HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0460%/8h= −50.4% APRnext payment −$0.58 per $10,000 · paid last 24h −0.012%

Price spread now: Derive against Kraken Futures−0.229%7-day average −0.065% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Kraken Futures Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days−0.077%−$8 on $10k

Price spread, last 3 days (all we have)+0.182%+$18 · spread now −0.229%, 7d avg −0.065%

Together, before fees+0.104%+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Derive is 0.164% cheaper against Kraken Futures than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of −0.065%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.077% in total (about -4.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.58 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	93.165	0.0466	pay 0.0058% / 1h	48m 52s	$20.8M	$28.5M	50x
Short	Derive HYPE-PERP	92.952	0.0006	get 0.0001% / 1h	48m 52s	$16.3M	$7.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now −0.229%Rate

Funding earned: −$96.69
Price spread: −0.229% → −0.065%: −$16.38
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Derive: 3 bp × 2 orders: −$6
Net: −$129.07
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 5 min ago; Derive: no order-book sample. Net counts fees only.

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, 5 min ago	1.66 bp	7.1 bp −$7	19.4 bp −$194	30.7 bp −$3,074	1450.0 bp −$725.0K
Sell Derive no order-book sample	—	—	—	—	—

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Aftermath Perps HYPEUSD	−0.0298%	1h	93.027	−0.149%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	92.927	−0.256%	$1.2M	$4.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.961	−0.219%	$3K	$331	25x	as long as short
Hibachi HYPE/USDT-P	−0.0056%	1h	92.964	−0.216%	$196K	$231K	7x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	92.996	−0.182%	$90K	$365K	20x	as long as short
Aster HYPEUSDT	0.0000%	4h	93.073	−0.099%	$8.9M	$36.0M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.009	−0.168%	$127K	$32K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.047	−0.127%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	92.957	−0.223%	$23K	$331K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.029	−0.147%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Derive HYPE-PERPshort	+0.0006%	1h	92.952	−0.229%	$16.3M	$7.1M	10x
Ondo Perps HYPE-USD.P	+0.0009%	1h	92.900	−0.285%	$697K	$921K	10x	as long as short
Popdex HYPEUSDT	+0.0016%	1h	92.971	−0.209%	$57K	$1.2M	50x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	93.060	−0.113%	$323.6M	$286.9M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.039	−0.136%	$215K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0040%	4h	92.991	−0.187%	$169K	$515K	20x	as long as short
Gate HYPE_USDT	+0.0060%	4h	93.079	−0.093%	$44.0M	$57.3M	75x	as long as short
Bullet HYPE-USD	+0.0084%	1h	92.988	−0.190%	$112K	$579K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.109	−0.061%	$18.5M	$58.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.070	−0.102%	$3.0M	$12.1M	20x	as long as short
MEXC HYPE_USDT	+0.0098%	4h	93.076	−0.096%	$90.2M	$81.5M	100x	as long as short
Binance HYPEUSDT	+0.0098%	4h	93.082	−0.090%	$383.0M	$892.3M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	92.961	−0.219%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.960	−0.220%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.955	−0.226%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.105	−0.065%	$2.02B	$670.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.981	−0.198%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.046	−0.128%	$114.1M	$314.2M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.884	−0.302%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.094	−0.077%	$47.1M	$19.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.109	−0.061%	$225.7M	$102.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.074	−0.098%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.134	−0.034%	$7.8M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.887	−0.299%	$28.9M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.983	−0.196%	$7.5M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.016	−0.160%	$411K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.000	−0.178%	$673K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.003	−0.174%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.007	−0.170%	$492K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.026	−0.150%	$75K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.035	−0.140%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.034	−0.141%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.102	−0.068%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.061	−0.112%	$18.3M	$42.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.016	−0.161%	$396K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0108%	4h	92.923	−0.260%	$5.0M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	92.950	−0.231%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	92.880	−0.306%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	92.985	−0.193%	$77K	$158K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.029	−0.146%	$2.7M	$6.8M	20x	as long as short
HTX HYPE-USDT	+0.0289%	4h	93.250	+0.091%	$1.5M	$7.6M	75x	as long as short
BloFin HYPE-USDT	+0.0338%	4h	93.072	−0.100%	$17.0M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0159%	1h	93.016	−0.160%	$1.5M	—	100x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0466%	1h	93.165	long leg	$20.8M	$28.5M	50x
Deribit HYPE_USDC-PERPETUAL	+0.0470%	1h	93.124	−0.044%	$7.4M	$4.6M	50x	as long as short