Funding you earn now, next payment 01:00 UTC+0.1836%/8h= +201.1% APRnext payment +$2.30 per $10,000 · paid last 24h −0.066%
Price spread now: Hyperliquid against Kraken Futures+0.559%7-day average +0.111% · you sell dearer than you buy
Net, funding: paid 7d − costs−$22as in the Funding arb table
Net, price: spread back to 7d avg − costs−$7as in the Price arb table
costs, in and out, $10k−$520.518% of the position
Funding, last 7 days+0.300%+$30 on $10k
+Price spread, last 3 days (all we have)−0.505%−$50 · spread now +0.559%, 7d avg +0.111%
=Together, before fees−0.204%+ Points / potential airdropHyperliquid: Season 2 · farm board−$20 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$55 a day on $10k at the current rate, and Hyperliquid is 0.448% dearer against Kraken Futures than usual: you sell high and buy low: +$45 more if the spread goes back to its 7-day average of +0.111%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.300% in total (about 15.7% a year). A funding rate is set anew for every payment; at this rate the next one is about +$2.30 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_PEPEUSD | 0.000005066 | −0.0116 | get 0.0014% / 1h | 15m 49s | $4.0M | $14.2M | 50x |
| Short | Hyperliquid kPEPE | 0.000005094 | 0.1721 | get 0.0215% / 1h | 15m 49s | $57.9M | $129.5M | 10x |
Kraken Futures PF_PEPEUSD
Hyperliquid kPEPEFunding 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
- $385.59
- Price spread: +0.559% → +0.111%
- $44.76
- Slippage, 4 orders
- −$32.78
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- $378.57
- Costs to cover
- 0.518%
- Break-even
- 0.1 days
Slippage from Kraken Futures: live order book, 3 min ago; Hyperliquid: live order book, 8 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, 3 min ago | 8.10 bp | 20.8 bp −$21 | 30.3 bp −$303 | 103.0 bp −$10.3K | doesn't fit |
| Sell Hyperliquid live order book, 8 min ago | 2.98 bp | 7.5 bp −$7 | 9.3 bp −$93 | 17.5 bp −$1,749 | doesn't fit |
PEPE on 35 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 | |
|---|---|---|---|---|---|---|---|---|
| Kraken Futures PF_PEPEUSDlong | −0.0116% | 1h | 0.000005066 | long leg | $4.0M | $14.2M | 50x | |
| dYdX PEPE-USD | 0.0000% | 1h | 0.000005045 | −0.414% | $19K | $95 | 10x | as long as short |
| gTrade (Gains Network) PEPE/USD | L +0.0006% / S −0.0006% | 1h | 0.000005059 | −0.132% | $15K | — | 150x | as long as short |
| Pacifica kPEPE | +0.0100% | 1h | 0.000005049 | −0.329% | $59K | $120K | 10x | as long as short |
| Bybit 1000PEPEUSDT | +0.0100% | 8h | 0.000005066 | −0.002% | $95.0M | $308.1M | 50x | as long as short |
| Gate PEPE_USDT | +0.0100% | 8h | 0.000005067 | +0.026% | $162.8M | $68.3M | 75x | as long as short |
| KuCoin PEPEUSDTM | +0.0100% | 8h | 0.000005068 | +0.044% | $26.0M | $57.0M | 75x | as long as short |
| Bitget PEPEUSDT | +0.0100% | 8h | 0.000005074 | +0.172% | $44.7M | $154.2M | 75x | as long as short |
| Variational Omni 1000PEPE | +0.0100% | 8h | 0.000005052 | −0.276% | $591K | $4.4M | — | as long as short |
| edgeX 1000PEPEUSDC | +0.0100% | 4h | 0.000005015 | −0.999% | $52K | $379K | 20x | as long as short |
dYdX PEPE-USD
gTrade (Gains Network) PEPE/USD
Pacifica kPEPE
Bybit 1000PEPEUSDT
Gate PEPE_USDT
KuCoin PEPEUSDTM
Bitget PEPEUSDT
