Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0579%/8h= −63.4% APRpaid last 24h −0.025%

Price spread now: Bitget against Kraken Futures−0.118%7-day average −0.057% · you buy dearer than you sell

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$350.355% of the position

Long on Kraken Futures Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.153%−$15 on $10k

Price spread, last 3 days (all we have)+0.064%+$6 · spread now −0.118%, 7d avg −0.057%

Together, before fees−0.089%−$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and Bitget is 0.061% cheaper against Kraken Futures than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.057%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.153% in total (about -8.0% 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	Kraken Futures PF_HYPEUSD	93.913	0.0679	pay 0.0085% / 1h	29m 41s	$21.0M	$30.0M	50x
Short	Bitget HYPEUSDT	93.802	0.0100	get 0.0050% / 4h	2h 29m	$226.9M	$98.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 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 Kraken FuturesbpFee BitgetbpOrdersPrice spread, now −0.118%Rate

Funding earned: −$121.61
Price spread: −0.118% → −0.057%: −$6.14
Slippage, 4 orders: −$13.5
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$163.25
Costs to cover: 0.355%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 4 min ago; Bitget: 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 Kraken Futures live order book, 4 min ago	1.98 bp	10.9 bp −$11	15.3 bp −$153	26.6 bp −$2,658	75.9 bp −$38.0K
Sell Bitget live order book, 4 min ago	0.05 bp	8.1 bp −$8	10.8 bp −$108	17.9 bp −$1,785	doesn't fit

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	−0.0888%	1h	93.597	−0.336%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.697	−0.230%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0162%	1h	93.512	−0.428%	$22K	$21K	10x	as long as short
Phemex HYPEUSDT	−0.0114%	8h	93.767	−0.156%	$12.7M	$2.7M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0092%	1h	93.600	−0.333%	$701K	$958K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.716	−0.210%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0057%	4h	93.781	−0.141%	$156K	$650K	20x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.834	−0.084%	$86K	$350K	20x	as long as short
Gate HYPE_USDT	−0.0050%	4h	93.809	−0.111%	$44.5M	$54.8M	75x	as long as short
Backpack HYPE_USDC_PERP	−0.0048%	1h	93.796	−0.125%	$7.8M	$10.3M	20x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0011%	4h	93.833	−0.085%	$8.9M	$36.0M	300x	as long as short
Bybit HYPEUSDT	−0.0001%	8h	93.810	−0.110%	$322.2M	$282.4M	75x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.868	−0.048%	$129K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.716	−0.210%	$22K	$331K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.800	−0.120%	$26K	—	150x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.791	−0.130%	—	$53.9M	—	as long as short
Bullet HYPE-USD	+0.0054%	1h	93.763	−0.160%	$112K	$578K	20x	as long as short
MEXC HYPE_USDT	+0.0058%	4h	93.810	−0.110%	$88.1M	$82.8M	100x	as long as short
edgeX HYPEUSDC	+0.0059%	4h	93.654	−0.275%	$5.1M	$30.1M	30x	as long as short
Binance HYPEUSDT	+0.0060%	4h	93.825	−0.093%	$381.7M	$897.5M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.705	−0.222%	$211K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0067%	8h	93.813	−0.107%	$115.4M	$309.8M	50x	as long as short
Derive HYPE-PERP	+0.0079%	1h	93.765	−0.157%	$16.3M	$7.7M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.856	−0.061%	$341K	$164K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.827	−0.092%	$16.4M	$62.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.827	−0.092%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.818	−0.101%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.820	−0.099%	$399K	$177K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.800	−0.120%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.725	−0.201%	$5.7M	$45.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.935	+0.023%	$2.05B	$670.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.837	−0.081%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.815	−0.104%	$46.3M	$18.3M	75x	as long as short
Bitget HYPEUSDTshort	+0.0100%	4h	93.802	−0.118%	$226.9M	$98.6M	75x
Variational Omni HYPE	+0.0100%	8h	93.610	−0.322%	$31.0M	$54.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.468	−0.474%	$7.5M	$48.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.658	−0.272%	$338K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.655	−0.275%	$668K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.775	−0.147%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.788	−0.133%	$469K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.807	−0.113%	$79K	$172K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.858	−0.059%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.824	−0.095%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.348	−0.602%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.775	−0.147%	$18.3M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.820	−0.099%	$4.9M	$5.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.610	−0.323%	$30K	$339K	12x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.864	−0.053%	$3.2M	$7.0M	20x	as long as short
HTX HYPE-USDT	+0.0218%	4h	93.950	+0.039%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0254%	1h	93.749	−0.175%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0268%	8h	93.789	−0.132%	$1.9M	$5.1M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0158%	1h	93.780	−0.142%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0539%	1h	93.922	+0.009%	$7.5M	$4.4M	50x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0679%	1h	93.913	long leg	$21.0M	$30.0M	50x