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Funding arb · Price arb /

UNI

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Alert: spread
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Funding you earn now, next payment 22:00 UTC+0.0220%/8h= +24.1% APRnext payment +$0.27 per $10,000 · paid last 24h +0.019%
Price spread now: Hyperliquid against Kraken Futures+0.170%7-day average +0.041% · you sell dearer than you buy
Net, funding: paid 7d − costs−$39as in the Funding arb table
Net, price: spread back to 7d avg − costs−$30as in the Price arb table
costs, in and out, $10k−$430.431% of the position
Long on Kraken FuturesShort on Hyperliquid
What this pair did over the last
the charts below follow
Funding, last 7 days+0.042%+$4 on $10k
Price spread, last 3 days (all we have)−0.708%−$71 · spread now +0.170%, 7d avg +0.041%
Together, before fees−0.666%+ Points / potential airdropHyperliquid: Season 2 · farm board−$67 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 0.129% dearer against Kraken Futures than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.041%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.042% in total (about 2.2% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.27 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongKraken Futures PF_UNIUSD8.81370.0270pay 0.0034% / 1h55m 42s$4.9M$7.2M50x
ShortHyperliquid UNI8.82870.0490get 0.0061% / 1h55m 42s$96.0M$60.5M10x

Funding 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

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latest
How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Funding earned
$46.18
Price spread: +0.170% → +0.041%
$12.87
Slippage, 4 orders
−$24.09
Fee Kraken Futures: 5 bp × 2 orders
−$10
Fee Hyperliquid: 4.5 bp × 2 orders
−$9
Net
$15.96
Costs to cover
0.431%
Break-even
4.6 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
LegHalf-spread$10k$100k$1M$5M
Buy Kraken Futures live order book, 3 min ago4.54 bp13.0 bp −$1315.5 bp −$15538.1 bp −$3,810doesn't fit
Sell Hyperliquid live order book, 8 min ago0.28 bp7.2 bp −$7doesn't fitdoesn't fitdoesn't fit

UNI on 40 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Variational Omni UNI−0.0199%8h8.8256+0.135%$3.9M$4.9M—as long as short
Bybit UNIUSDT−0.0190%8h8.8220+0.094%$102.8M$104.2M75xas long as short
gTrade (Gains Network) UNI/USDL +0.0004% / S −0.0006%1h8.8090−0.053%$79K—150xas long as short
OKX UNI-USDT-SWAP+0.0011%8h8.8250+0.128%$54.2M$245.0M50xas long as short
01 Exchange UNIUSD+0.0056%1h8.8045−0.105%$439—10xas long as short
Deribit UNI_USDC-PERPETUAL+0.0056%1h8.8123−0.016%$550K$125K50xas long as short
Paradex UNI-USD-PERP+0.0100%8h8.7988−0.169%$25K—20xas long as short
Nado UNI-PERP+0.0100%1h8.7975−0.184%$846K$3.9M10xas long as short
Aster UNIUSDT+0.0100%8h8.8130−0.008%$1.0M$3.4M50xas long as short
Pacifica UNI+0.0100%1h8.8079−0.066%$297K$559K10xas long as short
Show all 40 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Binance UNIUSDT+0.0100%8h8.8240+0.117%$216.2M$596.5M75xas long as short
Arcus UNI-USD+0.0100%1h8.8100−0.042%$272K$605K10xas long as short
Gate UNI_USDT+0.0100%8h8.8130−0.008%$22.9M$58.8M75xas long as short
MEXC UNI_USDT+0.0100%8h8.8100−0.042%$42.6M$24.4M200xas long as short
KuCoin UNIUSDTM+0.0100%8h8.8090−0.053%$13.7M$13.8M75xas long as short
Bitget UNIUSDT+0.0100%8h8.8120−0.019%$31.9M$41.0M75xas long as short
BingX UNI-USDC+0.0100%8h8.8110−0.031%—$6.5M—as long as short
Backpack UNI_USDC_PERP+0.0100%1h8.8116−0.024%$976K$2.4M10xas long as short
edgeX UNIUSDC+0.0100%4h8.8154+0.020%$166K$341K20xas long as short
GRVT UNI_USDT_Perp+0.0100%8h8.8050−0.099%$615K$2.6M10xas long as short
ApeX Omni UNIUSDT+0.0100%1h8.8190+0.060%$83K$713K50xas long as short
StandX UNI-USD+0.0100%1h8.8090−0.053%$105K$3.3M20xas long as short
Polymarket Perps UNI-USD+0.0100%1h8.8105−0.036%$86K$339K10xas long as short
Orderly PERP_UNI_USDC+0.0100%8h8.8080−0.065%$15K$1.7M10xas long as short
SunX UNI-USDT+0.0100%8h8.8044−0.106%$36K$1.3M30xas long as short
SoDEX UNI-USD+0.0100%1h8.8087−0.057%$28K$659K10xas long as short
HTX UNI-USDT+0.0100%8h8.8252+0.130%$721K$4.3M75xas long as short
Phemex UNIUSDT+0.0100%8h8.8090−0.053%$26.5M$4.4M50xas long as short
Extended UNI-USD+0.0104%1h8.8045−0.105%$307K$1.4M25xas long as short
Aevo UNI-PERP+0.0104%1h8.8100−0.042%$31K$1K3xas long as short
Coinbase International UNI-PERP-INTX+0.0200%1h8.8140+0.003%$1.0M$5.3M50xas long as short
BloFin UNI-USDT+0.0220%8h8.8000−0.156%$9.8M$3.3M75xas long as short
Kraken Futures PF_UNIUSDlong+0.0270%1h8.8137long leg$4.9M$7.2M50x
Reya UNIRUSDPERP+0.0359%1h8.8048−0.101%$16K—20xas long as short
dYdX UNI-USD+0.0371%1h8.8259+0.138%$244K$5K10xas long as short
GMX UNI/USD [UNI-USDC]L +0.0381% / S −0.0320%1h8.8082−0.062%$552K—120xas long as short
Hyperliquid UNIshort+0.0490%1h8.8287+0.170%$96.0M$60.5M10x
Aftermath Perps UNIUSD+0.0518%1h8.8122−0.017%$1K$50K10xas long as short
Lighter UNI+0.0536%1h8.8412+0.312%$4.5M$5.3M15xas long as short
Injective UNI/USDC PERP+0.2702%1h8.7900−0.269%$657$97K12xas long as short