HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0076%/8h= −8.3% APRnext payment −$0.10 per $10,000 · paid last 24h −0.004%

Price spread now: Kraken Futures against Deribit−0.029%7-day average −0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$330.335% of the position

Long on Deribit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.129%+$13 on $10k

Price spread, last 4 days (all we have)+0.021%+$2 · spread now −0.029%, 7d avg −0.006%

Together, before fees+0.149%+$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Kraken Futures is 0.023% cheaper against Deribit than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.006%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.129%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit HYPE_USDC-PERPETUAL	92.775	0.0408	pay 0.0051% / 1h	25m 13s	$7.5M	$4.5M	50x
Short	Kraken Futures PF_HYPEUSD	92.748	0.0332	get 0.0041% / 1h	25m 13s	$20.6M	$30.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Deribit. 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 DeribitbpFee Kraken FuturesbpOrdersPrice spread, now −0.029%Rate

Funding earned: −$16
Price spread: −0.029% → −0.006%: −$2.33
Slippage, 4 orders: −$16.5
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$51.82
Costs to cover: 0.335%
Break-even: never at this rate

Slippage from Deribit: live order book, 4 min ago; Kraken Futures: live order book, 4 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 Deribit live order book, 4 min ago	1.35 bp	7.1 bp −$7	11.7 bp −$117	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 4 min ago	1.89 bp	7.7 bp −$8	11.6 bp −$116	18.9 bp −$1,886	56.2 bp −$28.1K

HYPE on 55 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
Arcus HYPE-USD	−0.0948%	1h	92.574	−0.217%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0264%	1h	92.630	−0.157%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0213%	1h	92.594	−0.195%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.610	−0.178%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	92.670	−0.113%	$157K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	92.699	−0.082%	$87K	$359K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.674	−0.108%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.692	−0.090%	$22K	$307K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.718	−0.062%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0022%	1h	92.640	−0.146%	$697K	$1.1M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HYPEUSDT	+0.0024%	8h	92.693	−0.088%	$12.5M	$2.7M	50x	as long as short
Bullet HYPE-USD	+0.0028%	1h	92.680	−0.102%	$110K	$578K	20x	as long as short
Aster HYPEUSDT	+0.0033%	4h	92.664	−0.120%	$8.7M	$36.3M	300x	as long as short
BingX HYPE-USDT	+0.0040%	4h	92.667	−0.116%	—	$53.4M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.652	−0.133%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0051%	8h	92.660	−0.124%	$316.4M	$281.9M	75x	as long as short
Gate HYPE_USDT	+0.0080%	4h	92.660	−0.124%	$44.5M	$55.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0085%	8h	92.665	−0.119%	$113.5M	$304.3M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0093%	8h	92.674	−0.109%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.680	−0.102%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.682	−0.100%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.672	−0.111%	$69K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.600	−0.189%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.629	−0.157%	$6.4M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.690	−0.092%	$2.02B	$666.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.684	−0.098%	$10.0M	$15.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.665	−0.119%	$371.9M	$903.9M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.298	−0.514%	$201K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.680	−0.102%	$87.5M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.667	−0.116%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.657	−0.127%	$224.6M	$98.3M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.660	−0.124%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.628	−0.159%	$28.5M	$57.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.667	−0.117%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.687	−0.095%	$349K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.632	−0.154%	$663K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.718	−0.062%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.685	−0.097%	$465K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.667	−0.116%	$78K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.670	−0.113%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.639	−0.147%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.681	−0.101%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.837	+0.067%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.656	−0.128%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.695	−0.086%	$392K	$164K	20x	as long as short
edgeX HYPEUSDC	+0.0107%	4h	92.611	−0.177%	$5.0M	$29.5M	30x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.590	−0.199%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.710	−0.070%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0244%	8h	92.727	−0.052%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0262%	1h	92.693	−0.089%	$79K	$137K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.702	−0.079%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSDshort	+0.0332%	1h	92.748	−0.029%	$20.6M	$30.5M	50x
BloFin HYPE-USDT	+0.0340%	4h	92.668	−0.115%	$16.6M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0408%	1h	92.775	long leg	$7.5M	$4.5M	50x
RISEx HYPE/USDC	+0.0687%	1h	92.704	−0.076%	$3.1M	$6.4M	20x	as long as short