HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0281%/8h= +30.7% APRnext payment +$0.35 per $10,000 · paid last 24h −0.005%

Price spread now: Kraken Futures against Deribit−0.035%7-day average −0.006% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$320.320% of the position

Long on Deribit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.136%+$14 on $10k

Price spread, last 4 days (all we have)+0.028%+$3 · spread now −0.035%, 7d avg −0.006%

Together, before fees+0.165%+$16 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.028% cheaper against Deribit than usual: you would sell low and buy high (spread −0.035% now, against its 7-day average of −0.006%). If the spread goes back, that is −$3 on $10k: about 8 hours of funding at the current rate (+$8 a day). At the pace of the last 7 days (+0.136% in total) that is about 35 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.136% in total (about 7.1% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.35 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	Deribit HYPE_USDC-PERPETUAL	94.470	0.0131	pay 0.0016% / 1h	22m 57s	$7.5M	$4.3M	50x
Short	Kraken Futures PF_HYPEUSD	94.437	0.0412	get 0.0051% / 1h	22m 57s	$20.3M	$30.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Deribit. 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 DeribitbpFee Kraken FuturesbpOrdersPrice spread, now −0.035%Rate

Funding earned: $58.97
Price spread: −0.035% → −0.006%: −$2.84
Slippage, 4 orders: −$14.96
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $24.16
Costs to cover: 0.320%
Break-even: 4.1 days

Slippage from Deribit: live order book, 1 min ago; Kraken Futures: live order book, 1 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 Deribit live order book, 1 min ago	0.85 bp	4.5 bp −$5	10.1 bp −$101	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 1 min ago	1.27 bp	8.9 bp −$9	12.0 bp −$120	18.4 bp −$1,838	67.4 bp −$33.7K

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	−0.1048%	1h	94.204	−0.282%	$200K	$238K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0210%	1h	93.921	−0.581%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.347	−0.130%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0068%	1h	94.220	−0.265%	$705K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0053%	1h	94.398	−0.076%	$112K	$579K	20x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	94.373	−0.103%	$86K	$368K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0016%	4h	94.360	−0.116%	$146K	$683K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.322	−0.157%	$129K	$26K	5x	as long as short
Bybit HYPEUSDT	0.0000%	8h	94.303	−0.177%	$318.5M	$288.8M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.378	−0.097%	$20K	$289K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.419	−0.054%	$84K	—	150x	as long as short
Derive HYPE-PERP	+0.0007%	1h	93.302	−1.236%	$16.2M	$7.5M	10x	as long as short
Bluefin HYPE-PERP	+0.0016%	1h	94.389	−0.086%	$80K	$156K	20x	as long as short
Phoenix HYPE	+0.0017%	1h	93.715	−0.799%	$208K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0052%	4h	94.332	−0.146%	$227.3M	$99.7M	75x	as long as short
Phemex HYPEUSDT	+0.0052%	8h	94.324	−0.155%	$12.9M	$2.8M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0078%	8h	94.385	−0.090%	$337K	$161K	20x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.620	−0.900%	$5.0M	$30.5M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.328	−0.150%	$1.0M	$4.0M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.367	−0.109%	$16.3M	$64.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.368	−0.108%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.338	−0.140%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.330	−0.148%	$21K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.335	−0.142%	$7.5M	$50.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.440	−0.032%	$2.08B	$686.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.367	−0.109%	$8.9M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.380	−0.095%	$10.2M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.338	−0.140%	$377.5M	$933.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.345	−0.132%	$116.3M	$318.3M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.340	−0.138%	$49.0M	$56.2M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.340	−0.138%	$89.6M	$84.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.384	−0.091%	$46.7M	$18.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.322	−0.157%	—	$53.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.356	−0.121%	$7.3M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.009	−0.488%	$28.9M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.696	−0.819%	$7.6M	$48.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.663	−0.854%	$357K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.224	−0.260%	$682K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.430	−0.042%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.401	−0.073%	$474K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.395	−0.079%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.379	−0.096%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.513	+0.046%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.438	−1.092%	$216K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.323	−0.156%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.393	−0.082%	$399K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0106%	8h	94.389	−0.086%	$1.8M	$5.6M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.320	−0.159%	$4.7M	$6.2M	50x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0131%	1h	94.470	long leg	$7.5M	$4.3M	50x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	94.435	−0.037%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.610	+0.148%	$31K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.357	−0.119%	$78K	$129K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.378	−0.097%	$17.0M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSDshort	+0.0412%	1h	94.437	−0.035%	$20.3M	$30.4M	50x
RISEx HYPE/USDC	+0.0559%	1h	94.389	−0.085%	$3.2M	$6.3M	20x	as long as short