Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0586%/8h= −64.2% APRpaid last 24h −0.018%

Price spread now: KuCoin against Kraken Futures−0.209%52s7-day average −0.044% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as 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−$360.363% of the position

Long on Kraken Futures Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.090%−$9 on $10k

Price spread, last 3 days (all we have)+0.194%+$19 · spread now −0.209%, 7d avg −0.044%

Together, before fees+0.104%+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and KuCoin is 0.165% cheaper against Kraken Futures than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of −0.044%). Swap the legs. The two prices were read 52 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 -0.090% in total (about -4.7% 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	93.276	0.0686	pay 0.0086% / 1h	58m 21s	$20.8M	$30.0M	50x
Short	KuCoin HYPEUSDTM	93.081	0.0100	get 0.0050% / 4h	1h 58m	$46.1M	$17.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.209%Rate

Funding earned: −$123.06
Price spread: −0.209% → −0.044%: −$16.46
Slippage, 4 orders: −$14.32
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$175.83
Costs to cover: 0.363%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 6 min ago; KuCoin: live order book, 6 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, 6 min ago	1.23 bp	8.4 bp −$8	13.5 bp −$135	19.7 bp −$1,974	68.1 bp −$34.0K
Sell KuCoin live order book, 6 min ago	0.38 bp	10.2 bp −$10	15.6 bp −$156	doesn't fit	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	−0.1136%	1h	93.123	−0.164%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	92.959	−0.340%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0313%	1h	93.040	−0.253%	$698K	$902K	10x	as long as short
Bluefin HYPE-PERP	−0.0180%	1h	93.168	−0.116%	$79K	$170K	20x	as long as short
01 Exchange HYPEUSD	−0.0096%	1h	93.078	−0.212%	$84K	$346K	20x	as long as short
Bullet HYPE-USD	−0.0095%	1h	93.007	−0.288%	$112K	$578K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.198	−0.084%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0052%	4h	92.992	−0.304%	$155K	$639K	20x	as long as short
Phemex HYPEUSDT	−0.0041%	8h	93.198	−0.084%	$12.6M	$2.7M	50x	as long as short
Aster HYPEUSDT	−0.0005%	4h	93.074	−0.217%	$8.8M	$35.4M	300x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	93.100	−0.189%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.092	−0.197%	$22K	$321K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.025	−0.269%	$25K	—	150x	as long as short
Bybit HYPEUSDT	+0.0009%	8h	92.990	−0.307%	$319.1M	$275.7M	75x	as long as short
Gate HYPE_USDT	+0.0012%	4h	92.999	−0.297%	$44.3M	$54.0M	75x	as long as short
BingX HYPE-USDT	+0.0012%	4h	93.020	−0.274%	—	$53.1M	—	as long as short
Aftermath Perps HYPEUSD	+0.0013%	1h	93.325	+0.053%	$22K	$21K	10x	as long as short
Phoenix HYPE	+0.0060%	1h	93.318	+0.045%	$210K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	93.020	−0.274%	$114.2M	$300.1M	50x	as long as short
MEXC HYPE_USDT	+0.0078%	4h	93.017	−0.278%	$87.6M	$79.7M	100x	as long as short
Binance HYPEUSDT	+0.0078%	4h	93.008	−0.287%	$378.2M	$873.5M	75x	as long as short
edgeX HYPEUSDC	+0.0083%	4h	93.256	−0.022%	$5.0M	$30.1M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.097	−0.192%	$16.2M	$61.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.086	−0.204%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.062	−0.229%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.106	−0.182%	$338K	$162K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.090	−0.199%	$12K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.005	−0.290%	$5.7M	$43.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.138	−0.148%	$2.03B	$658.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.105	−0.184%	$10.0M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	+0.063%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTMshort	+0.0100%	4h	93.081	−0.209%	$46.1M	$17.9M	75x
Bitget HYPEUSDT	+0.0100%	4h	93.012	−0.283%	$225.2M	$96.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.155	−0.130%	$7.4M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.219	−0.061%	$31.1M	$54.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.419	+0.153%	$7.5M	$46.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.263	−0.014%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.218	−0.062%	$665K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.122	−0.165%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.054	−0.238%	$473K	$2.4M	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.171	−0.113%	$16.2M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.298	+0.024%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.194	−0.088%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.034	−0.259%	$18.3M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.191	−0.091%	$396K	$170K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.230	−0.049%	$4.9M	$5.4M	50x	as long as short
HTX HYPE-USDT	+0.0206%	4h	93.361	+0.091%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0256%	1h	93.002	−0.294%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0278%	8h	93.248	−0.030%	$1.9M	$4.8M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.023	−0.271%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0372%	1h	93.280	+0.004%	$7.4M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.157	−0.127%	$3.2M	$6.7M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.170	−0.114%	$30K	$338K	12x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0686%	1h	93.276	long leg	$20.8M	$30.0M	50x