VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0812%/8h= −88.9% APRnext payment −$1.02 per $10,000 · paid last 24h −0.051%

Price spread now: Hyperliquid against Kraken Futures−0.068%7-day average +0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$570.574% of the position

Long on Kraken Futures Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.103%+$10 on $10k

Price spread, last 4 days (all we have)+0.317%+$32 · spread now −0.068%, 7d avg +0.007%

Together, before fees+0.420%+ Points / potential airdropHyperliquid: Season 2 · farm board+$42 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$24 a day on $10k at the current rate, and Hyperliquid is 0.075% cheaper against Kraken Futures than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.007%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.103%, 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 0.103% in total (about 5.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.02 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_VIRTUALUSD	0.7175	0.0912	pay 0.0114% / 1h	45m 59s	$596K	$688K	50x
Short	Hyperliquid VIRTUAL	0.7170	0.0100	get 0.0013% / 1h	45m 59s	$8.8M	$4.1M	5x

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

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 Kraken FuturesbpFee HyperliquidbpOrdersPrice spread, now −0.068%Rate

Funding earned: −$170.54
Price spread: −0.068% → +0.007%: −$7.49
Slippage, 4 orders: −$38.39
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$235.43
Costs to cover: 0.574%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 17 min ago; Hyperliquid: live order book, 6 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, 17 min ago	7.62 bp	18.0 bp −$18	49.4 bp −$494	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 6 min ago	0.76 bp	11.4 bp −$11	doesn't fit	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	0.7162	−0.189%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0064%	1h	0.7165	−0.141%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	0.0000%	1h	0.7188	+0.183%	$11K	$37K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7167	−0.114%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7166	−0.132%	$4K	—	150x	as long as short
Lighter VIRTUAL	+0.0016%	1h	0.7157	−0.260%	$325K	$413K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.810%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0089%	4h	0.7166	−0.128%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUALshort	+0.0100%	1h	0.7170	−0.068%	$8.8M	$4.1M	5x
Aster VIRTUALUSDT	+0.0100%	4h	0.7170	−0.077%	$97K	$291K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7158	−0.239%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7160	−0.207%	$16.4M	$40.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7158	−0.239%	$16.5M	$18.2M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7157	−0.253%	$2.8M	$9.7M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7167	−0.114%	$1.4M	$3.2M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7159	−0.225%	$17.2M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7163	−0.169%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7160	−0.211%	$6.2M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7161	−0.197%	—	$8.0M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7165	−0.141%	$239K	$160K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7162	−0.180%	$532K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7173	−0.030%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7200	+0.350%	$638K	$858K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7179	+0.054%	$40K	$240K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7172	−0.044%	$51K	$999K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7168	−0.100%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7165	−0.148%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7164	−0.161%	$54K	$277K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7164	−0.149%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7165	−0.139%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7155	−0.281%	—	$841K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7170	−0.072%	$187K	$82K	50x	as long as short
Kraken Futures PF_VIRTUALUSDlong	+0.0912%	1h	0.7175	long leg	$596K	$688K	50x