Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:22 UTC−0.0687%/8h= −75.2% APRpaid last 24h −0.038%

Price spread now: Perpl against Kraken Futures−0.062%7-day average −0.038% · you buy dearer than you sell

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

Long on Kraken Futures Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days−0.240%−$24 on $10k

Price spread, last 4 days (all we have)+0.292%+$29 · spread now −0.062%, 7d avg −0.038%

Together, before fees+0.052%+ Points / potential airdropPerpl: Active · farm board+$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and Perpl is 0.024% 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 −0.038%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.240% in total (about -12.5% 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	93.150	0.0687	pay 0.0086% / 1h	13m 57s	$20.7M	$29.8M	50x
Short	Perpl HYPE	93.092	0	get 0.0000% / 43m	1m 57s	$23K	$319K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Kraken Futures. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PerplbpOrdersPrice spread, now −0.062%Rate

Funding earned: −$144.25
Price spread: −0.062% → −0.038%: −$2.45
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$170.5
Costs to cover: 0.238%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 5 min ago; Perpl: 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	0.96 bp	9.0 bp −$9	10.9 bp −$109	18.7 bp −$1,871	67.4 bp −$33.7K
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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	−0.1040%	1h	93.073	−0.083%	$197K	$227K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.006	−0.155%	$1.2M	$3.9M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0138%	1h	93.100	−0.054%	$699K	$1.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.314	+0.176%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.110	−0.043%	$85K	$345K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0055%	1h	93.312	+0.174%	$22K	$21K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0048%	4h	93.089	−0.066%	$155K	$652K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.163	+0.014%	$128K	$31K	5x	as long as short
Perpl HYPEshort	0.0000%	43m	93.092	−0.062%	$23K	$319K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.112	−0.041%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HYPEUSDT	+0.0008%	8h	93.144	−0.006%	$12.6M	$2.7M	50x	as long as short
Bullet HYPE-USD	+0.0018%	1h	93.081	−0.074%	$111K	$579K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	93.367	+0.233%	$213K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0026%	4h	93.114	−0.039%	$8.8M	$35.9M	300x	as long as short
BingX HYPE-USDT	+0.0034%	4h	93.091	−0.063%	—	$53.0M	—	as long as short
Gate HYPE_USDT	+0.0042%	4h	93.094	−0.060%	$44.5M	$55.5M	75x	as long as short
Bybit HYPEUSDT	+0.0045%	8h	93.080	−0.075%	$320.2M	$277.5M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0075%	8h	93.061	−0.096%	$113.6M	$299.8M	50x	as long as short
Derive HYPE-PERP	+0.0092%	1h	93.068	−0.088%	$16.1M	$7.5M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.117	−0.035%	$16.2M	$62.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.111	−0.042%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.086	−0.069%	$70K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.184	+0.037%	$338K	$162K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.110	−0.043%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.112	−0.041%	$5.7M	$43.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.167	+0.018%	$2.03B	$657.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.124	−0.028%	$10.0M	$14.8M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.096	−0.058%	$376.4M	$881.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.098	−0.056%	$89.4M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.126	−0.026%	$45.8M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.105	−0.048%	$225.2M	$96.5M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.089	−0.066%	$7.3M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.377	+0.243%	$31.1M	$53.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.364	+0.229%	$7.5M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.292	+0.152%	$339K	$998K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.417	+0.287%	$667K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.154	+0.004%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.122	−0.030%	$481K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.063	−0.093%	$79K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.129	−0.023%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.101	−0.053%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.155	+0.005%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.090	−0.064%	$18.3M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.054	−0.103%	$396K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0117%	4h	93.295	+0.156%	$5.0M	$29.1M	30x	as long as short
HTX HYPE-USDT	+0.0145%	4h	93.240	+0.097%	$1.4M	$6.0M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.150	0.000%	$4.8M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0259%	1h	93.058	−0.099%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0270%	8h	93.159	+0.010%	$1.9M	$5.2M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	93.099	−0.055%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.081	−0.074%	$17.0M	$11.5M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0416%	1h	93.187	+0.040%	$7.4M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.207	+0.061%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.730	+0.623%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0687%	1h	93.150	long leg	$20.7M	$29.8M	50x