Funding you earn now, next payment 02:00 UTC−0.1429%/8h= −156.4% APRnext payment −$1.79 per $10,000 · paid last 24h −0.034%
Price spread now: Hyperliquid against Kraken Futures−0.179%7-day average −0.096% · you buy dearer than you sell
Net, funding: paid 7d − costs−$238as in the Funding arb table
Net, price: spread back to 7d avg − costs−$233as in the Price arb table
costs, in and out, $10k−$2252.245% of the position
Funding, last 7 days−0.138%−$14 on $10k
+Price spread, last 3 days (all we have)+0.327%+$33 · spread now −0.179%, 7d avg −0.096%
=Together, before fees+0.190%+ Points / potential airdropHyperliquid: Season 2 · farm board+$19 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$43 a day on $10k at the current rate, and Hyperliquid is 0.083% cheaper against Kraken Futures than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.096%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.138% in total (about -7.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.79 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_WUSD | 0.01190 | 0.1529 | pay 0.0191% / 1h | 31m 55s | $148K | $181K | 20x |
| Short | Hyperliquid W | 0.01188 | 0.0100 | get 0.0013% / 1h | 31m 55s | $2.0M | $396K | 5x |
Kraken Futures PF_WUSD
Hyperliquid WFunding 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
- −$300.01
- Price spread: −0.179% → −0.096%
- −$8.28
- Slippage, 4 orders
- −$205.54
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- −$532.83
- Costs to cover
- 2.245%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 35 min ago; Hyperliquid: live order book, 9 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, 35 min ago | 22.60 bp | 151.7 bp −$152 | doesn't fit | doesn't fit | doesn't fit |
| Sell Hyperliquid live order book, 9 min ago | 8.52 bp | 16.4 bp −$16 | doesn't fit | doesn't fit | doesn't fit |
W on 17 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 | |
|---|---|---|---|---|---|---|---|---|
| Deribit W_USDC-PERPETUAL | −0.0087% | 1h | 0.01187 | −0.254% | $16K | $2K | 10x | as long as short |
| Injective W/USDC PERP | +0.0033% | 1h | 0.01209 | +1.586% | $1K | $1K | 12x | as long as short |
| Hyperliquid Wshort | +0.0100% | 1h | 0.01188 | −0.179% | $2.0M | $396K | 5x | |
| Binance WUSDT | +0.0100% | 4h | 0.01187 | −0.246% | $3.0M | $6.7M | 50x | as long as short |
| Bybit WUSDT | +0.0100% | 4h | 0.01186 | −0.380% | $4.1M | $1.9M | 50x | as long as short |
| OKX W-USDT-SWAP | +0.0100% | 4h | 0.01189 | −0.128% | $1.3M | $1.9M | 20x | as long as short |
| Gate W_USDT | +0.0100% | 4h | 0.01187 | −0.305% | $448K | $264K | 75x | as long as short |
| MEXC W_USDT | +0.0100% | 4h | 0.01187 | −0.246% | $12.8M | $1.4M | 50x | as long as short |
| KuCoin WUSDTM | +0.0100% | 4h | 0.01188 | −0.179% | $454K | $223K | 50x | as long as short |
| Bitget WUSDT | +0.0100% | 4h | 0.01188 | −0.179% | $1.3M | $567K | 50x | as long as short |
Deribit W_USDC-PERPETUAL
Injective W/USDC PERP
Binance WUSDT
Bybit WUSDT
OKX W-USDT-SWAP
Gate W_USDT
MEXC W_USDT
KuCoin WUSDTM
Bitget WUSDTShow all 17 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX W-USDT | +0.0100% | 4h | 0.01187 | −0.305% | — | $6.9M | — | as long as short |
| Variational Omni W | +0.0100% | 4h | 0.01185 | −0.442% | $71K | $41K | — | as long as short |
| GRVT W_USDT_Perp | +0.0100% | 4h | 0.01187 | −0.263% | $123K | $405K | 10x | as long as short |
| Extended W-USD | +0.0104% | 1h | 0.01187 | −0.272% | $60K | $239K | 5x | as long as short |
| Backpack W_USDC_PERP | +0.0292% | 1h | 0.01189 | −0.078% | $44K | $47K | 15x | as long as short |
| Coinbase International W-PERP-INTX | +0.0360% | 1h | 0.01189 | −0.120% | $14K | $16K | 50x | as long as short |
| Kraken Futures PF_WUSDlong | +0.1529% | 1h | 0.01190 | long leg | $148K | $181K | 20x |
BingX W-USDT
Variational Omni W
GRVT W_USDT_Perp
Extended W-USD
Backpack W_USDC_PERP
Coinbase International W-PERP-INTX