VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0410%/8h= +44.9% APRnext payment +$0.51 per $10,000 · paid last 24h 0.000%

Price spread now: Kraken Futures against Hyperliquid+0.012%7-day average −0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$520.517% 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−0.142%−$14 on $10k

Price spread, last 3 days (all we have)−0.120%−$12 · spread now +0.012%, 7d avg −0.015%

Together, before fees−0.263%+ Points / potential airdropHyperliquid: Season 2 · farm board−$26 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Kraken Futures is 0.027% dearer against Hyperliquid than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.015%. Mind the row above: over the last 7 days funding on this pair cost −0.142%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.142% in total (about -7.4% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.51 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 VIRTUAL	0.7195	0.0100	pay 0.0013% / 1h	55m 58s	$8.8M	$3.7M	5x
Short	Kraken Futures PF_VIRTUALUSD	0.7196	0.0510	get 0.0064% / 1h	55m 58s	$538K	$544K	50x

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 +0.012%Rate

Funding earned: $86.03
Price spread: +0.012% → −0.015%: $2.7
Slippage, 4 orders: −$32.68
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $37.04
Costs to cover: 0.517%
Break-even: 4.0 days

Slippage from Hyperliquid: live order book, 6 min ago; Kraken Futures: live order book, 27 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, 6 min ago	0.49 bp	8.3 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 27 min ago	5.56 bp	16.8 bp −$17	49.0 bp −$490	doesn't fit	doesn't fit

VIRTUAL on 33 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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7184	−0.150%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7158	−0.514%	$11K	$39K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0104%	1h	0.7181	−0.192%	$2K	$131	10x	as long as short
Lighter VIRTUAL	0.0000%	1h	0.7179	−0.214%	$327K	$414K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7187	−0.108%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7185	−0.137%	$12K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.081%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0090%	4h	0.7185	−0.136%	$14K	$1.5M	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7153	−0.578%	$525K	$878K	—	as long as short
Hyperliquid VIRTUALlong	+0.0100%	1h	0.7195	long leg	$8.8M	$3.7M	5x

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster VIRTUALUSDT	+0.0100%	4h	0.7186	−0.126%	$194K	$82K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7185	−0.136%	$72K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7186	−0.116%	$16.4M	$37.5M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7184	−0.150%	$15.5M	$15.6M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7187	−0.108%	$2.8M	$9.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7184	−0.150%	$1.5M	$2.8M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7187	−0.108%	$17.3M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7183	−0.164%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7191	−0.053%	$6.1M	$5.3M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7184	−0.150%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7190	−0.067%	$236K	$158K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7160	−0.490%	$19K	$255K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7157	−0.526%	$634K	$965K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7161	−0.470%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7189	−0.079%	$29K	$818K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7186	−0.122%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7185	−0.143%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7184	−0.152%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7186	−0.128%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0298% / S −0.0228%	1h	0.7187	−0.112%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7167	−0.386%	$814K	$792K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7176	−0.261%	$195K	$95K	50x	as long as short
Kraken Futures PF_VIRTUALUSDshort	+0.0510%	1h	0.7196	+0.012%	$538K	$544K	50x