Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0590%/8h= +64.6% APRpaid last 24h +0.031%

Price spread now: Kraken Futures against OKX−0.116%55s7-day average +0.059% · you buy dearer than you sell

Net, funding: paid 7d − costs−$16as 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−$290.293% of the position

Long on OKX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.130%+$13 on $10k

Price spread, last 3 days (all we have)+0.134%+$13 · spread now −0.116%, 7d avg +0.059%

Together, before fees+0.264%+$26 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.175% cheaper against OKX than usual: you would sell low and buy high (spread −0.116% now, against its 7-day average of +0.059%). If the spread goes back, that is −$17 on $10k: about 24 hours of funding at the current rate (+$18 a day). At the pace of the last 7 days (+0.130% in total) that is about 9.4 days. The two prices were read 55 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 0.130% in total (about 6.8% 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	OKX HYPE-USDT-SWAP	94.221	0.0081	pay 0.0081% / 8h	7h 38m	$116.2M	$319.6M	50x
Short	Kraken Futures PF_HYPEUSD	94.111	0.0671	get 0.0084% / 1h	38m 23s	$21.0M	$29.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against OKX. 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 OKXbpFee Kraken FuturesbpOrdersPrice spread, now −0.116%Rate

Funding earned: $123.88
Price spread: −0.116% → +0.059%: −$17.49
Slippage, 4 orders: −$9.26
Fee OKX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $77.13
Costs to cover: 0.293%
Break-even: 2.6 days

Slippage from OKX: live order book, 6 min ago; Kraken Futures: live order book, 6 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 OKX live order book, 6 min ago	0.05 bp	6.6 bp −$7	9.2 bp −$92	16.9 bp −$1,692	doesn't fit
Sell Kraken Futures live order book, 6 min ago	1.01 bp	8.4 bp −$8	12.5 bp −$125	21.3 bp −$2,130	62.1 bp −$31.1K

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	−0.1472%	1h	93.931	−0.308%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	94.078	−0.152%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0270%	1h	94.044	−0.188%	$22K	$23K	10x	as long as short
Phemex HYPEUSDT	−0.0194%	8h	94.071	−0.159%	$12.8M	$2.6M	50x	as long as short
dYdX HYPE-USD	−0.0193%	1h	94.163	−0.061%	$128K	$29K	5x	as long as short
Ondo Perps HYPE-USD.P	−0.0166%	1h	93.990	−0.245%	$705K	$935K	10x	as long as short
Bullet HYPE-USD	−0.0083%	1h	94.194	−0.029%	$112K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.237	+0.017%	$86K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.032	−0.201%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0012%	4h	94.205	−0.017%	$170K	$592K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0012%	4h	94.203	−0.019%	$44.5M	$59.4M	75x	as long as short
Bybit HYPEUSDT	−0.0010%	8h	94.182	−0.041%	$323.7M	$281.0M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.227	+0.007%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.232	+0.012%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0017%	4h	94.192	−0.031%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	94.122	−0.105%	$219K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0044%	4h	94.220	−0.001%	$88.8M	$82.3M	100x	as long as short
Derive HYPE-PERP	+0.0045%	1h	94.175	−0.049%	$16.4M	$7.3M	10x	as long as short
Binance HYPEUSDT	+0.0046%	4h	94.208	−0.014%	$384.6M	$892.9M	75x	as long as short
Bluefin HYPE-PERP	+0.0051%	1h	94.215	−0.006%	$76K	$171K	20x	as long as short
edgeX HYPEUSDC	+0.0057%	4h	94.034	−0.199%	$5.1M	$29.8M	30x	as long as short
OKX HYPE-USDT-SWAPlong	+0.0081%	8h	94.221	long leg	$116.2M	$319.6M	50x
Popdex HYPEUSDT	+0.0088%	1h	94.219	−0.002%	$64K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.184	−0.040%	$19.0M	$58.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.168	−0.056%	$3.1M	$12.0M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.206	−0.016%	$401K	$193K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.226	+0.005%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.210	−0.012%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.221	+0.001%	$6.7M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.298	+0.082%	$2.05B	$674.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.186	−0.037%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.229	+0.008%	$46.7M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.252	+0.033%	$228.6M	$101.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.197	−0.025%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.038	−0.194%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.010	−0.223%	$31.6M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.030	−0.203%	$7.6M	$45.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.016	−0.218%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.047	−0.185%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.183	−0.040%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.216	−0.005%	$481K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.111	−0.117%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.011	−0.223%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.120	−0.107%	$205K	$4K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.202	−0.020%	$19.0M	$43.7M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.170	−0.054%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0181%	4h	94.032	−0.201%	$17.0M	$12.3M	75x	as long as short
Kalshi KXHYPEPERP	+0.0193%	8h	94.119	−0.108%	$1.9M	$5.1M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.260	+0.041%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.234	+0.014%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.187	−0.036%	$77K	$144K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0157%	1h	94.228	+0.007%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0356%	1h	94.112	−0.116%	$7.5M	$4.6M	50x	as long as short
HTX HYPE-USDT	+0.0413%	4h	94.220	−0.001%	$1.5M	$6.3M	75x	as long as short
Kraken Futures PF_HYPEUSDshort	+0.0671%	1h	94.111	−0.116%	$21.0M	$29.7M	50x