Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0093%/8h= +10.2% APRpaid last 24h −0.018%

Price spread now: Kalshi against Phoenix−0.118%74s7-day average −0.097% · 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—prices read too far apart to compare

costs, in and out, $10k−$280.281% of the position

Long on Phoenix Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.424%−$42 on $10k

Price spread, last 7 days+0.051%+$5 · spread now −0.118%, 7d avg −0.097%

Together, before fees−0.372%−$37 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kalshi is 0.020% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.118% now, against its 7-day average of −0.097%). If the spread goes back, that is −$2 on $10k: about 17 hours of funding at the current rate (+$3 a day). Mind the row above: over the last 7 days funding on this pair cost −0.424%, so the current rate has only just turned in your favour. The two prices were read 74 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix HYPE	94.438	0.0026	pay 0.0003% / 1h	2m 21s	$211K	$1.2M	10x
Short	Kalshi KXHYPEPERP	94.327	0.0119	get 0.0119% / 8h	6h 02m	$1.8M	$5.6M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PhoenixbpFee KalshibpOrdersPrice spread, now −0.118%Rate

Funding earned: $19.61
Price spread: −0.118% → −0.097%: −$2.02
Slippage, 4 orders: −$11.07
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$10.48
Costs to cover: 0.281%
Break-even: 10.7 days

Slippage from Phoenix: live order book, 1 min ago; Kalshi: live order book, 1 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 Phoenix live order book, 1 min ago	1.06 bp	5.6 bp −$6	10.4 bp −$104	doesn't fit	doesn't fit
Sell Kalshi live order book, 1 min ago	2.49 bp	7.8 bp −$8	12.8 bp −$128	20.4 bp −$2,041	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	−0.1280%	1h	94.260	−0.188%	$202K	$241K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0298%	1h	94.289	−0.158%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.328	−0.116%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0015%	4h	94.168	−0.286%	$150K	$681K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.272	−0.176%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	94.236	−0.214%	$87K	$372K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.214	−0.237%	$22K	$290K	10x	as long as short
Bullet HYPE-USD	+0.0001%	1h	94.207	−0.244%	$112K	$580K	20x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.223	−0.228%	$63K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	94.198	−0.254%	$1.0M	$4.0M	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	+0.0019%	8h	94.190	−0.263%	$318.2M	$287.0M	75x	as long as short
Phoenix HYPElong	+0.0026%	1h	94.438	long leg	$211K	$1.2M	10x
Bitget HYPEUSDT	+0.0038%	4h	94.201	−0.251%	$227.2M	$99.4M	75x	as long as short
Phemex HYPEUSDT	+0.0038%	8h	94.206	−0.246%	$12.8M	$2.8M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0059%	1h	94.220	−0.231%	$711K	$1.2M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	94.240	−0.209%	$342K	$158K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.209	−0.242%	$16.4M	$63.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.227	−0.223%	$3.2M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.218	−0.233%	$78K	$1.2M	50x	as long as short
edgeX HYPEUSDC	+0.0098%	4h	94.343	−0.100%	$5.0M	$30.4M	30x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.230	−0.220%	$30K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.191	−0.261%	$6.7M	$49.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.325	−0.120%	$2.07B	$680.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.200	−0.252%	$8.8M	$37.0M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.237	−0.213%	$10.2M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.205	−0.247%	$378.6M	$925.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.202	−0.250%	$116.4M	$317.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.213	−0.238%	$217K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.198	−0.254%	$48.2M	$55.9M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.218	−0.233%	$91.0M	$82.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.218	−0.233%	$46.5M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.213	−0.238%	—	$53.7M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.328	−0.116%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.388	−0.052%	$28.9M	$56.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.427	−0.012%	$7.7M	$48.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.313	−0.132%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.316	−0.129%	$675K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.291	−0.156%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.228	−0.222%	$478K	$2.8M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.188	−0.265%	$80K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	94.190	−0.263%	$16.3M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.302	−0.144%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.206	−0.246%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.416	−0.023%	$1.4M	$6.6M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.175	−0.279%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.212	−0.240%	$398K	$159K	20x	as long as short
Kalshi KXHYPEPERPshort	+0.0119%	8h	94.327	−0.118%	$1.8M	$5.6M	2.3x
Injective HYPE/USDC PERP	+0.0122%	1h	94.610	+0.182%	$31K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.230	−0.220%	$4.7M	$6.1M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0270%	1h	94.291	−0.156%	$7.5M	$4.1M	50x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.198	−0.255%	$77K	$130K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	94.228	−0.222%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0338%	1h	94.299	−0.147%	$21.0M	$29.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.285	−0.162%	$16.8M	$12.3M	75x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	94.269	−0.178%	$3.2M	$6.3M	20x	as long as short