Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0240%/8h= −26.3% APRpaid last 24h −0.031%

Price spread now: GRVT against Kraken Futures−0.209%75s7-day average −0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$40as 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−$290.291% of the position

Long on Kraken Futures Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.105%−$10 on $10k

Price spread, last 4 days (all we have)+0.255%+$26 · spread now −0.209%, 7d avg −0.021%

Together, before fees+0.151%+ Points / potential airdropGRVT: Active · farm board+$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and GRVT is 0.188% cheaper against Kraken Futures than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of −0.021%). Swap the legs. The two prices were read 75 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.105% in total (about -5.5% 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	93.618	0.0340	pay 0.0043% / 1h	55m 36s	$20.9M	$29.6M	50x
Short	GRVT HYPE_USDT_Perp	93.423	0.0100	get 0.0050% / 4h	2h 55m	$7.5M	$47.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.209%Rate

Funding earned: −$50.46
Price spread: −0.209% → −0.021%: −$18.84
Slippage, 4 orders: −$10.13
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$98.42
Costs to cover: 0.291%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; GRVT: 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, 3 min ago	1.07 bp	9.8 bp −$10	13.7 bp −$137	20.0 bp −$1,996	74.9 bp −$37.4K
Sell GRVT live order book, 4 min ago	0.05 bp	4.6 bp −$5	5.4 bp −$54	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	−0.1896%	1h	93.498	−0.129%	$197K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0364%	1h	93.451	−0.179%	$22K	$21K	10x	as long as short
Bullet HYPE-USD	−0.0131%	1h	93.513	−0.113%	$112K	$578K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.530	−0.094%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.442	−0.188%	$87K	$365K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0037%	4h	93.554	−0.069%	$146K	$663K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.530	−0.094%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.556	−0.067%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.576	−0.046%	$62K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	93.413	−0.219%	$1.0M	$3.9M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0014%	1h	93.540	−0.084%	$705K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0020%	8h	93.499	−0.128%	$12.6M	$2.7M	50x	as long as short
Bitget HYPEUSDT	+0.0022%	4h	93.434	−0.197%	$226.1M	$99.1M	75x	as long as short
Bybit HYPEUSDT	+0.0026%	8h	93.434	−0.197%	$317.8M	$283.6M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.546	−0.077%	$209K	$1.2M	10x	as long as short
Bluefin HYPE-PERP	+0.0092%	1h	93.553	−0.070%	$79K	$167K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.489	−0.139%	$340K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.481	−0.146%	$16.1M	$62.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.522	−0.103%	$3.1M	$11.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.427	−0.204%	$76K	$1.1M	50x	as long as short
Gate HYPE_USDT	+0.0096%	4h	93.440	−0.191%	$46.3M	$53.8M	75x	as long as short
edgeX HYPEUSDC	+0.0097%	4h	93.351	−0.286%	$5.0M	$29.9M	30x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.440	−0.191%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.544	−0.079%	$7.0M	$47.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.566	−0.056%	$2.04B	$667.2M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.498	−0.129%	$8.7M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.499	−0.127%	$10.1M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.482	−0.146%	$374.9M	$910.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.431	−0.200%	$114.9M	$308.1M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.328	−0.310%	$203K	$3K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.468	−0.161%	$92.2M	$80.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.527	−0.098%	$46.2M	$18.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.442	−0.188%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.578	−0.043%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.529	−0.096%	$28.7M	$56.9M	—	as long as short
GRVT HYPE_USDT_Perpshort	+0.0100%	4h	93.423	−0.209%	$7.5M	$47.1M	10x
ApeX Omni HYPEUSDT	+0.0100%	1h	93.617	−0.001%	$343K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.612	−0.007%	$669K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.585	−0.036%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.548	−0.075%	$490K	$2.7M	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.544	−0.080%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.549	−0.074%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.563	−0.059%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.800	+0.194%	$1.4M	$6.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.411	−0.221%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.566	−0.056%	$396K	$161K	20x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.410	−0.223%	$30K	$339K	12x	as long as short
Kalshi KXHYPEPERP	+0.0137%	8h	93.633	+0.016%	$1.8M	$5.6M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.720	+0.109%	$4.8M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0267%	1h	93.508	−0.118%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.558	−0.065%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.642	+0.025%	$16.9M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0340%	1h	93.618	long leg	$20.9M	$29.6M	50x
Deribit HYPE_USDC-PERPETUAL	+0.0391%	1h	93.649	+0.033%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.504	−0.122%	$3.2M	$6.3M	20x	as long as short