PYTH

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0203%/8h= +22.2% APRnext payment +$0.25 per $10,000 · paid last 24h +0.017%

Price spread now: Kraken Futures against Hyperliquid−0.193%50s7-day average +0.090% · you buy dearer than you sell

Net, funding: paid 7d − costs−$40as 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−$860.861% of the position

Long on Hyperliquid Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.462%+$46 on $10k

Price spread, last 4 days (all we have)−0.207%−$21 · spread now −0.193%, 7d avg +0.090%

Together, before fees+0.255%+ Points / potential airdropHyperliquid: Season 2 · farm board+$26 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.283% cheaper against Hyperliquid than usual: you would sell low and buy high (spread −0.193% now, against its 7-day average of +0.090%). If the spread goes back, that is −$28 on $10k: about 4.6 days of funding at the current rate (+$6 a day). The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PYTH	0.06327	0.0100	pay 0.0013% / 1h	45m 34s	$2.0M	$1.7M	5x
Short	Kraken Futures PF_PYTHUSD	0.06315	0.0303	get 0.0038% / 1h	45m 34s	$386K	$291K	25x

Funding 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 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 HyperliquidbpFee Kraken FuturesbpOrdersPrice spread, now −0.193%Rate

Funding earned: $42.67
Price spread: −0.193% → +0.090%: −$28.29
Slippage, 4 orders: −$67.11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$71.73
Costs to cover: 0.861%
Break-even: 18.8 days

Slippage from Hyperliquid: live order book, 5 min ago; Kraken Futures: live order book, 17 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, 5 min ago	0.95 bp	17.4 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 17 min ago	11.02 bp	22.8 bp −$23	133.4 bp −$1,334	doesn't fit	doesn't fit

PYTH on 23 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
Backpack PYTH_USDC_PERP	−0.0447%	1h	0.06315	−0.199%	$38K	$50K	10x	as long as short
Gate PYTH_USDT	−0.0210%	4h	0.06306	−0.333%	$1.0M	$497K	75x	as long as short
MEXC PYTH_USDT	−0.0040%	4h	0.06318	−0.144%	$9.5M	$2.3M	125x	as long as short
Binance PYTHUSDT	−0.0035%	4h	0.06315	−0.193%	$9.0M	$17.7M	75x	as long as short
BloFin PYTH-USDT	−0.0025%	4h	0.06298	−0.460%	—	$89K	75x	as long as short
Aster PYTHUSDT	−0.0011%	4h	0.06304	−0.367%	$20K	$46K	10x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06311	−0.257%	$187K	$19	5x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−1.061%	$553	$220K	5.5x	as long as short
Aevo PYTH-PERP	+0.0072%	1h	0.06315	−0.186%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06315	−0.191%	$189K	$204K	5x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06313	−0.217%	$3K	—	10x	as long as short
Hyperliquid PYTHlong	+0.0100%	1h	0.06327	long leg	$2.0M	$1.7M	5x
Bybit PYTHUSDT	+0.0100%	4h	0.06314	−0.207%	$7.5M	$4.8M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06322	−0.081%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06313	−0.223%	$1.5M	$340K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06315	−0.191%	$2.7M	$2.1M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06313	−0.223%	—	$2.7M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06309	−0.280%	$38K	$26K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06310	−0.269%	$3K	$2K	10x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0176%	1h	0.06369	+0.662%	$39K	$18K	25x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06318	−0.141%	—	—	20x	as long as short
Kraken Futures PF_PYTHUSDshort	+0.0303%	1h	0.06315	−0.193%	$386K	$291K	25x
Deribit PYTH_USDC-PERPETUAL	+0.0383%	1h	0.06325	−0.033%	$10K	$10K	10x	as long as short