HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0380%/8h= −41.6% APRnext payment −$0.47 per $10,000 · paid last 24h +0.029%

Price spread now: Kraken Futures against SoDEX+0.010%7-day average +0.041% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$310.313% of the position

Long on SoDEX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.075%+$7 on $10k

Price spread, last 4 days (all we have)+0.022%+$2 · spread now +0.010%, 7d avg +0.041%

Together, before fees+0.097%+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Kraken Futures is 0.032% cheaper against SoDEX than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.041%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.075%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.075% in total (about 7.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.47 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX HYPE-USD	95.483	0.0100	pay 0.0013% / 1h	8m 03s	$2.1M	$341K	10x
Short	Kraken Futures PF_HYPEUSD	95.492	−0.0280	pay 0.0035% / 1h	8m 03s	$18.2M	$31.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against SoDEX. 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 SoDEXbpFee Kraken FuturesbpOrdersPrice spread, now +0.010%Rate

Funding earned: −$79.78
Price spread: +0.010% → +0.041%: −$3.15
Slippage, 4 orders: −$13.33
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$114.26
Costs to cover: 0.313%
Break-even: never at this rate

Slippage from SoDEX: live order book, 4 min ago; Kraken Futures: live order book, 4 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 SoDEX live order book, 4 min ago	0.31 bp	6.8 bp −$7	11.9 bp −$119	94.5 bp −$9,450	doesn't fit
Sell Kraken Futures live order book, 4 min ago	1.31 bp	8.9 bp −$9	13.1 bp −$131	21.9 bp −$2,192	68.9 bp −$34.5K

HYPE on 55 exchanges

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
Kraken Futures PF_HYPEUSDshort	−0.0280%	1h	95.492	+0.010%	$18.2M	$31.9M	50x
Phemex HYPEUSDT	−0.0250%	8h	95.472	−0.012%	$13.0M	$2.2M	50x	as long as short
Bluefin HYPE-PERP	−0.0185%	1h	95.435	−0.050%	$79K	$131K	20x	as long as short
Aster HYPEUSDT	−0.0103%	4h	95.452	−0.032%	$9.8M	$34.5M	300x	as long as short
Orderly PERP_HYPE_USDC	−0.0081%	4h	95.452	−0.032%	$146K	$642K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.137	−0.362%	$3K	$421	25x	as long as short
Aftermath Perps HYPEUSD	−0.0079%	1h	95.442	−0.043%	$22K	$17K	10x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0064%	1h	95.520	+0.039%	$4.8M	$5.4M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0057%	1h	95.390	−0.097%	$678K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	−0.0040%	8h	95.416	−0.070%	$119.2M	$304.6M	50x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0038%	4h	95.485	+0.002%	$57.5M	$54.1M	75x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	95.457	−0.027%	$101K	$355K	20x	as long as short
Phoenix HYPE	−0.0017%	1h	95.703	+0.230%	$199K	$1.1M	10x	as long as short
Bitget HYPEUSDT	−0.0016%	4h	95.479	−0.004%	$230.2M	$86.0M	75x	as long as short
Lighter HYPE	0.0000%	1h	95.470	−0.014%	$16.7M	$56.2M	20x	as long as short
Perpl HYPE	0.0000%	43m	95.429	−0.056%	$24K	$247K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	95.484	+0.002%	$67K	—	150x	as long as short
Backpack HYPE_USDC_PERP	+0.0022%	1h	95.432	−0.053%	$6.8M	$12.3M	20x	as long as short
edgeX HYPEUSDC	+0.0034%	4h	95.519	+0.038%	$5.1M	$28.2M	30x	as long as short
MEXC HYPE_USDT	+0.0042%	4h	95.489	+0.006%	$89.0M	$84.7M	100x	as long as short
Binance HYPEUSDT	+0.0043%	4h	95.471	−0.013%	$388.4M	$844.1M	75x	as long as short
KuCoin HYPEUSDTM	+0.0044%	4h	95.470	−0.014%	$47.8M	$17.8M	75x	as long as short
BingX HYPE-USDT	+0.0046%	4h	95.478	−0.005%	—	$50.7M	—	as long as short
Bybit HYPEUSDT	+0.0053%	8h	95.445	−0.040%	$323.9M	$262.9M	75x	as long as short
Derive HYPE-PERP	+0.0063%	1h	95.422	−0.064%	$16.5M	$5.7M	10x	as long as short
Bullet HYPE-USD	+0.0086%	1h	95.471	−0.013%	$113K	$581K	20x	as long as short
dYdX HYPE-USD	+0.0087%	1h	95.505	+0.023%	$129K	$96K	5x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	95.462	−0.022%	$404K	$115K	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.483	0.000%	$3.0M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	95.451	−0.034%	$246K	$1.1M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	95.401	−0.086%	$340K	$29K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	95.420	−0.066%	$17K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.487	+0.005%	$5.2M	$49.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.569	+0.090%	$2.12B	$626.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.453	−0.032%	$10.3M	$12.5M	20x	as long as short
Arcus HYPE-USD	+0.0100%	1h	95.463	−0.021%	$1.1M	$2.7M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.627	+0.150%	$230K	$20K	10x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.369	−0.120%	$30.4M	$51.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.374	−0.114%	$7.7M	$41.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.301	−0.191%	$334K	$921K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.408	−0.079%	$694K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	95.510	+0.028%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.458	−0.026%	$485K	$2.3M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.548	+0.068%	$33K	$1.3M	20x	as long as short
SoDEX HYPE-USDlong	+0.0100%	1h	95.483	long leg	$2.1M	$341K	10x
HTX HYPE-USDT	+0.0100%	4h	95.586	+0.108%	$1.4M	$5.1M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.447	−0.038%	$18.2M	$35.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0136%	8h	95.472	−0.012%	$1.8M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0138%	1h	95.468	−0.015%	$3.2M	$5.1M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0158%	1h	95.559	+0.080%	$7.6M	$4.3M	50x	as long as short
BloFin HYPE-USDT	+0.0166%	4h	95.475	−0.008%	$17.7M	$11.5M	75x	as long as short
Reya HYPERUSDPERP	+0.0267%	1h	95.417	−0.069%	$84K	$92K	15x	as long as short
Hibachi HYPE/USDT-P	+0.0296%	1h	95.393	−0.094%	$206K	$268K	7x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0327% / S −0.0152%	1h	95.477	−0.007%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.1234%	1h	95.210	−0.286%	$31K	$334K	12x	as long as short