Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0443%/8h= −48.5% APRpaid last 24h −0.010%

Price spread now: Bybit against Kraken Futures−0.141%7-day average −0.061% · you buy dearer than you sell

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$270.270% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.120%−$12 on $10k

Price spread, last 3 days (all we have)+0.129%+$13 · spread now −0.141%, 7d avg −0.061%

Together, before fees+0.009%+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Bybit is 0.080% cheaper against Kraken Futures than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.061%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.120% in total (about -6.2% 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	93.372	0.0465	pay 0.0058% / 1h	21m 22s	$20.9M	$29.0M	50x
Short	Bybit HYPEUSDT	93.240	0.0022	get 0.0022% / 8h	1h 21m	$323.2M	$287.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.141%Rate

Funding earned: −$93.08
Price spread: −0.141% → −0.061%: −$8.01
Slippage, 4 orders: −$5.95
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$128.04
Costs to cover: 0.270%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; Bybit: live order book, 3 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, 3 min ago	0.64 bp	7.2 bp −$7	16.0 bp −$160	26.6 bp −$2,657	81.9 bp −$41.0K
Sell Bybit live order book, 3 min ago	0.54 bp	6.9 bp −$7	9.2 bp −$92	18.5 bp −$1,848	41.9 bp −$20.9K

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
Aftermath Perps HYPEUSD	−0.0422%	1h	93.090	−0.302%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0320%	1h	93.155	−0.233%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.148	−0.240%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0126%	1h	93.150	−0.238%	$699K	$928K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.230	−0.152%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	93.224	−0.158%	$90K	$361K	20x	as long as short
Popdex HYPEUSDT	−0.0008%	1h	93.195	−0.189%	$58K	$1.2M	50x	as long as short
Aster HYPEUSDT	−0.0008%	4h	93.240	−0.141%	$8.9M	$36.0M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.276	−0.103%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.230	−0.152%	$23K	$331K	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 −0.0001%	1h	93.277	−0.101%	$20K	—	150x	as long as short
Bybit HYPEUSDTshort	+0.0022%	8h	93.240	−0.141%	$323.2M	$287.4M	75x
Orderly PERP_HYPE_USDC	+0.0022%	4h	93.253	−0.127%	$172K	$518K	20x	as long as short
Derive HYPE-PERP	+0.0029%	1h	93.205	−0.178%	$16.3M	$7.1M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.030	−0.366%	$214K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0054%	4h	93.245	−0.136%	$43.9M	$58.5M	75x	as long as short
Bullet HYPE-USD	+0.0058%	1h	93.239	−0.142%	$111K	$580K	20x	as long as short
MEXC HYPE_USDT	+0.0062%	4h	93.242	−0.139%	$90.4M	$82.2M	100x	as long as short
Binance HYPEUSDT	+0.0064%	4h	93.259	−0.121%	$382.0M	$895.7M	75x	as long as short
edgeX HYPEUSDC	+0.0074%	4h	92.953	−0.448%	$5.0M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.297	−0.080%	$18.6M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.277	−0.102%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.236	−0.145%	$397K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	93.246	−0.134%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.190	−0.195%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.209	−0.174%	$5.9M	$44.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.242	−0.139%	$2.03B	$669.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.252	−0.129%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.240	−0.141%	$113.8M	$314.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.030	−0.366%	$203K	$8K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.248	−0.133%	$47.0M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.247	−0.134%	$226.0M	$103.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.232	−0.150%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.240	−0.141%	$7.8M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.933	−0.470%	$28.9M	$50.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.008	−0.389%	$7.5M	$45.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.016	−0.381%	$414K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.100	−0.291%	$673K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.238	−0.143%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.242	−0.139%	$493K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.260	−0.120%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.273	−0.106%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.249	−0.132%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.231	−0.151%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.230	−0.152%	$18.2M	$42.0M	50x	as long as short
Kalshi KXHYPEPERP	+0.0108%	8h	93.172	−0.214%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.220	−0.163%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.320	−0.056%	$30K	$338K	12x	as long as short
HTX HYPE-USDT	+0.0242%	4h	93.400	+0.030%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.226	−0.156%	$77K	$159K	15x	as long as short
BloFin HYPE-USDT	+0.0254%	4h	92.996	−0.403%	$16.9M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.277	−0.101%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0158%	1h	93.267	−0.112%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0425%	1h	93.346	−0.028%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0465%	1h	93.372	long leg	$20.9M	$29.0M	50x