Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0403%/8h= −44.1% APRpaid last 24h −0.058%

Price spread now: Bybit against Kraken Futures−0.196%7-day average −0.063% · you buy dearer than you sell

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$330.328% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.185%−$19 on $10k

Price spread, last 4 days (all we have)+0.190%+$19 · spread now −0.196%, 7d avg −0.063%

Together, before fees+0.005%+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Bybit is 0.132% cheaper against Kraken Futures than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.063%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.185% in total (about -9.7% a year). A funding rate is set anew for every payment. 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_HYPEUSD	93.854	0.0414	pay 0.0052% / 1h	49m 52s	$20.9M	$29.6M	50x
Short	Bybit HYPEUSDT	93.670	0.0012	get 0.0012% / 8h	1h 49m	$316.3M	$287.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 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 Kraken FuturesbpFee BybitbpOrdersPrice spread, now −0.196%Rate

Funding earned: −$84.55
Price spread: −0.196% → −0.063%: −$13.25
Slippage, 4 orders: −$11.76
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$130.56
Costs to cover: 0.328%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 4 min ago; Bybit: 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, 4 min ago	2.13 bp	9.0 bp −$9	13.1 bp −$131	19.5 bp −$1,951	62.3 bp −$31.2K
Sell Bybit live order book, 4 min ago	0.53 bp	6.5 bp −$7	8.4 bp −$84	17.2 bp −$1,722	37.7 bp −$18.9K

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	−0.1160%	1h	93.719	−0.144%	$199K	$242K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0262%	1h	93.860	+0.007%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0106%	1h	93.760	−0.100%	$706K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.712	−0.151%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.826	−0.029%	$86K	$372K	20x	as long as short
Bullet HYPE-USD	−0.0049%	1h	93.791	−0.067%	$111K	$581K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0018%	4h	93.755	−0.105%	$149K	$681K	20x	as long as short
Bluefin HYPE-PERP	−0.0015%	1h	93.786	−0.072%	$79K	$156K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.821	−0.035%	$129K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.784	−0.074%	$22K	$285K	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 −0.0002%	1h	93.823	−0.032%	$63K	—	150x	as long as short
BingX HYPE-USDT	+0.0010%	4h	93.698	−0.166%	—	$53.9M	—	as long as short
Bybit HYPEUSDTshort	+0.0012%	8h	93.670	−0.196%	$316.3M	$287.7M	75x
Phoenix HYPE	+0.0017%	1h	93.780	−0.078%	$210K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	93.702	−0.161%	$225.7M	$99.5M	75x	as long as short
Phemex HYPEUSDT	+0.0066%	8h	93.811	−0.045%	$12.8M	$2.8M	50x	as long as short
ApeX Omni HYPEUSDT	+0.0074%	1h	93.801	−0.056%	$348K	$1.0M	50x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.754	−0.106%	$1.0M	$4.0M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0086%	8h	93.796	−0.062%	$335K	$161K	20x	as long as short
edgeX HYPEUSDC	+0.0091%	4h	93.758	−0.102%	$5.0M	$30.5M	30x	as long as short
Derive HYPE-PERP	+0.0092%	1h	93.753	−0.107%	$16.4M	$7.4M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.796	−0.061%	$16.2M	$63.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.799	−0.058%	$3.1M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.787	−0.071%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.800	−0.057%	$23K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.698	−0.165%	$7.4M	$50.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.862	+0.009%	$2.05B	$681.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.728	−0.134%	$8.9M	$37.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.797	−0.060%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.714	−0.148%	$375.5M	$930.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.676	−0.189%	$115.7M	$316.2M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.706	−0.157%	$48.4M	$54.9M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.710	−0.153%	$88.9M	$83.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.727	−0.135%	$46.3M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.788	−0.070%	$7.2M	$10.8M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.670	−0.196%	$28.6M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.822	−0.034%	$7.6M	$48.1M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.732	−0.129%	$679K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.831	−0.024%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.814	−0.042%	$471K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.858	+0.005%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.794	−0.063%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.920	+0.071%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.731	−0.130%	$216K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.675	−0.190%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.795	−0.063%	$396K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0106%	8h	93.858	+0.005%	$1.8M	$5.6M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.820	−0.036%	$4.7M	$6.1M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.610	+0.806%	$31K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.780	−0.078%	$77K	$130K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0294%	1h	93.888	+0.037%	$7.4M	$4.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	93.813	−0.043%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.701	−0.163%	$17.0M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0414%	1h	93.854	long leg	$20.9M	$29.6M	50x
RISEx HYPE/USDC	+0.0559%	1h	93.833	−0.022%	$3.2M	$6.4M	20x	as long as short