EIGEN

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0500%/8h= −54.8% APRnext payment −$0.63 per $10,000 · paid last 24h −0.120%

Price spread now: Hyperliquid against Kraken Futures+0.161%7-day average +0.109% · you sell dearer than you buy

Net, funding: paid 7d − costs−$160as in the Funding arb table

Net, price: spread back to 7d avg − costs−$126as in the Price arb table

costs, in and out, $10k−$1311.313% of the position

Long on Kraken Futures Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.288%−$29 on $10k

Price spread, last 3 days (all we have)+0.014%+$1 · spread now +0.161%, 7d avg +0.109%

Together, before fees−0.274%+ Points / potential airdropHyperliquid: Season 2 · farm board−$27 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hyperliquid is 0.052% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.161% now, against its 7-day average of +0.109%): +$5 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 8 hours. At the pace of the last 7 days (−0.288% in total) that is about 30 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.288% in total (about -15.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.63 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_EIGENUSD	0.2402	0.0600	pay 0.0075% / 1h	8m 58s	$164K	$99K	20x
Short	Hyperliquid EIGEN	0.2406	0.0100	get 0.0013% / 1h	8m 58s	$4.7M	$1.7M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Kraken Futures. 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 Kraken FuturesbpFee HyperliquidbpOrdersPrice spread, now +0.161%Rate

Funding earned: −$105.02
Price spread: +0.161% → +0.109%: $5.18
Slippage, 4 orders: −$112.29
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$231.13
Costs to cover: 1.313%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 58 min ago; Hyperliquid: 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 Kraken Futures live order book, 58 min ago	6.12 bp	47.3 bp −$47	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 3 min ago	2.07 bp	23.4 bp −$23	doesn't fit	doesn't fit	doesn't fit

EIGEN on 25 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
Bybit EIGENUSDT	−0.0027%	4h	0.2403	+0.036%	$9.4M	$7.8M	50x	as long as short
dYdX EIGEN-USD	0.0000%	1h	0.2400	−0.109%	$3K	—	5x	as long as short
Deribit EIGEN_USDC-PERPETUAL	0.0000%	1h	0.2400	−0.093%	—	$41	10x	as long as short
Injective EIGEN/USDC PERP	+0.0033%	1h	0.2438	+1.493%	$6	$6	5.5x	as long as short
01 Exchange EIGENUSD	+0.0056%	1h	0.2398	−0.172%	$813	$5K	10x	as long as short
Lighter EIGEN	+0.0096%	1h	0.2407	+0.194%	$541K	$505K	5x	as long as short
Coinbase International EIGEN-PERP-INTX	+0.0096%	1h	0.2401	−0.056%	$41K	$233K	50x	as long as short
Nado EIGEN-PERP	+0.0100%	1h	0.2400	−0.089%	$36K	$20K	3x	as long as short
Hyperliquid EIGENshort	+0.0100%	1h	0.2406	+0.161%	$4.7M	$1.7M	5x
Aster EIGENUSDT	+0.0100%	4h	0.2401	−0.027%	$45K	$39K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance EIGENUSDT	+0.0100%	4h	0.2405	+0.099%	$8.3M	$20.9M	75x	as long as short
OKX EIGEN-USDT-SWAP	+0.0100%	4h	0.2403	+0.036%	$1.6M	$5.1M	20x	as long as short
Gate EIGEN_USDT	+0.0100%	4h	0.2401	−0.047%	$742K	$601K	50x	as long as short
MEXC EIGEN_USDT	+0.0100%	4h	0.2403	+0.036%	$8.2M	$2.3M	125x	as long as short
KuCoin EIGENUSDTM	+0.0100%	4h	0.2402	−0.006%	$2.4M	$10.4M	50x	as long as short
Bitget EIGENUSDT	+0.0100%	4h	0.2401	−0.047%	$1.9M	$1.5M	75x	as long as short
BingX EIGEN-USDT	+0.0100%	4h	0.2403	+0.036%	—	$1.6M	—	as long as short
Variational Omni EIGEN	+0.0100%	4h	0.2409	+0.289%	$195K	$126K	—	as long as short
GRVT EIGEN_USDT_Perp	+0.0100%	4h	0.2411	+0.363%	$186K	$2.2M	10x	as long as short
ApeX Omni EIGENUSDT	+0.0100%	1h	0.2413	+0.452%	$35K	$231K	50x	as long as short
Orderly PERP_EIGEN_USDC_mythos	+0.0100%	4h	0.2401	−0.047%	$1K	$4K	10x	as long as short
Extended EIGEN-USD	+0.0104%	1h	0.2402	+0.009%	$89K	$639K	10x	as long as short
GMX EIGEN/USD [ETH-USDC]	L +0.0195% / S −0.0568%	1h	0.2400	−0.107%	$2K	—	100x	as long as short
Reya EIGENRUSDPERP	+0.0516%	1h	0.2400	−0.092%	$838	—	15x	as long as short
Kraken Futures PF_EIGENUSDlong	+0.0600%	1h	0.2402	long leg	$164K	$99K	20x