HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0195%/8h= −21.4% APRnext payment −$0.24 per $10,000 · paid last 24h +0.005%

Price spread now: Deribit against Kraken Futures−0.002%7-day average +0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$350.347% of the position

Long on Kraken Futures Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.133%−$13 on $10k

Price spread, last 4 days (all we have)+0.003%$0 · spread now −0.002%, 7d avg +0.006%

Together, before fees−0.130%−$13 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.006%, so right now this pair is about funding alone: −$6 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.133% in total (about -6.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.24 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	Kraken Futures PF_HYPEUSD	94.499	0.0337	pay 0.0042% / 1h	6m 03s	$21.1M	$29.6M	50x
Short	Deribit HYPE_USDC-PERPETUAL	94.497	0.0142	get 0.0018% / 1h	6m 03s	$7.5M	$4.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.002%Rate

Funding earned: −$40.97
Price spread: −0.002% → +0.006%: −$0.85
Slippage, 4 orders: −$17.74
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$76.55
Costs to cover: 0.347%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; Deribit: live order book, 3 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, 3 min ago	0.53 bp	13.4 bp −$13	16.3 bp −$163	23.4 bp −$2,338	73.5 bp −$36.8K
Sell Deribit live order book, 3 min ago	1.75 bp	8.9 bp −$9	11.3 bp −$113	doesn't fit	doesn't fit

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	−0.1304%	1h	94.273	−0.239%	$200K	$239K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0343%	1h	94.258	−0.255%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.343	−0.165%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0014%	4h	94.412	−0.092%	$147K	$677K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.351	−0.156%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	94.453	−0.049%	$87K	$372K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.425	−0.078%	$22K	$291K	10x	as long as short
Bullet HYPE-USD	+0.0002%	1h	94.425	−0.078%	$112K	$580K	20x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.440	−0.062%	$63K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	94.401	−0.104%	$1.0M	$4.0M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	+0.0016%	4h	94.417	−0.087%	—	$53.7M	—	as long as short
Bybit HYPEUSDT	+0.0021%	8h	94.410	−0.094%	$319.0M	$286.9M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	94.363	−0.144%	$211K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0027%	8h	94.368	−0.139%	$12.8M	$2.8M	50x	as long as short
Bitget HYPEUSDT	+0.0032%	4h	94.428	−0.075%	$227.8M	$99.4M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0071%	1h	94.350	−0.158%	$711K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0093%	4h	94.262	−0.251%	$5.0M	$30.3M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	94.454	−0.048%	$343K	$158K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.437	−0.066%	$16.4M	$63.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.439	−0.064%	$3.2M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.436	−0.067%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.410	−0.094%	$30K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.413	−0.091%	$7.2M	$49.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.527	+0.030%	$2.07B	$679.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.432	−0.071%	$8.8M	$36.6M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.438	−0.065%	$10.2M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.440	−0.062%	$379.6M	$924.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.413	−0.091%	$116.6M	$318.1M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.420	−0.084%	$48.3M	$55.8M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.427	−0.076%	$90.2M	$82.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.431	−0.072%	$46.6M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.450	−0.052%	$7.3M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.239	−0.276%	$28.9M	$56.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.322	−0.187%	$7.7M	$48.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.302	−0.209%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.363	−0.144%	$675K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.475	−0.026%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.432	−0.071%	$479K	$2.8M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.426	−0.077%	$80K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	94.410	−0.094%	$16.3M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.504	+0.005%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.439	−0.064%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.550	+0.054%	$1.4M	$6.6M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.197	−0.319%	$217K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.402	−0.103%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.430	−0.073%	$399K	$159K	20x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	94.510	+0.012%	$31K	$339K	12x	as long as short
Kalshi KXHYPEPERP	+0.0123%	8h	94.476	−0.024%	$1.8M	$5.6M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUALshort	+0.0142%	1h	94.497	−0.002%	$7.5M	$4.1M	50x
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.410	−0.094%	$4.7M	$6.1M	50x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.408	−0.096%	$78K	$130K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	94.435	−0.068%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0337%	1h	94.499	long leg	$21.1M	$29.6M	50x
BloFin HYPE-USDT	+0.0340%	4h	94.413	−0.091%	$16.9M	$12.3M	75x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	94.480	−0.020%	$3.2M	$6.3M	20x	as long as short