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: Hyperliquid against Kraken Futures−0.022%50s7-day average −0.048% · you buy dearer than you sell
Net, funding: paid 7d − costs−$104as 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
The price spread pays, funding is against you. Hyperliquid is 0.026% dearer against Kraken Futures than usual: you sell high and buy low (spread −0.022% now, against its 7-day average of −0.048%): +$3 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 5 hours. 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 | Kraken Futures PF_OPUSD | 0.1279 | 0.0485 | pay 0.0061% / 1h | 17m 26s | $807K | $573K | 20x |
| Short | Hyperliquid OP | 0.1278 | 0.0100 | get 0.0013% / 1h | 17m 26s | $3.7M | $2.9M | 5x |
Kraken Futures PF_OPUSD
Hyperliquid OPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hyperliquid against Kraken Futures. 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 Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- −$167.75
- Costs to cover
- 0.894%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 46 min ago; Hyperliquid: 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 Kraken Futures live order book, 46 min ago | 18.57 bp | 31.0 bp −$31 | 176.0 bp −$1,760 | doesn't fit | doesn't fit |
| Sell Hyperliquid live order book, 4 min ago | 1.56 bp | 11.3 bp −$11 | 25.7 bp −$257 | 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 | −0.601% | $35K | $58K | 12x | as long as short |
| GMX OP/USD [OP-USDC] | L −0.1065% / S +0.0229% | 1h | 0.1277 | −0.117% | $13K | — | 100x | as long as short |
| dYdX OP-USD | 0.0000% | 1h | 0.1280 | +0.106% | $40K | $519 | 10x | as long as short |
| Deribit OP_USDC-PERPETUAL | 0.0000% | 1h | 0.1278 | −0.054% | $42K | $151K | 25x | as long as short |
| gTrade (Gains Network) OP/USD | L +0.0004% / S −0.0004% | 1h | 0.1277 | −0.133% | — | — | 150x | as long as short |
| OKX OP-USDT-SWAP | +0.0031% | 8h | 0.1277 | −0.124% | $6.3M | $29.2M | 50x | as long as short |
| Variational Omni OP | +0.0049% | 8h | 0.1278 | −0.021% | $226K | $50K | — | as long as short |
| Orderly PERP_OP_USDC | +0.0053% | 8h | 0.1278 | −0.054% | $6K | $45K | 10x | as long as short |
| Lighter OP | +0.0096% | 1h | 0.1280 | +0.142% | $283K | $936K | 15x | as long as short |
| Hyperliquid OPshort | +0.0100% | 1h | 0.1278 | −0.022% | $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 | −0.043% | $213K | $229K | 10x | as long as short |
| Binance OPUSDT | +0.0100% | 8h | 0.1278 | −0.047% | $20.7M | $60.5M | 75x | as long as short |
| Bybit OPUSDT | +0.0100% | 8h | 0.1277 | −0.140% | $18.7M | $25.3M | 75x | as long as short |
| Gate OP_USDT | +0.0100% | 8h | 0.1279 | +0.009% | $2.0M | $1.6M | 50x | as long as short |
| MEXC OP_USDT | +0.0100% | 8h | 0.1278 | −0.069% | $21.1M | $7.1M | 300x | as long as short |
| KuCoin OPUSDTM | +0.0100% | 8h | 0.1278 | −0.054% | $2.9M | $6.7M | 75x | as long as short |
| Bitget OPUSDT | +0.0100% | 8h | 0.1278 | −0.054% | $6.0M | $6.5M | 75x | as long as short |
| BingX OP-USDT | +0.0100% | 8h | 0.1277 | −0.124% | — | $6.3M | — | as long as short |
| Backpack OP_USDC_PERP | +0.0100% | 1h | 0.1277 | −0.124% | $122K | $194K | 10x | as long as short |
| edgeX OPUSDC | +0.0100% | 4h | 0.1278 | −0.063% | $4K | $388K | 10x | as long as short |
| GRVT OP_USDT_Perp | +0.0100% | 8h | 0.1278 | −0.089% | $315K | $5.1M | 10x | as long as short |
| ApeX Omni OPUSDT | +0.0100% | 1h | 0.1281 | +0.181% | $44K | $706K | 50x | as long as short |
| SoDEX OP-USD | +0.0100% | 1h | 0.1277 | −0.147% | $177 | $6K | 5x | as long as short |
| HTX OP-USDT | +0.0100% | 8h | 0.1278 | −0.093% | $176K | $216K | 50x | as long as short |
| Extended OP-USD | +0.0104% | 1h | 0.1277 | −0.109% | $107K | $394K | 25x | as long as short |
| Aevo OP-PERP | +0.0104% | 1h | 0.1277 | −0.171% | $4K | $1K | 3x | as long as short |
| Coinbase International OP-PERP-INTX | +0.0152% | 1h | 0.1265 | −1.070% | $24K | $70K | 50x | as long as short |
| BloFin OP-USDT | +0.0220% | 8h | 0.1278 | −0.077% | $1.0M | $273K | 75x | as long as short |
| Reya OPRUSDPERP | +0.0440% | 1h | 0.1277 | −0.136% | $710 | — | 20x | as long as short |
| Kraken Futures PF_OPUSDlong | +0.0485% | 1h | 0.1279 | long leg | $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