HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0483%/8h= −52.9% APRnext payment −$0.60 per $10,000 · paid last 24h −0.005%

Price spread now: Lighter RH against Kraken Futures−0.041%7-day average −0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$170.173% of the position

Long on Kraken Futures Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days−0.125%−$12 on $10k

Price spread, last 3 days (all we have)+0.022%+$2 · spread now −0.041%, 7d avg −0.021%

Together, before fees−0.103%+ Points / potential airdropLighter RH: Points live · farm board−$10 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 Lighter RH is 0.021% cheaper against Kraken Futures than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.021%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.125% in total (about -6.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.60 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	93.674	0.0579	pay 0.0072% / 1h	26m 34s	$20.9M	$29.5M	50x
Short	Lighter RH HYPE	93.635	0.0096	get 0.0012% / 1h	26m 34s	$3.0M	$12.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.041%Rate

Funding earned: −$101.49
Price spread: −0.041% → −0.021%: −$2.07
Slippage, 4 orders: −$7.31
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$120.87
Costs to cover: 0.173%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; Lighter RH: live order book, 2 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	0.05 bp	6.5 bp −$7	15.2 bp −$152	25.3 bp −$2,533	76.0 bp −$38.0K
Sell Lighter RH live order book, 2 min ago	0.80 bp	1.3 bp −$1	3.5 bp −$35	30.1 bp −$3,012	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	−0.0904%	1h	93.545	−0.138%	$198K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0376%	1h	93.683	+0.010%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.480	−0.207%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.592	−0.087%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0070%	1h	93.550	−0.132%	$703K	$910K	10x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.525	−0.159%	$86K	$366K	20x	as long as short
Derive HYPE-PERP	−0.0017%	1h	93.529	−0.154%	$16.3M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.663	−0.012%	$127K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.577	−0.103%	$23K	$329K	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0002%	4h	93.617	−0.061%	$166K	$583K	20x	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 −0.0003%	1h	93.554	−0.128%	$26K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	93.687	+0.014%	$214K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0013%	4h	93.593	−0.086%	$8.9M	$36.0M	300x	as long as short
Bybit HYPEUSDT	+0.0018%	8h	93.541	−0.142%	$321.4M	$283.3M	75x	as long as short
Binance HYPEUSDT	+0.0056%	4h	93.566	−0.115%	$382.4M	$895.5M	75x	as long as short
MEXC HYPE_USDT	+0.0056%	4h	93.542	−0.141%	$87.7M	$81.8M	100x	as long as short
edgeX HYPEUSDC	+0.0064%	4h	93.635	−0.041%	$5.1M	$29.7M	30x	as long as short
Phemex HYPEUSDT	+0.0072%	8h	93.625	−0.052%	$12.8M	$2.6M	50x	as long as short
Gate HYPE_USDT	+0.0084%	4h	93.566	−0.115%	$44.4M	$59.1M	75x	as long as short
Bullet HYPE-USD	+0.0090%	1h	93.531	−0.153%	$113K	$577K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.638	−0.038%	$18.8M	$60.1M	20x	as long as short
Lighter RH HYPEshort	+0.0096%	1h	93.635	−0.041%	$3.0M	$12.3M	20x
Popdex HYPEUSDT	+0.0096%	1h	93.545	−0.137%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.592	−0.087%	$398K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.597	−0.082%	$340K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.540	−0.143%	$43K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.605	−0.073%	$5.7M	$44.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.610	−0.068%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.534	−0.149%	$115.2M	$320.0M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.625	−0.052%	$204K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.558	−0.124%	$46.4M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.545	−0.137%	$226.6M	$102.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.552	−0.130%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.639	−0.037%	$7.8M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.564	−0.117%	$31.2M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.632	−0.045%	$7.6M	$45.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.646	−0.030%	$346K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.611	−0.067%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.603	−0.075%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.560	−0.121%	$490K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.590	−0.089%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.615	−0.063%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.587	−0.093%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.786%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.538	−0.145%	$18.3M	$42.8M	50x	as long as short
Kalshi KXHYPEPERP	+0.0132%	8h	93.661	−0.014%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.670	−0.004%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0213%	4h	93.771	+0.104%	$1.5M	$7.8M	75x	as long as short
Hyperliquid HYPE	+0.0213%	1h	93.599	−0.080%	$2.03B	$676.5M	10x	as long as short
BloFin HYPE-USDT	+0.0229%	4h	93.600	−0.079%	$17.1M	$12.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.529	−0.154%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.601	−0.077%	$2.8M	$6.9M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0337% / S −0.0163%	1h	93.615	−0.063%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0466%	1h	93.693	+0.021%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0579%	1h	93.674	long leg	$20.9M	$29.5M	50x