Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0313%/8h= +34.2% APRpaid last 24h +0.045%

Price spread now: Kraken Futures against KuCoin+0.022%52s7-day average +0.044% · you sell dearer than you buy

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$410.406% of the position

Long on KuCoin Short on Kraken Futures

What this pair did over the last

the charts below follow

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

Price spread, last 4 days (all we have)−0.001%$0 · spread now +0.022%, 7d avg +0.044%

Together, before fees+0.127%+$13 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.022% cheaper against KuCoin than usual: you would sell low and buy high (spread +0.022% now, against its 7-day average of +0.044%). If the spread goes back, that is −$2 on $10k: about 6 hours of funding at the current rate (+$9 a day). At the pace of the last 7 days (+0.128% in total) that is about 29 hours. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

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. 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	KuCoin HYPEUSDTM	94.243	0.0100	pay 0.0050% / 4h	1h 02m	$46.9M	$18.6M	75x
Short	Kraken Futures PF_HYPEUSD	94.264	0.0413	get 0.0052% / 1h	2m 23s	$20.2M	$30.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against KuCoin. 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 KuCoinbpFee Kraken FuturesbpOrdersPrice spread, now +0.022%Rate

Funding earned: $65.64
Price spread: +0.022% → +0.044%: −$2.18
Slippage, 4 orders: −$18.62
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $22.83
Costs to cover: 0.406%
Break-even: 4.6 days

Slippage from KuCoin: live order book, 7 min ago; Kraken Futures: 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 KuCoin live order book, 7 min ago	0.05 bp	12.1 bp −$12	16.6 bp −$166	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 2 min ago	1.22 bp	9.6 bp −$10	13.9 bp −$139	21.2 bp −$2,118	66.5 bp −$33.3K

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	−0.1088%	1h	94.070	−0.184%	$201K	$235K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0171%	1h	94.256	+0.014%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0097%	1h	94.180	−0.067%	$710K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.214	−0.031%	$3K	$331	25x	as long as short
Bluefin HYPE-PERP	−0.0078%	1h	94.127	−0.123%	$80K	$155K	20x	as long as short
Bullet HYPE-USD	−0.0078%	1h	94.223	−0.021%	$111K	$578K	20x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	94.252	+0.010%	$87K	$366K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0009%	4h	94.144	−0.105%	$146K	$685K	20x	as long as short
Bybit HYPEUSDT	−0.0007%	8h	94.220	−0.024%	$317.5M	$289.6M	75x	as long as short
BingX HYPE-USDT	−0.0006%	4h	94.229	−0.015%	—	$53.5M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	94.263	+0.021%	$129K	$26K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.262	+0.020%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.242	−0.001%	$19K	$287K	10x	as long as short
Derive HYPE-PERP	+0.0001%	1h	94.110	−0.142%	$16.4M	$7.5M	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.250	+0.007%	$117K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	94.230	−0.014%	$206K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0046%	4h	94.217	−0.028%	$226.6M	$100.0M	75x	as long as short
Phemex HYPEUSDT	+0.0056%	8h	94.221	−0.023%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0064%	8h	94.247	+0.005%	$337K	$156K	20x	as long as short
edgeX HYPEUSDC	+0.0081%	4h	94.163	−0.085%	$5.0M	$30.7M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.215	−0.030%	$1.0M	$3.5M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0091%	8h	94.225	−0.019%	$116.9M	$321.5M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.182	−0.065%	$16.3M	$64.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.251	+0.008%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.244	+0.001%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.250	+0.007%	$14K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.243	−0.001%	$7.3M	$50.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.320	+0.082%	$2.07B	$688.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.245	+0.002%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.260	+0.018%	$10.2M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.243	0.000%	$377.2M	$932.1M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.183	−0.064%	$217K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.232	−0.012%	$49.4M	$57.2M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.242	−0.001%	$89.6M	$85.5M	100x	as long as short
KuCoin HYPEUSDTMlong	+0.0100%	4h	94.243	long leg	$46.9M	$18.6M	75x
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.197	−0.049%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.239	−0.005%	$29.1M	$55.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.188	−0.058%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.175	−0.072%	$347K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.172	−0.075%	$681K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.286	+0.046%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.249	+0.006%	$495K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.219	−0.025%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.184	−0.063%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.322	+0.084%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.216	−0.029%	$18.3M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.192	−0.055%	$398K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.190	−0.056%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0023%	1h	94.262	+0.020%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.150	−0.099%	$30K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0228%	1h	94.269	+0.028%	$7.4M	$4.3M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.201	−0.044%	$82K	$134K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.215	−0.030%	$17.0M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSDshort	+0.0413%	1h	94.264	+0.022%	$20.2M	$30.3M	50x
RISEx HYPE/USDC	+0.0559%	1h	94.271	+0.030%	$3.2M	$6.4M	20x	as long as short