Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0345%/8h= −37.7% APRpaid last 24h +0.041%

Price spread now: BloFin against Kraken Futures+0.011%57s7-day average −0.033% · you sell dearer than you buy

Net, funding: paid 7d − costs+$4as 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−$320.323% of the position

Long on Kraken Futures Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.367%+$37 on $10k

Price spread, last 4 days (all we have)−0.142%−$14 · spread now +0.011%, 7d avg −0.033%

Together, before fees+0.225%+$23 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.044% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.011% now, against its 7-day average of −0.033%): +$4 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 10 hours. Mind the row above: over the last 7 days funding on this pair paid +0.367%, so the current rate has only just turned against you. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_HYPEUSD	93.477	0.0685	pay 0.0086% / 1h	32m 05s	$20.8M	$29.7M	50x
Short	BloFin HYPE-USDT	93.487	0.0340	get 0.0170% / 4h	1h 32m	$17.0M	$11.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.011%Rate

Funding earned: −$72.36
Price spread: +0.011% → −0.033%: $4.35
Slippage, 4 orders: −$10.33
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$100.33
Costs to cover: 0.323%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 2 min ago; BloFin: live order book, 12 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, 2 min ago	1.76 bp	8.1 bp −$8	13.0 bp −$130	22.3 bp −$2,234	61.5 bp −$30.7K
Sell BloFin live order book, 12 min ago	0.37 bp	6.7 bp −$7	9.0 bp −$90	14.1 bp −$1,415	doesn't fit

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	−0.1296%	1h	93.403	−0.080%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.353	−0.133%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0104%	1h	93.320	−0.168%	$699K	$996K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.479	+0.002%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0065%	8h	93.401	−0.081%	$12.6M	$2.7M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0064%	1h	93.426	−0.054%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.484	+0.007%	$85K	$344K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0042%	4h	93.423	−0.058%	$154K	$648K	20x	as long as short
Bullet HYPE-USD	−0.0006%	1h	93.440	−0.040%	$111K	$578K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.478	+0.001%	$128K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.447	−0.033%	$23K	$322K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.454	−0.025%	$62K	—	150x	as long as short
BingX HYPE-USDT	+0.0024%	4h	93.472	−0.005%	—	$53.0M	—	as long as short
Aster HYPEUSDT	+0.0025%	4h	93.479	+0.002%	$8.8M	$35.5M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.393	−0.090%	$213K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0036%	8h	93.530	+0.057%	$321.8M	$277.2M	75x	as long as short
Gate HYPE_USDT	+0.0050%	4h	93.418	−0.063%	$44.6M	$54.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	93.410	−0.072%	$114.2M	$301.9M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.451	−0.028%	$16.3M	$61.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.441	−0.039%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.470	−0.008%	$69K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.492	+0.016%	$340K	$162K	20x	as long as short
MEXC HYPE_USDT	+0.0098%	4h	93.430	−0.050%	$89.8M	$80.8M	100x	as long as short
edgeX HYPEUSDC	+0.0100%	4h	93.360	−0.125%	$5.1M	$29.7M	30x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.470	−0.008%	$17K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.441	−0.038%	$5.8M	$43.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.521	+0.047%	$2.04B	$654.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.481	+0.004%	$10.1M	$14.6M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.503	+0.028%	$379.2M	$876.0M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.364	−0.121%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.456	−0.023%	$46.0M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.429	−0.051%	$225.9M	$96.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.407	−0.075%	$7.4M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.367	−0.118%	$31.1M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.422	−0.058%	$7.5M	$45.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.349	−0.137%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.512	+0.037%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.496	+0.020%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.496	+0.020%	$472K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.400	−0.082%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.389	−0.094%	$16.2M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.519	+0.045%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.415	−0.066%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.388	−0.095%	$18.4M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.423	−0.058%	$397K	$162K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.520	+0.046%	$4.8M	$5.6M	50x	as long as short
HTX HYPE-USDT	+0.0188%	4h	93.592	+0.123%	$1.4M	$6.0M	75x	as long as short
Reya HYPERUSDPERP	+0.0258%	1h	93.452	−0.026%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0278%	8h	93.461	−0.017%	$1.9M	$5.0M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0285%	1h	93.501	+0.026%	$7.5M	$4.4M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.460	−0.018%	$1.4M	—	100x	as long as short
BloFin HYPE-USDTshort	+0.0340%	4h	93.487	+0.011%	$17.0M	$11.6M	75x
RISEx HYPE/USDC	+0.0510%	1h	93.559	+0.088%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.370	−0.115%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0685%	1h	93.477	long leg	$20.8M	$29.7M	50x