Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0511%/8h= +55.9% APRpaid last 24h +0.035%

Price spread now: Kraken Futures against Gate+0.064%7-day average +0.058% · you sell dearer than you buy

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$380.383% of the position

Long on Gate Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.146%+$15 on $10k

Price spread, last 3 days (all we have)−0.048%−$5 · spread now +0.064%, 7d avg +0.058%

Together, before fees+0.098%+$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.058%, so right now this pair is about funding alone: +$15 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.146% in total (about 7.6% a year). A funding rate is set anew for every payment. 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	Gate HYPE_USDT	94.052	0.0066	pay 0.0033% / 4h	3m 32s	$44.2M	$60.0M	75x
Short	Kraken Futures PF_HYPEUSD	94.112	0.0577	get 0.0072% / 1h	3m 32s	$21.0M	$29.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Gate. 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 GatebpFee Kraken FuturesbpOrdersPrice spread, now +0.064%Rate

Funding earned: $107.22
Price spread: +0.064% → +0.058%: $0.64
Slippage, 4 orders: −$13.28
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $69.58
Costs to cover: 0.383%
Break-even: 2.5 days

Slippage from Gate: live order book, 5 min ago; Kraken Futures: live order book, 6 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 Gate live order book, 5 min ago	0.53 bp	10.8 bp −$11	16.7 bp −$167	29.6 bp −$2,960	55.1 bp −$27.6K
Sell Kraken Futures live order book, 6 min ago	1.28 bp	7.0 bp −$7	9.4 bp −$94	13.8 bp −$1,385	51.8 bp −$25.9K

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
Hibachi HYPE/USDT-P	−0.1376%	1h	93.897	−0.165%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0359%	1h	93.910	−0.151%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.920	−0.140%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0128%	1h	93.970	−0.087%	$704K	$926K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.042	−0.011%	$86K	$368K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.034	−0.019%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0007%	1h	93.931	−0.129%	$16.4M	$7.2M	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0005%	4h	93.996	−0.060%	$170K	$593K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.987	−0.069%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.081	+0.031%	$23K	$329K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.016	−0.039%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	93.898	−0.164%	$217K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0014%	4h	94.046	−0.006%	$8.9M	$36.1M	300x	as long as short
Bybit HYPEUSDT	+0.0019%	8h	94.035	−0.018%	$323.7M	$284.0M	75x	as long as short
Phemex HYPEUSDT	+0.0031%	8h	93.972	−0.085%	$12.8M	$2.6M	50x	as long as short
MEXC HYPE_USDT	+0.0046%	4h	94.042	−0.011%	$88.5M	$82.3M	100x	as long as short
Binance HYPEUSDT	+0.0046%	4h	94.049	−0.003%	$384.4M	$898.4M	75x	as long as short
edgeX HYPEUSDC	+0.0064%	4h	93.859	−0.205%	$5.1M	$29.7M	30x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	94.049	−0.003%	$60K	$1.2M	50x	as long as short
Gate HYPE_USDTlong	+0.0066%	4h	94.052	long leg	$44.2M	$60.0M	75x
Bullet HYPE-USD	+0.0079%	1h	94.020	−0.035%	$112K	$578K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0088%	8h	94.050	−0.002%	$116.1M	$323.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.073	+0.023%	$18.9M	$60.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.045	−0.007%	$3.1M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.991	−0.065%	$400K	$318K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	94.040	−0.013%	$36K	$1.6M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.066	+0.014%	$342K	$171K	20x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.049	−0.003%	$6.7M	$44.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.136	+0.089%	$2.05B	$680.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.071	+0.020%	$10.1M	$14.5M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.889	−0.174%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.025	−0.029%	$46.6M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.054	+0.002%	$227.8M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.040	−0.013%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.051	−0.001%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.812	−0.255%	$31.3M	$54.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.864	−0.200%	$7.6M	$45.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.817	−0.250%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.966	−0.091%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.055	+0.004%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.070	+0.019%	$472K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.001	−0.054%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.019	−0.035%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.992	−0.064%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.381%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.028	−0.025%	$18.4M	$42.8M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.060	+0.009%	$4.9M	$5.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0155%	8h	93.993	−0.063%	$1.9M	$5.1M	2.3x	as long as short
BloFin HYPE-USDT	+0.0187%	4h	93.859	−0.205%	$17.0M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0193%	4h	94.150	+0.104%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	94.042	−0.011%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.091	+0.042%	$2.8M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0163%	1h	94.015	−0.039%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0377%	1h	94.089	+0.039%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSDshort	+0.0577%	1h	94.112	+0.064%	$21.0M	$29.5M	50x