Funding you earn now, next payment 00:00 UTC+0.0248%/8h= +27.2% APRnext payment +$0.31 per $10,000 · paid last 24h +0.105%
Price spread now: Hyperliquid against Kraken Futures+0.267%7-day average +0.117% · you sell dearer than you buy
Net, funding: paid 7d − costs−$30as in the Funding arb table
Net, price: spread back to 7d avg − costs−$32as in the Price arb table
costs, in and out, $10k−$470.468% of the position
Funding, last 7 days+0.170%+$17 on $10k
+Price spread, last 3 days (all we have)−0.120%−$12 · spread now +0.267%, 7d avg +0.117%
=Together, before fees+0.050%+ Points / potential airdropHyperliquid: Season 2 · farm board+$5 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Hyperliquid is 0.150% dearer against Kraken Futures than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of +0.117%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.170% in total (about 8.9% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.31 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_SHIBUSD | 0.000006019 | 0.0383 | pay 0.0048% / 1h | 27m 12s | $1.1M | $805K | 50x |
| Short | Hyperliquid kSHIB | 0.000006035 | 0.0632 | get 0.0079% / 1h | 27m 12s | $4.4M | $4.0M | 10x |
Kraken Futures PF_SHIBUSD
Hyperliquid kSHIBFunding 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
- $52.16
- Price spread: +0.267% → +0.117%
- $14.95
- Slippage, 4 orders
- −$27.79
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- $20.33
- Costs to cover
- 0.468%
- Break-even
- 4.3 days
Slippage from Kraken Futures: live order book, 1 min ago; Hyperliquid: live order book, 5 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, 1 min ago | 3.32 bp | 14.8 bp −$15 | 31.8 bp −$318 | doesn't fit | doesn't fit |
| Sell Hyperliquid live order book, 5 min ago | 1.66 bp | 6.2 bp −$6 | 14.6 bp −$146 | doesn't fit | doesn't fit |
SHIB on 29 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 | |
|---|---|---|---|---|---|---|---|---|
| dYdX SHIB-USD | 0.0000% | 1h | 0.000006019 | +0.006% | $23K | $64K | 10x | as long as short |
| Kalshi KXKSHIBPERP | 0.0000% | 8h | 0.000006018 | −0.012% | $71K | $1.9M | 2x | as long as short |
| gTrade (Gains Network) SHIB/USD | L +0.0006% / S −0.0001% | 1h | 0.000006021 | +0.026% | $732 | — | 150x | as long as short |
| Coinbase International 1000SHIB-PERP-INTX | +0.0032% | 1h | 0.000006113 | +1.563% | $81K | $791K | 50x | as long as short |
| BingX 1000SHIB-USDT | +0.0080% | 8h | 0.000006026 | +0.117% | — | $2.1M | — | as long as short |
| Deribit 1000SHIB_USDC-PERPETUAL | +0.0082% | 1h | 0.000006024 | +0.084% | $46K | $65K | 25x | as long as short |
| Lighter 1000SHIB | +0.0096% | 1h | 0.000006025 | +0.101% | $152K | $292K | 10x | as long as short |
| Aster 1000SHIBUSDT | +0.0100% | 8h | 0.000006022 | +0.049% | $35K | $175K | 50x | as long as short |
| Pacifica kSHIB | +0.0100% | 1h | 0.000006023 | +0.067% | $12K | $4K | 10x | as long as short |
| Binance 1000SHIBUSDT | +0.0100% | 8h | 0.000006028 | +0.151% | $29.6M | $95.2M | 75x | as long as short |
dYdX SHIB-USD
Kalshi KXKSHIBPERP
gTrade (Gains Network) SHIB/USD
Coinbase International 1000SHIB-PERP-INTX
BingX 1000SHIB-USDT
Deribit 1000SHIB_USDC-PERPETUAL
Lighter 1000SHIB
Aster 1000SHIBUSDT
Pacifica kSHIB
Binance 1000SHIBUSDTShow all 29 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| OKX SHIB-USDT-SWAP | +0.0100% | 8h | 0.000006026 | +0.117% | $8.6M | $32.6M | 50x | as long as short |
| Gate SHIB_USDT | +0.0100% | 8h | 0.000006022 | +0.051% | $6.9M | $5.6M | 75x | as long as short |
| MEXC SHIB_USDT | +0.0100% | 8h | 0.000006028 | +0.151% | $30.1M | $16.4M | 300x | as long as short |
| KuCoin SHIBUSDTM | +0.0100% | 8h | 0.000006021 | +0.034% | $4.9M | $2.5M | 75x | as long as short |
| Bitget SHIBUSDT | +0.0100% | 8h | 0.000006027 | +0.134% | $11.5M | $13.3M | 75x | as long as short |
| Backpack kSHIB_USDC_PERP | +0.0100% | 1h | 0.000006027 | +0.134% | $25K | $6K | 15x | as long as short |
| Orderly PERP_1000SHIB_USDC | +0.0100% | 8h | 0.000006024 | +0.084% | $7K | $4K | 20x | as long as short |
| SunX SHIB-USDT | +0.0100% | 8h | 0.000006033 | +0.234% | $2K | $24K | 20x | as long as short |
| SoDEX 1000SHIB-USD | +0.0100% | 1h | 0.000006022 | +0.051% | $533 | $5K | 10x | as long as short |
| HTX SHIB-USDT | +0.0100% | 8h | 0.000006021 | +0.034% | $411K | $617K | 75x | as long as short |
| Phemex u1000SHIBUSDT | +0.0100% | 8h | 0.000006030 | +0.184% | $2.1M | $6.0M | 50x | as long as short |
| Paradex kSHIB-USD-PERP | +0.0101% | 8h | 0.000006021 | +0.027% | $7K | — | 20x | as long as short |
| Extended 1000SHIB-USD | +0.0104% | 1h | 0.000006019 | +0.004% | $53K | $4K | 25x | as long as short |
| Injective SHIB/USDC PERP | +0.0161% | 1h | 0.000006040 | +0.350% | $248 | $134K | 5.5x | as long as short |
| GMX SHIB/USD [ETH-USDC] | L +0.0213% / S −0.2404% | 1h | 0.000006000 | −0.315% | $1K | — | 100x | as long as short |
| BloFin SHIB-USDT | +0.0220% | 8h | 0.000006022 | +0.051% | $820K | $940K | 50x | as long as short |
| Reya kSHIBRUSDPERP | +0.0323% | 1h | 0.000006019 | +0.007% | $1 | — | 20x | as long as short |
| Kraken Futures PF_SHIBUSDlong | +0.0383% | 1h | 0.000006019 | long leg | $1.1M | $805K | 50x | |
| Hyperliquid kSHIBshort | +0.0632% | 1h | 0.000006035 | +0.267% | $4.4M | $4.0M | 10x |
OKX SHIB-USDT-SWAP
Gate SHIB_USDT
MEXC SHIB_USDT
KuCoin SHIBUSDTM
Bitget SHIBUSDT
Backpack kSHIB_USDC_PERP
Orderly PERP_1000SHIB_USDC
SunX SHIB-USDT
SoDEX 1000SHIB-USD
HTX SHIB-USDT
Phemex u1000SHIBUSDT
Paradex kSHIB-USD-PERP
Extended 1000SHIB-USD
Injective SHIB/USDC PERP
GMX SHIB/USD [ETH-USDC]
BloFin SHIB-USDT
Reya kSHIBRUSDPERP