HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0328%/8h= +35.9% APRnext payment +$0.41 per $10,000 · paid last 24h −0.026%

Price spread now: Kraken Futures against Reya+0.175%48s7-day average +0.059% · you sell dearer than you buy

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

Long on Reya Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.037%+$4 on $10k

Price spread, last 3 days (all we have)−0.212%−$21 · spread now +0.175%, 7d avg +0.059%

Together, before fees−0.175%+ Points / potential airdropReya: Active · farm board−$17 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Kraken Futures is 0.116% dearer against Reya than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.059%. The two prices were read 48 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 3 days it paid 0.037% in total (about 4.4% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.41 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	Reya HYPERUSDPERP	93.348	0.0246	pay 0.0031% / 1h	12m 22s	$78K	$158K	15x
Short	Kraken Futures PF_HYPEUSD	93.511	0.0573	get 0.0072% / 1h	12m 22s	$19.1M	$26.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Reya. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 ReyabpFee Kraken FuturesbpOrdersPrice spread, now +0.175%Rate

Funding earned: $68.82
Price spread: +0.175% → +0.059%: $11.6
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $64.42
Costs to cover: 0.160%
Break-even: 0.4 days

Slippage unknown: Reya: no order-book sample; Kraken Futures: live order book, 2 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 Reya no order-book sample	—	—	—	—	—
Sell Kraken Futures live order book, 2 min ago	0.69 bp	6.3 bp −$6	6.9 bp −$69	14.2 bp −$1,423	37.7 bp −$18.9K

Reya: 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
Hibachi HYPE/USDT-P	−0.0928%	1h	93.452	+0.111%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0263%	1h	93.583	+0.251%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0234%	1h	93.410	+0.066%	$702K	$932K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.359	+0.012%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.364	+0.017%	$90K	$348K	20x	as long as short
Derive HYPE-PERP	−0.0025%	1h	93.364	+0.017%	$16.4M	$7.1M	10x	as long as short
Bullet HYPE-USD	−0.0019%	1h	93.364	+0.017%	$111K	$581K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.459	+0.119%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.395	+0.050%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.391	+0.047%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0015%	4h	93.340	−0.009%	$8.9M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0024%	4h	93.338	−0.011%	$43.9M	$57.5M	75x	as long as short
Bybit HYPEUSDT	+0.0033%	8h	93.340	−0.009%	$325.1M	$287.1M	75x	as long as short
Popdex HYPEUSDT	+0.0040%	1h	93.347	−0.001%	$58K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0057%	4h	93.357	+0.010%	$162K	$541K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.605	+0.275%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.391	+0.046%	$18.6M	$59.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.386	+0.041%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.377	+0.031%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.380	+0.034%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.345	−0.003%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.459	+0.119%	$2.04B	$670.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.376	+0.030%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.338	−0.011%	$385.3M	$889.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.328	−0.021%	$114.6M	$315.1M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.337	−0.012%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.690	+0.366%	$205K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.348	0.000%	$93.4M	$82.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.353	+0.005%	$46.3M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.363	+0.016%	$226.8M	$102.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.342	−0.006%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.422	+0.079%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.561	+0.228%	$29.2M	$50.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.632	+0.305%	$7.5M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.558	+0.225%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.510	+0.174%	$676K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.415	+0.072%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.406	+0.062%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.346	−0.002%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.539	+0.205%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.403	+0.059%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.380	+0.034%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.339	−0.010%	$18.3M	$41.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.402	+0.058%	$397K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0112%	8h	93.560	+0.227%	$1.9M	$5.3M	2.3x	as long as short
edgeX HYPEUSDC	+0.0118%	4h	93.534	+0.200%	$5.1M	$29.7M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.500	+0.163%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERPlong	+0.0246%	1h	93.348	long leg	$78K	$158K	15x
Deribit HYPE_USDC-PERPETUAL	+0.0253%	1h	93.520	+0.184%	$7.4M	$4.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.400	+0.056%	$30K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0295%	4h	93.650	+0.324%	$1.5M	$7.6M	75x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.405	+0.061%	$17.1M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0346% / S −0.0171%	1h	93.401	+0.057%	$1.5M	—	100x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.422	+0.079%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSDshort	+0.0573%	1h	93.511	+0.175%	$19.1M	$26.1M	50x