HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0231%/8h= +25.3% APRnext payment +$0.29 per $10,000 · paid last 24h −0.013%

Price spread now: Kraken Futures against Hyperliquid+0.025%7-day average −0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$280.284% of the position

Long on Hyperliquid Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.033%+$3 on $10k

Price spread, last 4 days (all we have)−0.163%−$16 · spread now +0.025%, 7d avg −0.013%

Together, before fees−0.130%+ Points / potential airdropHyperliquid: Season 2 · farm board−$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Kraken Futures is 0.037% dearer against Hyperliquid than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.013%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.033% in total (about 1.7% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.29 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	Hyperliquid HYPE	92.890	0.0100	pay 0.0013% / 1h	3m 55s	$2.02B	$663.1M	10x
Short	Kraken Futures PF_HYPEUSD	92.913	0.0331	get 0.0041% / 1h	3m 55s	$20.6M	$30.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Hyperliquid. 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 HyperliquidbpFee Kraken FuturesbpOrdersPrice spread, now +0.025%Rate

Funding earned: $48.56
Price spread: +0.025% → −0.013%: $3.72
Slippage, 4 orders: −$9.43
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $23.84
Costs to cover: 0.284%
Break-even: 3.6 days

Slippage from Hyperliquid: live order book, 10 min ago; Kraken Futures: live order book, 5 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 Hyperliquid live order book, 10 min ago	0.05 bp	4.6 bp −$5	6.1 bp −$61	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 5 min ago	1.40 bp	10.4 bp −$10	14.2 bp −$142	19.3 bp −$1,931	63.1 bp −$31.6K

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	92.765	−0.135%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0368%	1h	92.692	−0.213%	$194K	$227K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0267%	1h	92.787	−0.111%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.797	−0.100%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	92.831	−0.064%	$157K	$658K	20x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	92.841	−0.053%	$86K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.787	−0.111%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.825	−0.070%	$22K	$302K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.886	−0.004%	$62K	—	150x	as long as short
Bullet HYPE-USD	+0.0027%	1h	92.815	−0.081%	$111K	$579K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HYPEUSDT	+0.0027%	8h	92.851	−0.042%	$12.5M	$2.7M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0034%	1h	92.710	−0.194%	$697K	$1.1M	10x	as long as short
BingX HYPE-USDT	+0.0036%	4h	92.859	−0.033%	—	$53.5M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.755	−0.145%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0045%	8h	92.850	−0.043%	$316.9M	$281.1M	75x	as long as short
Aster HYPEUSDT	+0.0059%	4h	92.858	−0.034%	$8.7M	$36.1M	300x	as long as short
Bitget HYPEUSDT	+0.0092%	4h	92.850	−0.043%	$224.7M	$98.6M	75x	as long as short
edgeX HYPEUSDC	+0.0092%	4h	92.729	−0.173%	$4.9M	$29.5M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	92.818	−0.078%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.866	−0.026%	$16.1M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.873	−0.018%	$3.1M	$11.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.823	−0.072%	$69K	$1.1M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0096%	8h	92.851	−0.042%	$113.9M	$303.8M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.790	−0.108%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.788	−0.109%	$7.3M	$45.5M	10x	as long as short
Hyperliquid HYPElong	+0.0100%	1h	92.890	long leg	$2.02B	$663.1M	10x
Pacifica HYPE	+0.0100%	1h	92.838	−0.056%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.868	−0.024%	$373.1M	$901.8M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	−0.097%	$202K	$13K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	92.849	−0.044%	$44.5M	$55.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.866	−0.026%	$88.4M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.857	−0.036%	$46.1M	$18.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.864	−0.028%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.689	−0.217%	$28.5M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.776	−0.123%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.721	−0.182%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.694	−0.211%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.856	−0.036%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.870	−0.022%	$468K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.840	−0.054%	$79K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.824	−0.072%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.779	−0.119%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.859	−0.033%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.950	+0.065%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.825	−0.070%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.857	−0.036%	$393K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.118%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.900	+0.011%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0227%	8h	92.832	−0.062%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0263%	1h	92.841	−0.053%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.857	−0.035%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSDshort	+0.0331%	1h	92.913	+0.025%	$20.6M	$30.4M	50x
BloFin HYPE-USDT	+0.0340%	4h	92.780	−0.118%	$16.8M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0385%	1h	92.954	+0.069%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.883	−0.007%	$3.2M	$6.4M	20x	as long as short