Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0729%/8h= −79.8% APRpaid last 24h −0.064%

Price spread now: Orderly against Kraken Futures−0.120%7-day average −0.045% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Kraken Futures Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.263%−$26 on $10k

Price spread, last 4 days (all we have)+0.126%+$13 · spread now −0.120%, 7d avg −0.045%

Together, before fees−0.137%−$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$22 a day on $10k at the current rate, and Orderly is 0.075% 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 −0.045%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.263% in total (about -13.7% 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	93.458	0.0685	pay 0.0086% / 1h	33m 51s	$20.8M	$29.8M	50x
Short	Orderly PERP_HYPE_USDC	93.346	−0.0044	pay 0.0022% / 4h	1h 33m	$154K	$642K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.120%Rate

Funding earned: −$153.08
Price spread: −0.120% → −0.045%: −$7.52
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$176.6
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 5 min ago; Orderly: no order-book sample. Net counts fees only.

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, 5 min ago	0.05 bp	10.6 bp −$11	12.9 bp −$129	19.8 bp −$1,985	64.8 bp −$32.4K
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1288%	1h	93.317	−0.151%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.210	−0.266%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0110%	1h	93.330	−0.137%	$699K	$982K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.329	−0.138%	$3K	$331	25x	as long as short
Aftermath Perps HYPEUSD	−0.0058%	1h	93.385	−0.079%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.370	−0.094%	$85K	$344K	20x	as long as short
Phemex HYPEUSDT	−0.0052%	8h	93.379	−0.085%	$12.6M	$2.7M	50x	as long as short
Orderly PERP_HYPE_USDCshort	−0.0044%	4h	93.346	−0.120%	$154K	$642K	20x
Bullet HYPE-USD	−0.0006%	1h	93.348	−0.118%	$111K	$578K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.361	−0.104%	$128K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.362	−0.103%	$23K	$322K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.360	−0.105%	$62K	—	150x	as long as short
Aster HYPEUSDT	+0.0022%	4h	93.482	+0.026%	$8.8M	$35.5M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.393	−0.070%	$213K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0026%	4h	93.488	+0.032%	—	$53.0M	—	as long as short
Bybit HYPEUSDT	+0.0030%	8h	93.490	+0.034%	$321.7M	$277.3M	75x	as long as short
Gate HYPE_USDT	+0.0046%	4h	93.482	+0.025%	$44.6M	$54.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0077%	8h	93.479	+0.022%	$114.2M	$302.3M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.415	−0.046%	$16.3M	$61.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.414	−0.047%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.355	−0.110%	$69K	$1.2M	50x	as long as short
MEXC HYPE_USDT	+0.0096%	4h	93.504	+0.049%	$89.9M	$80.8M	100x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.353	−0.112%	$339K	$162K	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.488	+0.032%	$379.1M	$876.4M	75x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.370	−0.094%	$17K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.340	−0.126%	$5.8M	$43.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.486	+0.030%	$2.04B	$653.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.357	−0.108%	$10.0M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.364	−0.101%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.510	+0.055%	$46.0M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.489	+0.033%	$226.1M	$96.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.380	−0.084%	$7.4M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.367	−0.098%	$31.1M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.365	−0.100%	$7.5M	$45.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.333	−0.134%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.424	−0.037%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.401	−0.061%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.389	−0.074%	$472K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.338	−0.129%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.333	−0.134%	$16.2M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.412	−0.049%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.385	−0.078%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.452	−0.007%	$18.4M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.368	−0.096%	$397K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0110%	4h	93.315	−0.154%	$5.1M	$29.7M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.420	−0.041%	$4.8M	$5.6M	50x	as long as short
HTX HYPE-USDT	+0.0190%	4h	93.501	+0.046%	$1.4M	$6.0M	75x	as long as short
Reya HYPERUSDPERP	+0.0258%	1h	93.348	−0.118%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0278%	8h	93.420	−0.041%	$1.9M	$5.0M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.379	−0.085%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0338%	4h	93.380	−0.084%	$17.0M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0339%	1h	93.464	+0.006%	$7.4M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.426	−0.035%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.220	−0.255%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0685%	1h	93.458	long leg	$20.8M	$29.8M	50x