Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0034%/8h= +3.7% APRpaid last 24h −0.013%

Price spread now: Kalshi against Nado+0.101%7-day average +0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$270.268% of the position

Long on Nado Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.078%−$8 on $10k

Price spread, last 7 days+0.013%+$1 · spread now +0.101%, 7d avg +0.002%

Together, before fees−0.066%+ Points / potential airdropNado: Active · farm board−$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Kalshi is 0.100% dearer against Nado than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.002%. Mind the row above: over the last 3 days funding on this pair cost −0.078%, 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	Nado HYPE-PERP	94.124	0.0100	pay 0.0012% / 1h	38m 10s	$5.7M	$44.3M	10x
Short	Kalshi KXHYPEPERP	94.220	0.0134	get 0.0134% / 8h	4h 38m	$1.9M	$5.0M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Nado. 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 NadobpFee KalshibpOrdersPrice spread, now +0.101%Rate

Funding earned: $7.18
Price spread: +0.101% → +0.002%: $9.98
Slippage, 4 orders: −$9.8
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$9.64
Costs to cover: 0.268%
Break-even: 16.4 days

Slippage from Nado: live order book, 1 min ago; Kalshi: live order book, 5 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 Nado live order book, 1 min ago	0.05 bp	3.6 bp −$4	5.5 bp −$55	24.1 bp −$2,406	doesn't fit
Sell Kalshi live order book, 5 min ago	2.71 bp	7.7 bp −$8	11.6 bp −$116	20.8 bp −$2,081	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	−0.0672%	1h	93.967	−0.168%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0412%	1h	94.117	−0.008%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	94.003	−0.129%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.099	−0.027%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0016%	1h	94.010	−0.122%	$704K	$908K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.120	−0.005%	$128K	$30K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	94.125	+0.001%	$87K	$365K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.152	+0.029%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.150	+0.027%	$27K	—	150x	as long as short
Orderly PERP_HYPE_USDC	+0.0008%	4h	94.121	−0.004%	$164K	$579K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPE	+0.0009%	1h	94.116	−0.009%	$215K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0021%	8h	94.107	−0.019%	$324.0M	$282.7M	75x	as long as short
Aster HYPEUSDT	+0.0035%	4h	94.088	−0.039%	$8.9M	$35.9M	300x	as long as short
Derive HYPE-PERP	+0.0052%	1h	94.062	−0.066%	$16.5M	$7.1M	10x	as long as short
Phemex HYPEUSDT	+0.0058%	8h	94.089	−0.038%	$12.8M	$2.6M	50x	as long as short
MEXC HYPE_USDT	+0.0070%	4h	94.122	−0.003%	$88.9M	$81.2M	100x	as long as short
Binance HYPEUSDT	+0.0071%	4h	94.123	−0.002%	$385.0M	$891.2M	75x	as long as short
edgeX HYPEUSDC	+0.0076%	4h	94.051	−0.078%	$5.1M	$29.8M	30x	as long as short
Gate HYPE_USDT	+0.0080%	4h	94.102	−0.024%	$44.6M	$58.7M	75x	as long as short
Lighter HYPE	+0.0096%	1h	94.166	+0.044%	$19.0M	$59.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.153	+0.030%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.130	+0.006%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.131	+0.007%	$400K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.090	−0.036%	$342K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.160	+0.038%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERPlong	+0.0100%	1h	94.124	long leg	$5.7M	$44.3M	10x
Pacifica HYPE	+0.0100%	1h	94.120	−0.005%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.115	−0.010%	$116.1M	$320.1M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.138	+0.014%	$47.3M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.127	+0.003%	$228.0M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.120	−0.005%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.150	+0.027%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.033	−0.097%	$31.4M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.098	−0.028%	$7.6M	$45.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.049	−0.080%	$335K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.077	−0.050%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.142	+0.019%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.144	+0.021%	$492K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	94.112	−0.013%	$112K	$578K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.125	+0.001%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.124	−0.001%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.123	−0.002%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.120	−0.005%	$205K	$7K	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.000	−0.132%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.106	−0.019%	$18.4M	$42.6M	50x	as long as short
Kalshi KXHYPEPERPshort	+0.0134%	8h	94.220	+0.101%	$1.9M	$5.0M	2.3x
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.200	+0.080%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0225%	4h	94.239	+0.122%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	94.120	−0.005%	$77K	$142K	15x	as long as short
BloFin HYPE-USDT	+0.0283%	4h	94.068	−0.060%	$17.0M	$12.6M	75x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.159	+0.037%	$2.8M	$6.9M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	94.141	+0.017%	$1.4M	—	100x	as long as short
Hyperliquid HYPE	+0.0418%	1h	94.206	+0.087%	$2.05B	$667.1M	10x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0419%	1h	94.229	+0.111%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0576%	1h	94.224	+0.106%	$21.1M	$29.2M	50x	as long as short