HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0579%/8h= +63.4% APRnext payment +$0.72 per $10,000 · paid last 24h −0.003%

Price spread now: Kraken Futures against Bluefin+0.194%56s7-day average +0.044% · you sell dearer than you buy

Net, funding: paid 7d − costs−$31as 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−$500.501% of the position

Long on Bluefin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.191%+$19 on $10k

Price spread, last 3 days (all we have)−0.161%−$16 · spread now +0.194%, 7d avg +0.044%

Together, before fees+0.030%+$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$17 a day on $10k at the current rate, and Kraken Futures is 0.150% dearer against Bluefin than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of +0.044%. The two prices were read 56 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.191% in total (about 9.9% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.72 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	Bluefin HYPE-PERP	93.739	0.0100	pay 0.0013% / 1h	21m 25s	$79K	$171K	20x
Short	Kraken Futures PF_HYPEUSD	93.921	0.0679	get 0.0085% / 1h	21m 25s	$21.0M	$29.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bluefin. 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 BluefinbpFee Kraken FuturesbpOrdersPrice spread, now +0.194%Rate

Funding earned: $121.6
Price spread: +0.194% → +0.044%: $15.01
Slippage, 4 orders: −$33.14
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $86.46
Costs to cover: 0.501%
Break-even: 2.0 days

Slippage from Bluefin: live order book, 48 min ago; Kraken Futures: 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 Bluefin live order book, 48 min ago	5.49 bp	17.2 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 3 min ago	1.06 bp	6.9 bp −$7	9.1 bp −$91	15.9 bp −$1,590	63.1 bp −$31.6K

HYPE on 54 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	−0.1016%	1h	93.763	+0.025%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.685	−0.058%	$1.2M	$3.8M	10x	as long as short
Phemex HYPEUSDT	−0.0148%	8h	93.882	+0.153%	$12.7M	$2.7M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0117%	1h	93.844	+0.112%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.815	+0.081%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0079%	1h	93.850	+0.118%	$702K	$924K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0056%	4h	93.741	+0.002%	$156K	$646K	20x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.797	+0.062%	$85K	$350K	20x	as long as short
Backpack HYPE_USDC_PERP	−0.0034%	1h	93.797	+0.062%	$7.8M	$10.3M	20x	as long as short
Gate HYPE_USDT	−0.0028%	4h	93.776	+0.039%	$44.4M	$55.1M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0001%	4h	93.799	+0.064%	$8.9M	$35.8M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.833	+0.100%	$129K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.810	+0.075%	$22K	$326K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.809	+0.075%	$26K	—	150x	as long as short
Bybit HYPEUSDT	+0.0003%	8h	93.753	+0.015%	$321.9M	$281.0M	75x	as long as short
BingX HYPE-USDT	+0.0004%	4h	93.793	+0.058%	—	$53.6M	—	as long as short
Phoenix HYPE	+0.0060%	1h	93.885	+0.156%	$213K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0068%	4h	93.795	+0.060%	$88.6M	$83.0M	100x	as long as short
OKX HYPE-USDT-SWAP	+0.0069%	8h	93.756	+0.018%	$115.2M	$307.9M	50x	as long as short
Binance HYPEUSDT	+0.0069%	4h	93.790	+0.054%	$381.4M	$891.1M	75x	as long as short
Bullet HYPE-USD	+0.0070%	1h	93.781	+0.045%	$112K	$577K	20x	as long as short
edgeX HYPEUSDC	+0.0088%	4h	93.822	+0.089%	$5.1M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	93.839	+0.106%	$341K	$164K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.831	+0.098%	$16.4M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.818	+0.084%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.787	+0.051%	$67K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.771	+0.035%	$399K	$175K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.830	+0.097%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.803	+0.069%	$5.8M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.885	+0.156%	$2.05B	$665.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.828	+0.095%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.804	+0.069%	$46.5M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.793	+0.058%	$227.3M	$98.4M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.910	+0.182%	$31.1M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.837	+0.105%	$7.6M	$47.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.823	+0.090%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.887	+0.158%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.854	+0.123%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.820	+0.086%	$474K	$2.4M	20x	as long as short
Bluefin HYPE-PERPlong	+0.0100%	1h	93.739	long leg	$79K	$171K	20x
Derive HYPE-PERP	+0.0100%	1h	93.748	+0.009%	$16.3M	$7.7M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.982	+0.259%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.834	+0.101%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.880	+0.150%	$204K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.769	+0.032%	$18.3M	$44.2M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.920	+0.193%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.740	+0.001%	$30K	$339K	12x	as long as short
HTX HYPE-USDT	+0.0203%	4h	94.008	+0.287%	$1.4M	$5.9M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.887	+0.158%	$3.2M	$7.0M	20x	as long as short
Reya HYPERUSDPERP	+0.0255%	1h	93.776	+0.039%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0276%	8h	93.993	+0.271%	$1.9M	$4.9M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0156%	1h	93.799	+0.065%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0389%	1h	93.950	+0.225%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSDshort	+0.0679%	1h	93.921	+0.194%	$21.0M	$29.8M	50x