Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0151%/8h= +16.6% APRpaid last 24h +0.041%

Price spread now: Kraken Futures against Bitget+0.122%7-day average +0.057% · you sell dearer than you buy

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$350.352% of the position

Long on Bitget Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.176%+$18 on $10k

Price spread, last 4 days (all we have)−0.064%−$6 · spread now +0.122%, 7d avg +0.057%

Together, before fees+0.111%+$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Kraken Futures is 0.064% dearer against Bitget than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.057%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget HYPEUSDT	92.655	0.0046	pay 0.0023% / 4h	3h 22m	$224.3M	$98.9M	75x
Short	Kraken Futures PF_HYPEUSD	92.768	0.0197	get 0.0025% / 1h	22m 13s	$20.6M	$29.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bitget. 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 BitgetbpFee Kraken FuturesbpOrdersPrice spread, now +0.122%Rate

Funding earned: $31.75
Price spread: +0.122% → +0.057%: $6.43
Slippage, 4 orders: −$13.21
Fee Bitget: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $2.98
Costs to cover: 0.352%
Break-even: 6.3 days

Slippage from Bitget: live order book, 2 min ago; Kraken Futures: live order book, 2 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 Bitget live order book, 2 min ago	0.05 bp	6.4 bp −$6	11.4 bp −$114	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 2 min ago	1.56 bp	11.0 bp −$11	12.2 bp −$122	18.1 bp −$1,806	54.7 bp −$27.3K

HYPE on 55 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
Hibachi HYPE/USDT-P	−0.1696%	1h	92.615	−0.043%	$193K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0303%	1h	92.786	+0.141%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.606	−0.053%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.647	−0.009%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0060%	4h	92.697	+0.045%	$145K	$681K	20x	as long as short
Bullet HYPE-USD	−0.0003%	1h	92.702	+0.051%	$112K	$577K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.661	+0.007%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.712	+0.061%	$22K	$293K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.735	+0.086%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0003%	1h	92.570	−0.092%	$698K	$1.1M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange HYPEUSD	+0.0024%	1h	92.652	−0.003%	$86K	$364K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	92.921	+0.287%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.700	+0.049%	$315.3M	$282.9M	75x	as long as short
Popdex HYPEUSDT	+0.0040%	1h	92.644	−0.012%	$70K	$1.1M	50x	as long as short
Bitget HYPEUSDTlong	+0.0046%	4h	92.655	long leg	$224.3M	$98.9M	75x
Phemex HYPEUSDT	+0.0060%	8h	92.700	+0.049%	$12.5M	$2.7M	50x	as long as short
Gate HYPE_USDT	+0.0060%	4h	92.715	+0.065%	$45.1M	$54.4M	75x	as long as short
edgeX HYPEUSDC	+0.0092%	4h	92.837	+0.196%	$4.9M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.717	+0.067%	$16.0M	$62.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.727	+0.078%	$3.1M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	92.674	+0.020%	$338K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.630	−0.027%	$34K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.626	−0.032%	$7.4M	$46.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.734	+0.085%	$2.02B	$665.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	92.712	+0.062%	$8.7M	$36.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	92.669	+0.015%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.704	+0.053%	$372.8M	$905.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.700	+0.049%	$113.8M	$303.1M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.709	+0.058%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.701	+0.050%	$91.1M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.700	+0.049%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.670	+0.016%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.693	+0.041%	$7.2M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.768	+0.122%	$28.5M	$57.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.808	+0.165%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.846	+0.206%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.765	+0.119%	$667K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.736	+0.087%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.734	+0.085%	$481K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.702	+0.051%	$78K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.690	+0.038%	$16.0M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.670	+0.016%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.702	+0.051%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.812	+0.169%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.676	+0.023%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.691	+0.039%	$392K	$164K	20x	as long as short
Kalshi KXHYPEPERP	+0.0132%	8h	92.718	+0.068%	$1.8M	$5.4M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.770	+0.124%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSDshort	+0.0197%	1h	92.768	+0.122%	$20.6M	$29.5M	50x
Injective HYPE/USDC PERP	+0.0242%	1h	92.640	−0.016%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0266%	1h	92.713	+0.062%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.738	+0.090%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.682	+0.029%	$16.7M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0343%	1h	92.797	+0.153%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.698	+0.046%	$3.1M	$6.4M	20x	as long as short