ETHFI

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0450%/8h= −49.3% APRnext payment −$0.56 per $10,000 · paid last 24h +0.134%

Price spread now: Hyperliquid against Kraken Futures+0.007%7-day average +0.067% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Kraken Futures Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.197%−$20 on $10k

Price spread, last 3 days (all we have)−0.035%−$3 · spread now +0.007%, 7d avg +0.067%

Together, before fees−0.232%+ Points / potential airdropHyperliquid: Season 2 · farm board−$23 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Hyperliquid is 0.059% cheaper against Kraken Futures than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.067%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.197% in total (about -10.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.56 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_ETHFIUSD	0.7203	0.0550	pay 0.0069% / 1h	32m 57s	$277K	$161K	20x
Short	Hyperliquid ETHFI	0.7203	0.0100	get 0.0013% / 1h	32m 57s	$18.2M	$8.9M	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 +0.007%Rate

Funding earned: −$94.45
Price spread: +0.007% → +0.067%: −$5.93
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$119.38
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 45 min ago; Hyperliquid: live order book, 10 min ago. Net counts fees only.

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, 45 min ago	11.16 bp	31.2 bp −$31	138.1 bp −$1,381	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 10 min ago	1.46 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

ETHFI on 24 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
HTX ETHFI-USDT	−0.0331%	4h	0.7183	−0.276%	$83K	$164K	20x	as long as short
Deribit ETHFI_USDC-PERPETUAL	−0.0305%	1h	0.7197	−0.081%	$42K	$18K	10x	as long as short
Orderly PERP_ETHFI_USDC	−0.0190%	4h	0.7194	−0.123%	$16K	$1K	10x	as long as short
Paradex ETHFI-USD-PERP	+0.0027%	8h	0.7193	−0.136%	$6K	—	5x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+0.516%	$321	$51K	5.5x	as long as short
Binance ETHFIUSDT	+0.0037%	4h	0.7199	−0.054%	$25.1M	$37.2M	75x	as long as short
MEXC ETHFI_USDT	+0.0038%	4h	0.7198	−0.068%	$15.3M	$3.8M	125x	as long as short
Extended ETHFI-USD	+0.0040%	1h	0.7194	−0.128%	$93K	$493K	10x	as long as short
Aster ETHFIUSDT	+0.0053%	4h	0.7200	−0.041%	$184K	$262K	10x	as long as short
Aevo ETHFI-PERP	+0.0088%	1h	0.7192	−0.146%	$9K	—	3x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter ETHFI	+0.0096%	1h	0.7204	+0.021%	$1.1M	$897K	5x	as long as short
Hyperliquid ETHFIshort	+0.0100%	1h	0.7203	+0.007%	$18.2M	$8.9M	5x
Bybit ETHFIUSDT	+0.0100%	4h	0.7198	−0.068%	$18.2M	$13.1M	25x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.7202	−0.012%	$5.0M	$12.7M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.7201	−0.026%	$1.7M	$2.1M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.7196	−0.095%	$1.2M	$270K	50x	as long as short
Bitget ETHFIUSDT	+0.0100%	4h	0.7197	−0.081%	$6.1M	$5.7M	75x	as long as short
BingX ETHFI-USDC	+0.0100%	4h	0.7197	−0.081%	—	$1.2M	—	as long as short
Variational Omni ETHFI	+0.0100%	4h	0.7192	−0.155%	$1.1M	$738K	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.7198	−0.069%	$60K	$94K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.7198	−0.068%	$2K	$1.1M	20x	as long as short
BloFin ETHFI-USDT	+0.0149%	4h	0.7196	−0.095%	$1.3M	$291K	75x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0216%	1h	0.7237	+0.474%	$32K	$6K	50x	as long as short
Kraken Futures PF_ETHFIUSDlong	+0.0550%	1h	0.7203	long leg	$277K	$161K	20x