Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0476%/8h= −52.1% APRpaid last 24h −0.004%

Price spread now: Variational Omni against Kraken Futures−0.327%7-day average −0.060% · you buy dearer than you sell

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

Long on Kraken Futures Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.031%−$3 on $10k

Price spread, last 3 days (all we have)+0.255%+$26 · spread now −0.327%, 7d avg −0.060%

Together, before fees+0.224%+ Points / potential airdropVariational Omni: Active · farm board+$22 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 Variational Omni is 0.267% cheaper against Kraken Futures than usual: you would sell low and buy high (−$27 if the spread goes back to its 7-day average of −0.060%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.031% in total (about -3.5% 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	94.190	0.0576	pay 0.0072% / 1h	53m 13s	$21.1M	$29.0M	50x
Short	Variational Omni HYPE	93.882	0.0100	get 0.0100% / 8h	53m 13s	$32.1M	$53.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.327%Rate

Funding earned: −$99.98
Price spread: −0.327% → −0.060%: −$26.66
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$136.64
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 1 min ago; Variational Omni: RFQ quote, 1 min ago. 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, 1 min ago	1.01 bp	7.0 bp −$7	13.4 bp −$134	19.6 bp −$1,962	68.6 bp −$34.3K
Sell Variational Omni RFQ quote, 1 min ago	0.47 bp	doesn't fit	5.6 bp −$56	21.2 bp −$2,123	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	−0.0552%	1h	93.903	−0.305%	$199K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0484%	1h	93.816	−0.397%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.994	−0.208%	$1.2M	$3.8M	10x	as long as short
ApeX Omni HYPEUSDT	−0.0160%	1h	93.896	−0.312%	$349K	$1.1M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.006	−0.196%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.092	−0.104%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.073	−0.125%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.110	−0.085%	$28K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	94.035	−0.165%	$215K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0014%	4h	94.086	−0.111%	$176K	$526K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0019%	1h	93.990	−0.213%	$703K	$905K	10x	as long as short
Bybit HYPEUSDT	+0.0020%	8h	94.065	−0.133%	$325.0M	$280.7M	75x	as long as short
Aster HYPEUSDT	+0.0031%	4h	94.079	−0.118%	$9.0M	$35.8M	300x	as long as short
Phemex HYPEUSDT	+0.0068%	8h	94.010	−0.191%	$12.8M	$2.6M	50x	as long as short
Gate HYPE_USDT	+0.0070%	4h	94.079	−0.118%	$44.5M	$57.9M	75x	as long as short
MEXC HYPE_USDT	+0.0070%	4h	94.085	−0.112%	$90.8M	$80.4M	100x	as long as short
edgeX HYPEUSDC	+0.0073%	4h	93.924	−0.282%	$5.1M	$29.7M	30x	as long as short
Binance HYPEUSDT	+0.0073%	4h	94.096	−0.100%	$386.6M	$887.7M	75x	as long as short
Derive HYPE-PERP	+0.0082%	1h	94.016	−0.185%	$16.5M	$6.9M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.130	−0.064%	$19.1M	$59.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.114	−0.081%	$3.1M	$12.2M	20x	as long as short
01 Exchange HYPEUSD	+0.0096%	1h	94.095	−0.101%	$87K	$363K	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.078	−0.119%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.050	−0.149%	$400K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.034	−0.166%	$342K	$169K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.090	−0.106%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.078	−0.119%	$5.9M	$44.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.075	−0.123%	$10.2M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.091	−0.105%	$115.7M	$316.3M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.089	−0.108%	$47.4M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.086	−0.111%	$228.0M	$102.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.076	−0.121%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.020	−0.181%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	93.882	−0.327%	$32.1M	$53.0M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.938	−0.268%	$7.6M	$45.5M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.945	−0.260%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.055	−0.143%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.090	−0.106%	$485K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	94.051	−0.148%	$113K	$578K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.095	−0.101%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.125	−0.069%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.087	−0.110%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.680	−0.542%	$205K	$7K	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.170	−0.022%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.069	−0.129%	$18.7M	$42.1M	50x	as long as short
Kalshi KXHYPEPERP	+0.0124%	8h	94.141	−0.052%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.140	−0.053%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0225%	4h	94.200	+0.010%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	94.071	−0.127%	$77K	$142K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0271%	1h	94.174	−0.017%	$7.4M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.131	−0.063%	$2.8M	$6.8M	20x	as long as short
BloFin HYPE-USDT	+0.0293%	4h	94.084	−0.113%	$17.0M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	94.029	−0.171%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0576%	1h	94.190	long leg	$21.1M	$29.0M	50x
Hyperliquid HYPE	+0.0667%	1h	94.107	−0.088%	$2.05B	$665.5M	10x	as long as short