Funding you earn now, next payment 08:00 UTC+0.0619%/8h= +67.8% APRnext payment +$0.77 per $10,000 · paid last 24h +0.070%
Price spread now: Hyperliquid against Kraken Futures−0.028%7-day average +0.010% · you buy dearer than you sell
Net, funding: paid 7d − costs−$56as in the Funding arb table
Net, price: spread back to 7d avg − costs−$64as in the Price arb table
costs, in and out, $10k−$600.605% of the position
Funding, last 7 days+0.048%+$5 on $10k
+Price spread, last 4 days (all we have)+0.157%+$16 · spread now −0.028%, 7d avg +0.010%
=Together, before fees+0.205%+ Points / potential airdropHyperliquid: Season 2 · farm board+$20 on $10k · with fees, hour by hour
Funding pays, the price is against you. Hyperliquid is 0.038% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.028% now, against its 7-day average of +0.010%). If the spread goes back, that is −$4 on $10k: about 5 hours of funding at the current rate (+$19 a day). At the pace of the last 7 days (+0.048% in total) that is about 5.5 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.048% in total (about 2.5% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.77 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_FETUSD | 0.2005 | −0.0011 | get 0.0001% / 1h | 24m 05s | $989K | $2.1M | 50x |
| Short | Hyperliquid FET | 0.2004 | 0.0608 | get 0.0076% / 1h | 24m 05s | $8.4M | $8.4M | 5x |
Kraken Futures PF_FETUSD
Hyperliquid FETFunding 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $129.99
- Price spread: −0.028% → +0.010%
- −$3.77
- Slippage, 4 orders
- −$41.5
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- $65.72
- Costs to cover
- 0.605%
- Break-even
- 3.5 days
Slippage from Kraken Futures: live order book, 4 min ago; Hyperliquid: live order book, 8 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, 4 min ago | 7.70 bp | 23.3 bp −$23 | 65.3 bp −$653 | doesn't fit | doesn't fit |
| Sell Hyperliquid live order book, 8 min ago | 2.48 bp | 7.0 bp −$7 | doesn't fit | doesn't fit | doesn't fit |
FET on 20 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 | |
|---|---|---|---|---|---|---|---|---|
| Deribit FET_USDC-PERPETUAL | −0.4223% | 1h | 0.2003 | −0.093% | $41K | $313K | 10x | as long as short |
| Coinbase International FET-PERP-INTX | −0.0792% | 1h | 0.2011 | +0.306% | $151K | $261K | 50x | as long as short |
| Kraken Futures PF_FETUSDlong | −0.0011% | 1h | 0.2005 | long leg | $989K | $2.1M | 50x | |
| gTrade (Gains Network) FET/USD | L +0.0006% / S −0.0004% | 1h | 0.2002 | −0.119% | $20K | — | 150x | as long as short |
| Injective FET/USDC PERP | +0.0033% | 1h | 0.2010 | +0.257% | $3K | $166K | 12x | as long as short |
| Aster FETUSDT | +0.0100% | 8h | 0.2004 | −0.065% | $186K | $752K | 10x | as long as short |
| Gate FET_USDT | +0.0100% | 8h | 0.2001 | −0.192% | $2.7M | $12.8M | 50x | as long as short |
| KuCoin FETUSDTM | +0.0100% | 8h | 0.2003 | −0.093% | $10.4M | $17.9M | 50x | as long as short |
| Variational Omni FET | +0.0100% | 8h | 0.2002 | −0.136% | $274K | $524K | — | as long as short |
| Orderly PERP_FET_USDC | +0.0100% | 8h | 0.2001 | −0.192% | $36K | $11K | 10x | as long as short |
Deribit FET_USDC-PERPETUAL
Coinbase International FET-PERP-INTX
gTrade (Gains Network) FET/USD
Injective FET/USDC PERP
Aster FETUSDT
Gate FET_USDT
KuCoin FETUSDTM
Variational Omni FET
Orderly PERP_FET_USDCShow all 20 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Extended FET-USD | +0.0120% | 1h | 0.2002 | −0.120% | $37K | $201K | 10x | as long as short |
| Binance FETUSDT | +0.0123% | 8h | 0.2002 | −0.143% | $30.6M | $111.9M | 75x | as long as short |
| MEXC FET_USDT | +0.0123% | 8h | 0.2001 | −0.192% | $29.5M | $25.1M | 200x | as long as short |
| Bitget FETUSDT | +0.0141% | 8h | 0.2004 | −0.043% | $16.4M | $11.6M | 75x | as long as short |
| BingX FET-USDT | +0.0143% | 8h | 0.2003 | −0.093% | — | $5.9M | — | as long as short |
| GMX FET/USD [ETH-USDC] | L +0.0201% / S −0.0301% | 1h | 0.2002 | −0.167% | $13K | — | 100x | as long as short |
| BloFin FET-USDT | +0.0244% | 8h | 0.2004 | −0.043% | $1.7M | $3.2M | 100x | as long as short |
| OKX FET-USDT-SWAP | +0.0280% | 4h | 0.2003 | −0.093% | $1.0M | $8.0M | 20x | as long as short |
| Phoenix FET | +0.0597% | 1h | 0.2012 | +0.356% | $35K | $37K | 5x | as long as short |
| Hyperliquid FETshort | +0.0608% | 1h | 0.2004 | −0.028% | $8.4M | $8.4M | 5x |
Extended FET-USD
Binance FETUSDT
MEXC FET_USDT
Bitget FETUSDT
BingX FET-USDT
GMX FET/USD [ETH-USDC]
BloFin FET-USDT
OKX FET-USDT-SWAP
Phoenix FET