Funding you earn now, next payment 00:00 UTC−0.0033%/8h= −3.6% APRnext payment −$0.04 per $10,000 · paid last 24h +0.200%
Price spread now: Hyperliquid against Kraken Futures−0.105%7-day average −0.004% · you buy dearer than you sell
Net, funding: paid 7d − costs−$104as in the Funding arb table
Net, price: spread back to 7d avg − costs−$111as in the Price arb table
costs, in and out, $10k−$1011.009% of the position
Funding, last 7 days−0.032%−$3 on $10k
+Price spread, last 3 days (all we have)+0.303%+$30 · spread now −0.105%, 7d avg −0.004%
=Together, before fees+0.272%+ Points / potential airdropHyperliquid: Season 2 · farm board+$27 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Hyperliquid is 0.101% cheaper against Kraken Futures than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.004%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kraken Futures PF_ZROUSD | 1.1756 | 0.0133 | pay 0.0017% / 1h | 28m 48s | $252K | $434K | 25x |
| Short | Hyperliquid ZRO | 1.1744 | 0.0100 | get 0.0013% / 1h | 28m 48s | $37.2M | $6.2M | 5x |
Kraken Futures PF_ZROUSD
Hyperliquid ZROFunding 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
- −$6.89
- Price spread: −0.105% → −0.004%
- −$10.07
- Slippage, 4 orders
- −$81.85
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- −$117.81
- Costs to cover
- 1.009%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 49 min ago; Hyperliquid: live order book, 4 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, 49 min ago | 14.38 bp | 34.7 bp −$35 | doesn't fit | doesn't fit | doesn't fit |
| Sell Hyperliquid live order book, 4 min ago | 2.98 bp | 13.8 bp −$14 | doesn't fit | doesn't fit | doesn't fit |
ZRO on 26 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 | |
|---|---|---|---|---|---|---|---|---|
| 01 Exchange ZROUSD | −0.0168% | 1h | 1.1740 | −0.137% | $7K | $3K | 5x | as long as short |
| Orderly PERP_ZRO_USDC | +0.0002% | 4h | 1.1738 | −0.156% | $21K | $7K | 10x | as long as short |
| Lighter ZRO | +0.0096% | 1h | 1.1749 | −0.059% | $4.4M | $1.5M | 5x | as long as short |
| Hyperliquid ZROshort | +0.0100% | 1h | 1.1744 | −0.105% | $37.2M | $6.2M | 5x | |
| Aster ZROUSDT | +0.0100% | 4h | 1.1753 | −0.025% | $157K | $153K | 10x | as long as short |
| Pacifica ZRO | +0.0100% | 1h | 1.1743 | −0.117% | $136K | $177K | 5x | as long as short |
| Binance ZROUSDT | +0.0100% | 4h | 1.1748 | −0.069% | $22.1M | $31.3M | 75x | as long as short |
| Bybit ZROUSDT | +0.0100% | 4h | 1.1740 | −0.139% | $17.9M | $14.7M | 50x | as long as short |
| OKX ZRO-USDT-SWAP | +0.0100% | 4h | 1.1747 | −0.080% | $3.2M | $8.3M | 20x | as long as short |
| Gate ZRO_USDT | +0.0100% | 4h | 1.1740 | −0.139% | $1.3M | $1.8M | 75x | as long as short |
01 Exchange ZROUSD
Orderly PERP_ZRO_USDC
Lighter ZRO
Aster ZROUSDT
Pacifica ZRO
Binance ZROUSDT
Bybit ZROUSDT
OKX ZRO-USDT-SWAP
Gate ZRO_USDTShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| MEXC ZRO_USDT | +0.0100% | 4h | 1.1737 | −0.165% | $19.1M | $2.8M | 125x | as long as short |
| KuCoin ZROUSDTM | +0.0100% | 4h | 1.1726 | −0.258% | $2.4M | $1.9M | 50x | as long as short |
| Bitget ZROUSDT | +0.0100% | 4h | 1.1745 | −0.097% | $2.7M | $2.4M | 75x | as long as short |
| BingX ZRO-USDT | +0.0100% | 4h | 1.1742 | −0.122% | — | $10.7M | — | as long as short |
| Backpack ZRO_USDC_PERP | +0.0100% | 1h | 1.1750 | −0.054% | $100K | $207K | 20x | as long as short |
| Variational Omni ZRO | +0.0100% | 4h | 1.1733 | −0.197% | $2.3M | $878K | — | as long as short |
| ApeX Omni ZROUSDT | +0.0100% | 1h | 1.1740 | −0.139% | $37K | $686K | 50x | as long as short |
| Polymarket Perps ZRO-USD | +0.0100% | 1h | 1.1749 | −0.063% | $94K | $825K | 5x | as long as short |
| Aevo ZRO-PERP | +0.0104% | 1h | 1.1740 | −0.139% | $21K | — | 3x | as long as short |
| Kraken Futures PF_ZROUSDlong | +0.0133% | 1h | 1.1756 | long leg | $252K | $434K | 25x | |
| dYdX ZRO-USD | +0.0142% | 1h | 1.1738 | −0.152% | $21K | $2K | 5x | as long as short |
| BloFin ZRO-USDT | +0.0153% | 4h | 1.1741 | −0.131% | $1.1M | $255K | 75x | as long as short |
| GMX ZRO/USD [ETH-USDC] | L +0.0291% / S −0.2341% | 1h | 1.1742 | −0.126% | $3K | — | 100x | as long as short |
| Nado ZRO-PERP | +0.0352% | 1h | 1.1739 | −0.145% | $1.3M | $125K | 5x | as long as short |
| Injective ZRO/USDC PERP | +0.1159% | 1h | 1.1780 | +0.201% | $12K | $260K | 12x | as long as short |
| Extended ZRO-USD | +0.2008% | 1h | 1.1742 | −0.123% | $784K | $610K | 10x | as long as short |
MEXC ZRO_USDT
KuCoin ZROUSDTM
Bitget ZROUSDT
BingX ZRO-USDT
Backpack ZRO_USDC_PERP
Variational Omni ZRO
ApeX Omni ZROUSDT
Polymarket Perps ZRO-USD
Aevo ZRO-PERP
dYdX ZRO-USD
BloFin ZRO-USDT
GMX ZRO/USD [ETH-USDC]
Nado ZRO-PERP
Injective ZRO/USDC PERP
Extended ZRO-USD