Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0397%/8h= +43.5% APRpaid last 24h +0.072%

Price spread now: Kraken Futures against Orderly+0.084%7-day average +0.046% · you sell dearer than you buy

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

Long on Orderly Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.274%+$27 on $10k

Price spread, last 4 days (all we have)−0.103%−$10 · spread now +0.084%, 7d avg +0.046%

Together, before fees+0.171%+$17 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Kraken Futures is 0.039% dearer against Orderly than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.046%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.274% in total (about 14.3% 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	Orderly PERP_HYPE_USDC	92.670	−0.0065	get 0.0033% / 4h	25m 02s	$157K	$666K	20x
Short	Kraken Futures PF_HYPEUSD	92.748	0.0332	get 0.0041% / 1h	25m 02s	$20.6M	$30.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Orderly. 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 OrderlybpFee Kraken FuturesbpOrdersPrice spread, now +0.084%Rate

Funding earned: $83.36
Price spread: +0.084% → +0.046%: $3.86
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $71.22
Costs to cover: 0.160%
Break-even: 1.0 days

Slippage unknown: Orderly: no order-book sample; Kraken Futures: live order book, 4 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 Orderly no order-book sample	—	—	—	—	—
Sell Kraken Futures live order book, 4 min ago	1.89 bp	7.7 bp −$8	11.6 bp −$116	18.9 bp −$1,886	56.2 bp −$28.1K

Orderly: 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
Arcus HYPE-USD	−0.0948%	1h	92.574	−0.104%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0264%	1h	92.630	−0.043%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0213%	1h	92.594	−0.082%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.610	−0.065%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDClong	−0.0065%	4h	92.670	long leg	$157K	$666K	20x
01 Exchange HYPEUSD	−0.0032%	1h	92.699	+0.031%	$87K	$359K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.674	+0.005%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.692	+0.024%	$22K	$307K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.718	+0.052%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0022%	1h	92.640	−0.032%	$697K	$1.1M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HYPEUSDT	+0.0024%	8h	92.693	+0.025%	$12.5M	$2.7M	50x	as long as short
Bullet HYPE-USD	+0.0028%	1h	92.680	+0.011%	$110K	$578K	20x	as long as short
Aster HYPEUSDT	+0.0033%	4h	92.646	−0.026%	$8.7M	$36.3M	300x	as long as short
BingX HYPE-USDT	+0.0040%	4h	92.707	+0.040%	—	$53.4M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.652	−0.019%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0051%	8h	92.700	+0.032%	$316.6M	$282.0M	75x	as long as short
Gate HYPE_USDT	+0.0080%	4h	92.660	−0.011%	$44.5M	$55.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0085%	8h	92.709	+0.042%	$113.5M	$304.4M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0093%	8h	92.674	+0.004%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.680	+0.011%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.682	+0.013%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.672	+0.002%	$69K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.600	−0.076%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.629	−0.044%	$6.4M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.690	+0.022%	$2.02B	$666.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.684	+0.015%	$10.0M	$15.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.707	+0.039%	$372.1M	$904.4M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.298	−0.401%	$201K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.715	+0.049%	$87.5M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.699	+0.031%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.706	+0.039%	$224.7M	$98.3M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.660	−0.011%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.628	−0.045%	$28.5M	$57.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.667	−0.003%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.687	+0.018%	$349K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.632	−0.041%	$663K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.718	+0.051%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.685	+0.016%	$465K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.667	−0.003%	$78K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.670	0.000%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.639	−0.033%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.681	+0.012%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.837	+0.180%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.679	+0.010%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.695	+0.027%	$392K	$164K	20x	as long as short
edgeX HYPEUSDC	+0.0107%	4h	92.611	−0.063%	$5.0M	$29.5M	30x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.590	−0.086%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.710	+0.043%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0244%	8h	92.727	+0.062%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0262%	1h	92.693	+0.024%	$79K	$137K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.702	+0.034%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSDshort	+0.0332%	1h	92.748	+0.084%	$20.6M	$30.5M	50x
BloFin HYPE-USDT	+0.0340%	4h	92.668	−0.002%	$16.6M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0408%	1h	92.775	+0.113%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.704	+0.037%	$3.1M	$6.4M	20x	as long as short