Funding you earn now, next payment 03:00 UTC+0.0385%/8h= +42.2% APRnext payment +$0.48 per $10,000 · paid last 24h +0.084%
Price spread now: Kraken Futures against Hyperliquid+0.022%50s7-day average +0.048% · you sell dearer than you buy
Net, funding: paid 7d − costs−$75as 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−$890.894% of the position
Funding, last 7 days+0.147%+$15 on $10k
+Price spread, last 4 days (all we have)+0.173%+$17 · spread now +0.022%, 7d avg +0.048%
=Together, before fees+0.320%+ Points / potential airdropHyperliquid: Season 2 · farm board+$32 on $10k · with fees, hour by hour
Funding pays, the price is against you. Kraken Futures is 0.026% cheaper against Hyperliquid than usual: you would sell low and buy high (spread +0.022% now, against its 7-day average of +0.048%). If the spread goes back, that is −$3 on $10k: about 5 hours of funding at the current rate (+$12 a day). At the pace of the last 7 days (+0.147% in total) that is about 29 hours. The two prices were read 50 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 0.147% in total (about 7.7% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.48 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 | Hyperliquid OP | 0.1278 | 0.0100 | pay 0.0013% / 1h | 17m 29s | $3.7M | $2.9M | 5x |
| Short | Kraken Futures PF_OPUSD | 0.1279 | 0.0485 | get 0.0061% / 1h | 17m 29s | $807K | $573K | 20x |
Hyperliquid OP
Kraken Futures PF_OPUSDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kraken Futures against Hyperliquid. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $80.89
- Price spread: +0.022% → +0.048%
- −$2.56
- Slippage, 4 orders
- −$70.43
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- −$11.1
- Costs to cover
- 0.894%
- Break-even
- 8.0 days
Slippage from Hyperliquid: live order book, 4 min ago; Kraken Futures: live order book, 46 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 Hyperliquid live order book, 4 min ago | 1.56 bp | 14.4 bp −$14 | doesn't fit | doesn't fit | doesn't fit |
| Sell Kraken Futures live order book, 46 min ago | 18.57 bp | 32.8 bp −$33 | 75.2 bp −$752 | doesn't fit | doesn't fit |
OP on 30 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 | |
|---|---|---|---|---|---|---|---|---|
| Injective OP/USDC PERP | −0.1488% | 1h | 0.1271 | −0.579% | $35K | $58K | 12x | as long as short |
| GMX OP/USD [OP-USDC] | L −0.1065% / S +0.0229% | 1h | 0.1277 | −0.095% | $13K | — | 100x | as long as short |
| dYdX OP-USD | 0.0000% | 1h | 0.1280 | +0.129% | $40K | $519 | 10x | as long as short |
| Deribit OP_USDC-PERPETUAL | 0.0000% | 1h | 0.1278 | −0.031% | $42K | $151K | 25x | as long as short |
| gTrade (Gains Network) OP/USD | L +0.0004% / S −0.0004% | 1h | 0.1277 | −0.111% | — | — | 150x | as long as short |
| OKX OP-USDT-SWAP | +0.0031% | 8h | 0.1277 | −0.102% | $6.3M | $29.2M | 50x | as long as short |
| Variational Omni OP | +0.0049% | 8h | 0.1278 | +0.001% | $226K | $50K | — | as long as short |
| Orderly PERP_OP_USDC | +0.0053% | 8h | 0.1278 | −0.031% | $6K | $45K | 10x | as long as short |
| Lighter OP | +0.0096% | 1h | 0.1280 | +0.164% | $283K | $936K | 15x | as long as short |
| Hyperliquid OPlong | +0.0100% | 1h | 0.1278 | long leg | $3.7M | $2.9M | 5x |
Injective OP/USDC PERP
GMX OP/USD [OP-USDC]
dYdX OP-USD
Deribit OP_USDC-PERPETUAL
gTrade (Gains Network) OP/USD
OKX OP-USDT-SWAP
Variational Omni OP
Orderly PERP_OP_USDC
Lighter OPShow all 30 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aster OPUSDT | +0.0100% | 8h | 0.1278 | −0.021% | $213K | $229K | 10x | as long as short |
| Binance OPUSDT | +0.0100% | 8h | 0.1278 | −0.024% | $20.7M | $60.5M | 75x | as long as short |
| Bybit OPUSDT | +0.0100% | 8h | 0.1277 | −0.117% | $18.7M | $25.3M | 75x | as long as short |
| Gate OP_USDT | +0.0100% | 8h | 0.1279 | +0.031% | $2.0M | $1.6M | 50x | as long as short |
| MEXC OP_USDT | +0.0100% | 8h | 0.1278 | −0.047% | $21.1M | $7.1M | 300x | as long as short |
| KuCoin OPUSDTM | +0.0100% | 8h | 0.1278 | −0.031% | $2.9M | $6.7M | 75x | as long as short |
| Bitget OPUSDT | +0.0100% | 8h | 0.1278 | −0.031% | $6.0M | $6.5M | 75x | as long as short |
| BingX OP-USDT | +0.0100% | 8h | 0.1277 | −0.102% | — | $6.3M | — | as long as short |
| Backpack OP_USDC_PERP | +0.0100% | 1h | 0.1277 | −0.102% | $122K | $194K | 10x | as long as short |
| edgeX OPUSDC | +0.0100% | 4h | 0.1278 | −0.040% | $4K | $388K | 10x | as long as short |
| GRVT OP_USDT_Perp | +0.0100% | 8h | 0.1278 | −0.067% | $315K | $5.1M | 10x | as long as short |
| ApeX Omni OPUSDT | +0.0100% | 1h | 0.1281 | +0.203% | $44K | $706K | 50x | as long as short |
| SoDEX OP-USD | +0.0100% | 1h | 0.1277 | −0.125% | $177 | $6K | 5x | as long as short |
| HTX OP-USDT | +0.0100% | 8h | 0.1278 | −0.070% | $176K | $216K | 50x | as long as short |
| Extended OP-USD | +0.0104% | 1h | 0.1277 | −0.087% | $107K | $394K | 25x | as long as short |
| Aevo OP-PERP | +0.0104% | 1h | 0.1277 | −0.149% | $4K | $1K | 3x | as long as short |
| Coinbase International OP-PERP-INTX | +0.0152% | 1h | 0.1265 | −1.048% | $24K | $70K | 50x | as long as short |
| BloFin OP-USDT | +0.0220% | 8h | 0.1278 | −0.055% | $1.0M | $273K | 75x | as long as short |
| Reya OPRUSDPERP | +0.0440% | 1h | 0.1277 | −0.114% | $710 | — | 20x | as long as short |
| Kraken Futures PF_OPUSDshort | +0.0485% | 1h | 0.1279 | +0.022% | $807K | $573K | 20x |
Aster OPUSDT
Binance OPUSDT
Bybit OPUSDT
Gate OP_USDT
MEXC OP_USDT
KuCoin OPUSDTM
Bitget OPUSDT
BingX OP-USDT
Backpack OP_USDC_PERP
edgeX OPUSDC
GRVT OP_USDT_Perp
ApeX Omni OPUSDT
SoDEX OP-USD
HTX OP-USDT
Extended OP-USD
Aevo OP-PERP
Coinbase International OP-PERP-INTX
BloFin OP-USDT
Reya OPRUSDPERP