HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0403%/8h= +44.1% APRnext payment +$0.50 per $10,000 · paid last 24h +0.023%

Price spread now: Kraken Futures against Bluefin+0.084%56s7-day average +0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$470.473% of the position

Long on Bluefin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.232%+$23 on $10k

Price spread, last 4 days (all we have)−0.038%−$4 · spread now +0.084%, 7d avg +0.046%

Together, before fees+0.195%+$19 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 0.038% dearer against Bluefin than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.046%. The two prices were read 56 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.232% in total (about 12.1% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.50 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	Bluefin HYPE-PERP	94.183	0.0010	pay 0.0001% / 1h	25m 24s	$80K	$156K	20x
Short	Kraken Futures PF_HYPEUSD	94.262	0.0413	get 0.0052% / 1h	25m 24s	$21.0M	$29.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bluefin. 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 BluefinbpFee Kraken FuturesbpOrdersPrice spread, now +0.084%Rate

Funding earned: $84.61
Price spread: +0.084% → +0.046%: $3.81
Slippage, 4 orders: −$30.3
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $41.12
Costs to cover: 0.473%
Break-even: 3.6 days

Slippage from Bluefin: live order book, 19 min ago; Kraken Futures: 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 Bluefin live order book, 19 min ago	3.63 bp	13.6 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 4 min ago	0.64 bp	8.2 bp −$8	10.6 bp −$106	16.3 bp −$1,634	55.0 bp −$27.5K

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	−0.1024%	1h	93.809	−0.397%	$199K	$238K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0211%	1h	93.708	−0.505%	$22K	$21K	10x	as long as short
BingX HYPE-USDT	−0.0100%	4h	94.195	+0.013%	—	$53.6M	—	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.207	+0.025%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0062%	1h	94.170	−0.014%	$705K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0058%	1h	94.228	+0.048%	$112K	$579K	20x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	94.240	+0.061%	$86K	$368K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0017%	4h	94.155	−0.030%	$146K	$683K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.880	−0.322%	$129K	$26K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.227	+0.046%	$20K	$290K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	+0.0002%	8h	94.162	−0.022%	$318.1M	$288.2M	75x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.048	−0.143%	$83K	—	150x	as long as short
Derive HYPE-PERP	+0.0007%	1h	93.302	−0.935%	$16.2M	$7.5M	10x	as long as short
Bluefin HYPE-PERPlong	+0.0010%	1h	94.183	long leg	$80K	$156K	20x
Phoenix HYPE	+0.0017%	1h	93.715	−0.497%	$209K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0052%	4h	94.163	−0.021%	$226.8M	$99.5M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0078%	8h	94.266	+0.088%	$337K	$161K	20x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.620	−0.598%	$5.0M	$30.5M	30x	as long as short
Phemex HYPEUSDT	+0.0081%	8h	94.187	+0.004%	$12.9M	$2.8M	50x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.180	−0.003%	$1.0M	$4.0M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.219	+0.038%	$16.3M	$64.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.231	+0.051%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.198	+0.016%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.210	+0.029%	$21K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.208	+0.027%	$7.5M	$50.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.321	+0.147%	$2.07B	$690.5M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.261	+0.082%	$8.9M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.236	+0.056%	$10.2M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.261	+0.083%	$377.2M	$931.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.154	−0.031%	$116.2M	$316.9M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.216	+0.035%	$48.9M	$55.9M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.213	+0.032%	$89.5M	$84.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.243	+0.064%	$46.6M	$18.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.311	+0.136%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.009	−0.185%	$28.9M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.696	−0.517%	$7.6M	$48.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.663	−0.552%	$357K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.643	−0.573%	$678K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.227	+0.046%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.242	+0.063%	$473K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.232	+0.052%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.174	−0.010%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.352	+0.179%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.438	−0.791%	$216K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.138	−0.048%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.245	+0.065%	$398K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0105%	8h	94.131	−0.055%	$1.8M	$5.6M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.190	+0.007%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	93.681	−0.533%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.100	−0.088%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	93.879	−0.323%	$77K	$129K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.642	−0.574%	$16.9M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSDshort	+0.0413%	1h	94.262	+0.084%	$21.0M	$29.5M	50x
Deribit HYPE_USDC-PERPETUAL	+0.0462%	1h	94.187	+0.004%	$7.5M	$4.2M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.935	−0.263%	$3.2M	$6.3M	20x	as long as short