h	5h 26m	$1.8M	$5.6M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Lighter RH. 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 Lighter RHbpFee KalshibpOrdersPrice spread, now −0.084%Rate

Funding earned: $1.98
Price spread: −0.084% → +0.007%: −$9.13
Slippage, 4 orders: −$14.42
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$31.58
Costs to cover: 0.244%
Break-even: 118.8 days

Slippage from Lighter RH: live order book, 3 min ago; Kalshi: live order book, 2 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 RH live order book, 3 min ago	1.39 bp	1.4 bp −$1	2.9 bp −$29	23.2 bp −$2,323	doesn't fit
Sell Kalshi live order book, 2 min ago	2.83 bp	11.0 bp −$11	12.4 bp −$124	19.2 bp −$1,916	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	−0.0992%	1h	93.495	−0.759%	$198K	$238K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0191%	1h	93.590	−0.658%	$22K	$21K	10x	as long as short
BingX HYPE-USDT	−0.0100%	4h	93.955	−0.271%	—	$53.5M	—	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.665	−0.578%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0066%	1h	93.879	−0.351%	$111K	$579K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0062%	1h	93.650	−0.594%	$705K	$1.2M	10x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.899	−0.330%	$86K	$368K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0017%	4h	94.032	−0.189%	$146K	$683K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.880	−0.351%	$129K	$26K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.907	−0.321%	$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	94.300	+0.096%	$318.4M	$288.0M	75x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.048	−0.172%	$83K	—	150x	as long as short
Bluefin HYPE-PERP	+0.0006%	1h	94.072	−0.146%	$79K	$155K	20x	as long as short
Derive HYPE-PERP	+0.0007%	1h	93.302	−0.963%	$16.2M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0017%	1h	93.623	−0.623%	$208K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0050%	4h	94.151	−0.063%	$226.9M	$99.6M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0078%	8h	93.823	−0.411%	$335K	$161K	20x	as long as short
Phemex HYPEUSDT	+0.0081%	8h	94.187	−0.024%	$12.9M	$2.8M	50x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.785	−0.451%	$1.0M	$4.0M	10x	as long as short
edgeX HYPEUSDC	+0.0093%	4h	93.551	−0.700%	$5.0M	$30.5M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.222	+0.013%	$16.2M	$64.1M	20x	as long as short
Lighter RH HYPElong	+0.0096%	1h	94.210	long leg	$3.2M	$11.1M	20x
Popdex HYPEUSDT	+0.0096%	1h	93.865	−0.366%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.770	−0.467%	$21K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.855	−0.377%	$7.5M	$50.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.975	−0.249%	$2.06B	$684.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.106	−0.110%	$8.9M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.773	−0.464%	$10.1M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.176	−0.036%	$376.8M	$930.5M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.045	−0.175%	$115.8M	$316.3M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.920	−0.308%	$48.8M	$55.7M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.903	−0.326%	$90.5M	$84.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.892	−0.338%	$46.5M	$18.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.685	−0.557%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.449	−0.808%	$28.7M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.492	−0.762%	$7.5M	$48.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.566	−0.684%	$354K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.643	−0.602%	$678K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.879	−0.352%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.895	−0.334%	$471K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.925	−0.303%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.141	−0.073%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.352	+0.151%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.438	−0.819%	$216K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.136	−0.079%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.104	−0.113%	$398K	$159K	20x	as long as short
Kalshi KXHYPEPERPshort	+0.0105%	8h	94.131	−0.084%	$1.8M	$5.6M	2.3x
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.190	−0.021%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	93.681	−0.561%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.540	−0.711%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	93.879	−0.351%	$77K	$129K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.642	−0.603%	$16.9M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0413%	1h	94.262	+0.056%	$21.0M	$29.5M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0462%	1h	94.187	−0.024%	$7.5M	$4.2M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.935	−0.291%	$3.2M	$6.3M	20x	as long as short