Variational Omni 1000PEPE
edgeX 1000PEPEUSDCShow all 35 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SunX 1000PEPE-USDT | +0.0100% | 8h | 0.000005070 | +0.079% | $1K | $2.4M | 20x | as long as short |
| SoDEX 1000PEPE-USD | +0.0100% | 1h | 0.000005066 | +0.006% | $2K | $12K | 10x | as long as short |
| HTX PEPE-USDT | +0.0100% | 8h | 0.000005065 | −0.014% | $570K | $3.5M | 75x | as long as short |
| Phemex u1000PEPEUSDT | +0.0100% | 8h | 0.000005070 | +0.077% | $2.5M | $6.7M | 50x | as long as short |
| Reya kPEPERUSDPERP | +0.0189% | 1h | 0.000005057 | −0.173% | $8K | — | 15x | as long as short |
| OKX PEPE-USDT-SWAP | +0.0193% | 8h | 0.000005071 | +0.105% | $45.0M | $545.3M | 50x | as long as short |
| ApeX Omni 1000PEPEUSDT | +0.0242% | 1h | 0.000005019 | −0.922% | $104K | $749K | 25x | as long as short |
| Paradex kPEPE-USD-PERP | +0.0246% | 8h | 0.000005059 | −0.142% | $6K | $16 | 20x | as long as short |
| Orderly PERP_1000PEPE_USDC | +0.0275% | 8h | 0.000005059 | −0.128% | $31K | $14K | 20x | as long as short |
| BloFin PEPE-USDT | +0.0310% | 8h | 0.000005024 | −0.823% | $4.0M | $24.1M | 75x | as long as short |
| Coinbase International 1000PEPE-PERP-INTX | +0.0368% | 1h | 0.000005073 | +0.144% | $692K | $27.9M | 50x | as long as short |
| BingX 1000PEPE-USDC | +0.0465% | 8h | 0.000005066 | −0.002% | — | $2.3M | — | as long as short |
| MEXC PEPE_USDT | +0.0478% | 8h | 0.000005068 | +0.048% | $99.9M | $289.2M | 300x | as long as short |
| Binance 1000PEPEUSDT | +0.0479% | 8h | 0.000005072 | +0.132% | $140.1M | $1.12B | 75x | as long as short |
| Extended 1000PEPE-USD | +0.0480% | 1h | 0.000005069 | +0.072% | $557K | $148K | 25x | as long as short |
| Aevo 1000PEPE-PERP | +0.0480% | 1h | 0.000005046 | −0.389% | $143K | — | 3x | as long as short |
| GMX PEPE/USD [ETH-USDC] | L +0.0486% / S −0.0461% | 1h | 0.000005000 | −1.297% | $58K | — | 100x | as long as short |
| Lighter 1000PEPE | +0.0504% | 1h | 0.000005073 | +0.144% | $661K | $6.8M | 10x | as long as short |
| Nado kPEPE-PERP | +0.0517% | 1h | 0.000005061 | −0.101% | $192K | $862K | 10x | as long as short |
| Aster 1000PEPEUSDT | +0.0522% | 8h | 0.000005070 | +0.075% | $1.5M | $7.5M | 50x | as long as short |
| 01 Exchange kPEPEUSD | +0.0560% | 1h | 0.000005066 | +0.006% | $1K | $2K | 10x | as long as short |
| Backpack kPEPE_USDC_PERP | +0.0589% | 1h | 0.000005071 | +0.109% | $96K | $601K | 15x | as long as short |
| Injective PEPE/USDC PERP | +0.0636% | 1h | 0.000005032 | −0.665% | $4K | $102K | 12x | as long as short |
| Deribit 1000PEPE_USDC-PERPETUAL | +0.0936% | 1h | 0.000005066 | +0.006% | $61K | $114K | 25x | as long as short |
| Hyperliquid kPEPEshort | +0.1721% | 1h | 0.000005094 | +0.559% | $57.9M | $129.5M | 10x |
SunX 1000PEPE-USDT
SoDEX 1000PEPE-USD
HTX PEPE-USDT
Phemex u1000PEPEUSDT
Reya kPEPERUSDPERP
OKX PEPE-USDT-SWAP
ApeX Omni 1000PEPEUSDT
Paradex kPEPE-USD-PERP
Orderly PERP_1000PEPE_USDC
BloFin PEPE-USDT
Coinbase International 1000PEPE-PERP-INTX
BingX 1000PEPE-USDC
MEXC PEPE_USDT
Binance 1000PEPEUSDT
Extended 1000PEPE-USD
Aevo 1000PEPE-PERP
GMX PEPE/USD [ETH-USDC]
Lighter 1000PEPE
Nado kPEPE-PERP
Aster 1000PEPEUSDT
01 Exchange kPEPEUSD
Backpack kPEPE_USDC_PERP
Injective PEPE/USDC PERP
Deribit 1000PEPE_USDC-PERPETUAL