Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0231%/8h= +25.3% APRpaid last 24h +0.025%

Price spread now: Kraken Futures against Variational Omni+0.083%7-day average +0.066% · you sell dearer than you buy

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

Long on Variational Omni Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.060%+$6 on $10k

Price spread, last 4 days (all we have)−0.067%−$7 · spread now +0.083%, 7d avg +0.066%

Together, before fees−0.007%+ Points / potential airdropVariational Omni: Active · farm board−$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.066%, so right now this pair is about funding alone: +$7 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.060% in total (about 6.3% 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	Variational Omni HYPE	92.859	0.0100	pay 0.0100% / 8h	4h 00m	$28.5M	$57.4M	—
Short	Kraken Futures PF_HYPEUSD	92.936	0.0331	get 0.0041% / 1h	0m 00s	$20.6M	$30.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Variational Omni. 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 Variational OmnibpFee Kraken FuturesbpOrdersPrice spread, now +0.083%Rate

Funding earned: $48.54
Price spread: +0.083% → +0.066%: $1.68
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $40.22
Costs to cover: 0.100%
Break-even: 1.2 days

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; 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 Variational Omni RFQ quote, 4 min ago	0.44 bp	doesn't fit	7.6 bp −$76	20.8 bp −$2,080	doesn't fit
Sell Kraken Futures live order book, 4 min ago	0.97 bp	10.1 bp −$10	12.8 bp −$128	19.2 bp −$1,920	65.1 bp −$32.6K

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	92.835	−0.026%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0440%	1h	92.759	−0.108%	$193K	$227K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0280%	1h	92.833	−0.028%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.875	+0.018%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0064%	4h	92.860	+0.001%	$157K	$653K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.865	+0.007%	$127K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	92.902	+0.047%	$86K	$361K	20x	as long as short
Perpl HYPE	0.0000%	43m	92.894	+0.037%	$22K	$302K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.907	+0.052%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0029%	8h	92.858	−0.001%	$12.5M	$2.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet HYPE-USD	+0.0030%	1h	92.843	−0.017%	$112K	$579K	20x	as long as short
BingX HYPE-USDT	+0.0036%	4h	92.877	+0.020%	—	$53.6M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.755	−0.112%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0045%	8h	92.860	+0.001%	$316.7M	$281.3M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0049%	1h	92.810	−0.052%	$698K	$1.1M	10x	as long as short
Aster HYPEUSDT	+0.0068%	4h	92.889	+0.033%	$8.7M	$36.1M	300x	as long as short
Bitget HYPEUSDT	+0.0086%	4h	92.890	+0.034%	$224.8M	$98.7M	75x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	92.845	−0.015%	$4.9M	$29.6M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	92.903	+0.048%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.894	+0.038%	$16.1M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.897	+0.041%	$3.1M	$11.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.876	+0.019%	$69K	$1.1M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0098%	8h	92.911	+0.056%	$113.9M	$303.8M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.860	+0.001%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.885	+0.029%	$7.4M	$45.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.915	+0.061%	$2.02B	$663.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.895	+0.039%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.884	+0.027%	$373.2M	$902.4M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	−0.063%	$202K	$13K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	92.866	+0.008%	$44.4M	$55.6M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.883	+0.026%	$88.3M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.888	+0.031%	$46.1M	$18.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.880	+0.023%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPElong	+0.0100%	8h	92.859	long leg	$28.5M	$57.4M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.903	+0.048%	$7.5M	$46.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.856	−0.003%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.868	+0.010%	$667K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.923	+0.069%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.910	+0.055%	$469K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.881	+0.024%	$79K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.843	−0.017%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.863	+0.005%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.883	+0.026%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.019	+0.173%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.871	+0.013%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.871	+0.014%	$393K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.960	+0.109%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.960	+0.109%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0225%	8h	92.896	+0.040%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0263%	1h	92.871	+0.013%	$79K	$131K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0277%	1h	92.967	+0.117%	$7.5M	$4.5M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.864	+0.006%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSDshort	+0.0331%	1h	92.936	+0.083%	$20.6M	$30.4M	50x
BloFin HYPE-USDT	+0.0340%	4h	92.879	+0.022%	$16.8M	$11.6M	75x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.937	+0.084%	$3.2M	$6.4M	20x	as long as short