Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0019%/8h= +2.0% APRpaid last 24h −0.005%

Price spread now: Kalshi against Polymarket Perps−0.127%7-day average +0.046% · you buy dearer than you sell

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$300.301% of the position

Long on Polymarket Perps Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.134%−$13 on $10k

Price spread, last 7 days+0.199%+$20 · spread now −0.127%, 7d avg +0.046%

Together, before fees+0.065%+$6 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kalshi is 0.173% cheaper against Polymarket Perps than usual: you would sell low and buy high (spread −0.127% now, against its 7-day average of +0.046%). If the spread goes back, that is −$17 on $10k: about 31 days of funding at the current rate (+$1 a day). Mind the row above: over the last 7 days funding on this pair cost −0.134%, 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	Polymarket Perps HYPE-USD	94.976	0.0100	pay 0.0013% / 1h	45m 33s	$491K	$2.4M	20x
Short	Kalshi KXHYPEPERP	94.855	0.0119	get 0.0119% / 8h	45m 33s	$1.8M	$5.1M	2.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Polymarket Perps. 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 Polymarket PerpsbpFee KalshibpOrdersPrice spread, now −0.127%Rate

Funding earned: $3.9
Price spread: −0.127% → +0.046%: −$17.32
Slippage, 4 orders: −$12.12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$43.54
Costs to cover: 0.301%
Break-even: 85.2 days

Slippage from Polymarket Perps: 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 Polymarket Perps live order book, 1 min ago	0.63 bp	4.6 bp −$5	4.7 bp −$47	10.4 bp −$1,039	doesn't fit
Sell Kalshi live order book, 1 min ago	2.27 bp	10.0 bp −$10	11.4 bp −$114	18.7 bp −$1,873	doesn't fit

HYPE on 55 exchanges

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
Kraken Futures PF_HYPEUSD	−0.0282%	1h	94.812	−0.173%	$18.2M	$32.3M	50x	as long as short
ApeX Omni HYPEUSDT	−0.0262%	1h	94.636	−0.358%	$322K	$924K	50x	as long as short
Phemex HYPEUSDT	−0.0243%	8h	94.762	−0.225%	$12.9M	$2.2M	50x	as long as short
Bluefin HYPE-PERP	−0.0231%	1h	94.750	−0.238%	$79K	$131K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0196%	1h	94.750	−0.238%	$676K	$1.3M	10x	as long as short
Aster HYPEUSDT	−0.0103%	4h	94.933	−0.045%	$9.0M	$34.6M	300x	as long as short
01 Exchange HYPEUSD	−0.0096%	1h	94.957	−0.020%	$102K	$352K	20x	as long as short
Lighter HYPE	−0.0080%	1h	94.851	−0.132%	$16.5M	$55.4M	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.894	−0.086%	$3K	$421	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0077%	4h	94.747	−0.241%	$147K	$643K	20x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0072%	4h	94.868	−0.114%	$56.0M	$52.7M	75x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0064%	1h	94.790	−0.196%	$4.7M	$5.4M	50x	as long as short
OKX HYPE-USDT-SWAP	−0.0045%	8h	94.938	−0.040%	$118.9M	$304.9M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0033%	1h	94.912	−0.067%	$22K	$17K	10x	as long as short
Bitget HYPEUSDT	−0.0030%	4h	94.961	−0.016%	$230.0M	$86.0M	75x	as long as short
Phoenix HYPE	−0.0017%	1h	95.001	+0.026%	$200K	$1.1M	10x	as long as short
Derive HYPE-PERP	−0.0011%	1h	94.713	−0.277%	$16.3M	$7.0M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.846	−0.137%	$128K	$96K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.846	−0.137%	$24K	$249K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.809	−0.176%	$99K	—	150x	as long as short
Bullet HYPE-USD	+0.0007%	1h	94.805	−0.180%	$113K	$585K	20x	as long as short
edgeX HYPEUSDC	+0.0027%	4h	94.624	−0.370%	$5.0M	$28.1M	30x	as long as short
MEXC HYPE_USDT	+0.0028%	4h	94.868	−0.114%	$88.4M	$82.8M	100x	as long as short
Binance HYPEUSDT	+0.0029%	4h	94.940	−0.038%	$382.3M	$852.5M	75x	as long as short
Bybit HYPEUSDT	+0.0029%	8h	94.950	−0.027%	$320.6M	$263.2M	75x	as long as short
BingX HYPE-USDT	+0.0034%	4h	94.861	−0.121%	—	$50.3M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0037%	1h	94.784	−0.202%	$6.8M	$12.3M	20x	as long as short
Lighter RH HYPE	+0.0040%	1h	94.857	−0.125%	$3.2M	$9.9M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0056%	1h	94.857	−0.125%	$7.5M	$4.2M	50x	as long as short
SoDEX HYPE-USD	+0.0063%	1h	94.793	−0.193%	$2.1M	$335K	10x	as long as short
Popdex HYPEUSDT	+0.0072%	1h	94.937	−0.041%	$273K	$1.0M	50x	as long as short
KuCoin HYPEUSDTM	+0.0082%	4h	94.847	−0.136%	$47.4M	$17.8M	75x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	94.772	−0.215%	$401K	$125K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0092%	8h	94.881	−0.100%	$339K	$31K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	94.850	−0.133%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.945	−0.033%	$7.2M	$50.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.957	−0.020%	$2.10B	$643.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.906	−0.074%	$10.2M	$12.8M	20x	as long as short
Arcus HYPE-USD	+0.0100%	1h	94.880	−0.101%	$1.0M	$2.8M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.036	+0.063%	$228K	$20K	10x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.751	−0.237%	$30.0M	$52.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.952	−0.025%	$7.7M	$41.3M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.936	−0.042%	$690K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.976	0.000%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USDlong	+0.0100%	1h	94.976	long leg	$491K	$2.4M	20x
SunX HYPE-USDT	+0.0100%	4h	94.904	−0.076%	$33K	$1.4M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.898	−0.082%	$1.4M	$5.3M	75x	as long as short
BloFin HYPE-USDT	+0.0104%	4h	94.920	−0.059%	$17.5M	$11.6M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.836	−0.148%	$18.1M	$37.6M	50x	as long as short
Kalshi KXHYPEPERPshort	+0.0119%	8h	94.855	−0.127%	$1.8M	$5.1M	2.3x
RISEx HYPE/USDC	+0.0138%	1h	94.906	−0.074%	$3.1M	$5.2M	20x	as long as short
Reya HYPERUSDPERP	+0.0268%	1h	94.937	−0.041%	$85K	$90K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	94.828	−0.156%	$1.4M	—	100x	as long as short
Hibachi HYPE/USDT-P	+0.1032%	1h	95.107	+0.138%	$218K	$288K	7x	as long as short
Injective HYPE/USDC PERP	+0.1234%	1h	95.420	+0.467%	$31K	$334K	12x	as long as short