HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0578%/8h= −63.3% APRnext payment −$0.72 per $10,000 · paid last 24h −0.013%

Price spread now: Polymarket Perps against Kraken Futures−0.059%7-day average −0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$250.252% of the position

Long on Kraken Futures Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.128%−$13 on $10k

Price spread, last 3 days (all we have)+0.068%+$7 · spread now −0.059%, 7d avg −0.040%

Together, before fees−0.060%−$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.040%, so right now this pair is about funding alone: −$17 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.128% in total (about -6.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.72 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	94.030	0.0678	pay 0.0085% / 1h	25m 43s	$21.0M	$29.8M	50x
Short	Polymarket Perps HYPE-USD	93.974	0.0100	get 0.0013% / 1h	25m 43s	$475K	$2.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.059%Rate

Funding earned: −$121.43
Price spread: −0.059% → −0.040%: −$1.94
Slippage, 4 orders: −$7.24
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$148.61
Costs to cover: 0.252%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; Polymarket Perps: live order book, 3 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	1.44 bp	10.2 bp −$10	15.4 bp −$154	22.2 bp −$2,218	70.4 bp −$35.2K
Sell Polymarket Perps live order book, 3 min ago	0.27 bp	4.3 bp −$4	5.6 bp −$56	12.2 bp −$1,222	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	−0.0920%	1h	93.818	−0.225%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.740	−0.308%	$1.2M	$3.8M	10x	as long as short
Phemex HYPEUSDT	−0.0142%	8h	93.889	−0.149%	$12.7M	$2.7M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0134%	1h	93.748	−0.300%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.874	−0.165%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0077%	1h	93.860	−0.180%	$703K	$929K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0057%	4h	93.919	−0.118%	$157K	$646K	20x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.884	−0.155%	$85K	$350K	20x	as long as short
Backpack HYPE_USDC_PERP	−0.0042%	1h	93.896	−0.142%	$7.8M	$10.3M	20x	as long as short
Gate HYPE_USDT	−0.0028%	4h	93.865	−0.175%	$44.4M	$55.0M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	−0.0002%	4h	93.865	−0.175%	—	$53.7M	—	as long as short
Aster HYPEUSDT	−0.0001%	4h	93.912	−0.125%	$8.9M	$35.9M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.860	−0.181%	$129K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.962	−0.072%	$22K	$326K	10x	as long as short
Bybit HYPEUSDT	+0.0002%	8h	93.860	−0.180%	$322.3M	$281.1M	75x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.969	−0.065%	$26K	—	150x	as long as short
Phoenix HYPE	+0.0060%	1h	93.904	−0.133%	$211K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0066%	4h	93.854	−0.187%	$87.8M	$82.9M	100x	as long as short
OKX HYPE-USDT-SWAP	+0.0068%	8h	93.882	−0.157%	$115.3M	$308.8M	50x	as long as short
Binance HYPEUSDT	+0.0068%	4h	93.861	−0.179%	$382.0M	$893.9M	75x	as long as short
edgeX HYPEUSDC	+0.0071%	4h	93.800	−0.244%	$5.1M	$29.9M	30x	as long as short
Bullet HYPE-USD	+0.0072%	1h	93.934	−0.102%	$112K	$578K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.905	−0.133%	$341K	$164K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.856	−0.184%	$16.4M	$62.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.852	−0.189%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.928	−0.108%	$67K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.961	−0.073%	$400K	$177K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.923	−0.114%	$16.3M	$7.7M	10x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.860	−0.180%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.904	−0.133%	$5.8M	$45.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.929	−0.107%	$2.05B	$672.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.889	−0.150%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.886	−0.153%	$46.5M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.870	−0.170%	$227.5M	$98.6M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.910	−0.128%	$31.1M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.824	−0.219%	$7.6M	$47.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.834	−0.208%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.938	−0.097%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.981	−0.051%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USDshort	+0.0100%	1h	93.974	−0.059%	$475K	$2.4M	20x
Bluefin HYPE-PERP	+0.0100%	1h	93.920	−0.116%	$80K	$172K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.020	−0.010%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.936	−0.099%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.880	−0.159%	$204K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.836	−0.206%	$18.3M	$44.3M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.920	−0.116%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.920	−0.116%	$31K	$339K	12x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.936	−0.099%	$3.2M	$7.0M	20x	as long as short
HTX HYPE-USDT	+0.0218%	4h	94.100	+0.075%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0255%	1h	93.947	−0.088%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0273%	8h	94.001	−0.030%	$1.9M	$4.9M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0156%	1h	93.969	−0.064%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0442%	1h	94.042	+0.013%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0678%	1h	94.030	long leg	$21.0M	$29.8M	50x