HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0474%/8h= −51.9% APRnext payment −$0.59 per $10,000 · paid last 24h +0.015%

Price spread now: Bluefin against Kraken Futures−0.111%7-day average −0.039% · you buy dearer than you sell

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$410.406% of the position

Long on Kraken Futures Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.160%−$16 on $10k

Price spread, last 3 days (all we have)+0.081%+$8 · spread now −0.111%, 7d avg −0.039%

Together, before fees−0.079%−$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Bluefin is 0.072% cheaper against Kraken Futures than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.039%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.160% in total (about -8.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.59 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	Kraken Futures PF_HYPEUSD	93.449	0.0574	pay 0.0072% / 1h	12m 15s	$19.1M	$26.1M	50x
Short	Bluefin HYPE-PERP	93.346	0.0100	get 0.0013% / 1h	12m 15s	$76K	$168K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin 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 BluefinbpOrdersPrice spread, now −0.111%Rate

Funding earned: −$99.49
Price spread: −0.111% → −0.039%: −$7.16
Slippage, 4 orders: −$23.55
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$147.2
Costs to cover: 0.406%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 2 min ago; Bluefin: 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	0.69 bp	9.1 bp −$9	17.2 bp −$172	27.7 bp −$2,773	83.4 bp −$41.7K
Sell Bluefin live order book, 12 min ago	1.92 bp	12.2 bp −$12	doesn't fit	doesn't fit	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	−0.0928%	1h	93.452	+0.003%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0263%	1h	93.583	+0.143%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0234%	1h	93.410	−0.042%	$702K	$932K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.359	−0.097%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.364	−0.091%	$90K	$348K	20x	as long as short
Derive HYPE-PERP	−0.0025%	1h	93.309	−0.150%	$16.4M	$7.1M	10x	as long as short
Bullet HYPE-USD	−0.0019%	1h	93.364	−0.091%	$111K	$581K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.459	+0.010%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.395	−0.058%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.391	−0.062%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0015%	4h	93.333	−0.124%	$8.9M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0024%	4h	93.327	−0.131%	$43.9M	$57.6M	75x	as long as short
Bybit HYPEUSDT	+0.0033%	8h	93.330	−0.128%	$325.1M	$287.0M	75x	as long as short
Popdex HYPEUSDT	+0.0040%	1h	93.347	−0.110%	$58K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0057%	4h	93.357	−0.099%	$162K	$541K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.605	+0.167%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.376	−0.078%	$18.6M	$59.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.367	−0.088%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.377	−0.077%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.380	−0.074%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.345	−0.112%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.459	+0.010%	$2.04B	$670.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.376	−0.078%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.322	−0.137%	$385.3M	$889.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.327	−0.131%	$114.6M	$315.1M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.337	−0.120%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.690	+0.257%	$205K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.333	−0.124%	$93.4M	$82.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.334	−0.123%	$46.3M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.346	−0.111%	$226.8M	$102.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.334	−0.123%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.378	−0.076%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.561	+0.119%	$29.2M	$50.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.632	+0.196%	$7.5M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.558	+0.116%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.510	+0.065%	$676K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.415	−0.037%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.406	−0.046%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERPshort	+0.0100%	1h	93.346	−0.111%	$76K	$168K	20x
SunX HYPE-USDT	+0.0100%	4h	93.409	−0.043%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.328	−0.130%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.380	−0.074%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.319	−0.139%	$18.3M	$41.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.402	−0.050%	$397K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0112%	8h	93.442	−0.008%	$1.9M	$5.3M	2.3x	as long as short
edgeX HYPEUSDC	+0.0118%	4h	93.534	+0.091%	$5.1M	$29.7M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.430	−0.021%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.348	−0.108%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.400	−0.053%	$30K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0296%	4h	93.550	+0.108%	$1.5M	$7.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0328%	1h	93.457	+0.008%	$7.4M	$4.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.405	−0.047%	$17.1M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0346% / S −0.0171%	1h	93.401	−0.052%	$1.5M	—	100x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.422	−0.029%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0574%	1h	93.449	long leg	$19.1M	$26.1M	50x