Funding you earn now, next payment 22:00 UTC−0.0847%/8h= −92.8% APRnext payment −$1.06 per $10,000 · paid last 24h −0.185%
Price spread now: Kraken Futures against Hyperliquid−0.033%7-day average −0.058% · you buy dearer than you sell
Net, funding: paid 7d − costs−$125as in the Funding arb table
Net, price: spread back to 7d avg − costs−$158as in the Price arb table
costs, in and out, $10k−$1601.602% of the position
Funding, last 7 days+0.357%+$36 on $10k
+Price spread, last 3 days (all we have)−0.366%−$37 · spread now −0.033%, 7d avg −0.058%
=Together, before fees−0.009%+ Points / potential airdropHyperliquid: Season 2 · farm board−$1 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Kraken Futures is 0.026% dearer against Hyperliquid than usual: you sell high and buy low (spread −0.033% now, against its 7-day average of −0.058%): +$3 on $10k if it goes back. Holding the pair costs −$25 a day in funding at the current rate, which eats that in about 2 hours. Mind the row above: over the last 7 days funding on this pair paid +0.357%, so the current rate has only just turned against you.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.357% in total (about 18.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.06 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 | Hyperliquid USUAL | 0.01351 | 0.0100 | pay 0.0013% / 1h | 39m 02s | $384K | $228K | 3x |
| Short | Kraken Futures PF_USUALUSD | 0.01351 | −0.0747 | pay 0.0093% / 1h | 39m 02s | $110K | $23K | 10x |
Hyperliquid USUAL
Kraken Futures PF_USUALUSDFunding 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$177.88
- Price spread: −0.033% → −0.058%
- $2.56
- Slippage, 4 orders
- −$141.21
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- −$335.53
- Costs to cover
- 1.602%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 45 min ago; Kraken Futures: live order book, 48 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, 45 min ago | 7.38 bp | 29.9 bp −$30 | doesn't fit | doesn't fit | doesn't fit |
| Sell Kraken Futures live order book, 48 min ago | 37.49 bp | 44.1 bp −$44 | doesn't fit | doesn't fit | doesn't fit |
USUAL on 11 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 USUAL/USDC PERP | −0.4964% | 1h | 0.01336 | −1.110% | $6K | $2K | 5.5x | as long as short |
| Kraken Futures PF_USUALUSDshort | −0.0747% | 1h | 0.01351 | −0.033% | $110K | $23K | 10x | |
| Hyperliquid USUALlong | +0.0100% | 1h | 0.01351 | long leg | $384K | $228K | 3x | |
| Binance USUALUSDT | +0.0100% | 4h | 0.01350 | −0.088% | $2.1M | $3.5M | 50x | as long as short |
| Bybit USUALUSDT | +0.0100% | 4h | 0.01352 | +0.096% | $995K | $947K | 25x | as long as short |
| Gate USUAL_USDT | +0.0100% | 8h | 0.01352 | +0.074% | $903K | $250K | 50x | as long as short |
| MEXC USUAL_USDT | +0.0100% | 4h | 0.01350 | −0.081% | $5.9M | $267K | 100x | as long as short |
| KuCoin USUALUSDTM | +0.0100% | 4h | 0.01355 | +0.296% | $280K | $64K | 20x | as long as short |
| Bitget USUALUSDT | +0.0100% | 4h | 0.01353 | +0.148% | $818K | $503K | 50x | as long as short |
| BingX USUAL-USDT | +0.0100% | 4h | 0.01352 | +0.044% | — | $1.2M | — | as long as short |
Injective USUAL/USDC PERP
Binance USUALUSDT
Bybit USUALUSDT
Gate USUAL_USDT
MEXC USUAL_USDT
KuCoin USUALUSDTM
Bitget USUALUSDT
BingX USUAL-USDTShow all 11 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Variational Omni USUAL | +0.0100% | 4h | 0.01353 | +0.149% | $9K | $100 | — | as long as short |
Variational Omni USUAL