Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0619%/8h= −67.8% APRpaid last 24h −0.035%

Price spread now: OKX against Kraken Futures+0.002%7-day average −0.059% · you sell dearer than you buy

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$300.301% of the position

Long on Kraken Futures Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.141%−$14 on $10k

Price spread, last 3 days (all we have)−0.033%−$3 · spread now +0.002%, 7d avg −0.059%

Together, before fees−0.174%−$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.061% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.002% now, against its 7-day average of −0.059%): +$6 on $10k if it goes back. Holding the pair costs −$19 a day in funding at the current rate, which eats that in about 8 hours. At the pace of the last 7 days (−0.141% in total) that is about 3.0 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.141% in total (about -7.4% 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	93.186	0.0684	pay 0.0086% / 1h	38m 09s	$20.8M	$30.2M	50x
Short	OKX HYPE-USDT-SWAP	93.188	0.0066	get 0.0066% / 8h	6h 38m	$114.6M	$315.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.002%Rate

Funding earned: −$129.94
Price spread: +0.002% → −0.059%: $6.12
Slippage, 4 orders: −$10.14
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$153.95
Costs to cover: 0.301%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 1 min ago; OKX: live order book, 6 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, 1 min ago	2.14 bp	10.5 bp −$11	14.8 bp −$148	24.7 bp −$2,466	73.3 bp −$36.6K
Sell OKX live order book, 6 min ago	0.05 bp	5.4 bp −$5	8.3 bp −$83	18.5 bp −$1,852	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	−0.0944%	1h	93.219	+0.036%	$196K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.081	−0.112%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0165%	1h	93.241	+0.059%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0147%	1h	93.140	−0.049%	$696K	$983K	10x	as long as short
Gate HYPE_USDT	−0.0092%	4h	93.123	−0.067%	$44.1M	$54.3M	75x	as long as short
Backpack HYPE_USDC_PERP	−0.0086%	1h	93.066	−0.128%	$7.8M	$10.4M	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.184	−0.002%	$85K	$357K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.216	+0.032%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0056%	4h	93.118	−0.073%	$155K	$652K	20x	as long as short
Phemex HYPEUSDT	−0.0046%	8h	93.143	−0.046%	$12.6M	$2.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0034%	4h	93.152	−0.036%	$8.8M	$36.3M	300x	as long as short
Bluefin HYPE-PERP	−0.0027%	1h	93.106	−0.086%	$79K	$173K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.245	+0.063%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.217	+0.034%	$22K	$333K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.190	+0.005%	$25K	—	150x	as long as short
Bybit HYPEUSDT	+0.0003%	8h	93.172	−0.015%	$320.4M	$285.9M	75x	as long as short
BingX HYPE-USDT	+0.0004%	4h	93.107	−0.084%	—	$54.2M	—	as long as short
Bullet HYPE-USD	+0.0026%	1h	93.159	−0.029%	$111K	$579K	20x	as long as short
Binance HYPEUSDT	+0.0039%	4h	93.199	+0.014%	$379.1M	$907.0M	75x	as long as short
MEXC HYPE_USDT	+0.0040%	4h	93.091	−0.102%	$87.4M	$82.5M	100x	as long as short
edgeX HYPEUSDC	+0.0056%	4h	93.325	+0.149%	$5.1M	$29.8M	30x	as long as short
Phoenix HYPE	+0.0060%	1h	93.233	+0.051%	$212K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAPshort	+0.0066%	8h	93.188	+0.002%	$114.6M	$315.0M	50x
Derive HYPE-PERP	+0.0067%	1h	93.097	−0.095%	$16.2M	$7.7M	10x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.118	−0.073%	$396K	$177K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.291	+0.113%	$339K	$165K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.126	−0.065%	$16.3M	$62.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.113	−0.078%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.169	−0.018%	$65K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.210	+0.026%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.159	−0.028%	$5.6M	$45.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.207	+0.023%	$2.03B	$668.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.238	+0.056%	$10.0M	$14.8M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.404	+0.234%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.096	−0.096%	$45.9M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.124	−0.066%	$225.3M	$100.8M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.151	−0.038%	$30.9M	$55.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.195	+0.010%	$7.5M	$48.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.355	+0.182%	$337K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.050	−0.146%	$664K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.261	+0.081%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.250	+0.069%	$467K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.282	+0.103%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.103	−0.089%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.080	−0.114%	$18.3M	$44.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.200	+0.015%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.050	−0.146%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0175%	4h	93.407	+0.237%	$17.0M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.230	+0.048%	$2.7M	$6.7M	20x	as long as short
HTX HYPE-USDT	+0.0232%	4h	93.400	+0.230%	$1.4M	$6.1M	75x	as long as short
Reya HYPERUSDPERP	+0.0254%	1h	93.217	+0.034%	$79K	$142K	15x	as long as short
Kalshi KXHYPEPERP	+0.0262%	8h	93.291	+0.113%	$1.9M	$5.2M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0158%	1h	93.193	+0.008%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0555%	1h	93.215	+0.031%	$7.4M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0684%	1h	93.186	long leg	$20.8M	$30.2M	50x