HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0835%/8h= −91.4% APRnext payment −$1.04 per $10,000 · paid last 24h −0.040%

Price spread now: Ondo Perps against Kraken Futures−0.303%7-day average −0.120% · you buy dearer than you sell

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

Long on Kraken Futures Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.210%−$21 on $10k

Price spread, last 3 days (all we have)+0.209%+$21 · spread now −0.303%, 7d avg −0.120%

Together, before fees0.000%+ Points / potential airdropOndo Perps: Active · farm board$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$25 a day on $10k at the current rate, and Ondo Perps is 0.183% cheaper against Kraken Futures than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of −0.120%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.210% in total (about -10.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.04 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	93.363	0.0683	pay 0.0085% / 1h	39m 19s	$20.8M	$30.2M	50x
Short	Ondo Perps HYPE-USD.P	93.080	−0.0152	pay 0.0019% / 1h	39m 19s	$696K	$981K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now −0.303%Rate

Funding earned: −$175.37
Price spread: −0.303% → −0.120%: −$18.27
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$208.63
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 5 min ago; Ondo Perps: 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	0.86 bp	8.9 bp −$9	12.6 bp −$126	18.8 bp −$1,881	68.7 bp −$34.4K
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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
Hibachi HYPE/USDT-P	−0.0944%	1h	92.980	−0.410%	$196K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	92.992	−0.397%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0167%	1h	93.221	−0.152%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.Pshort	−0.0152%	1h	93.080	−0.303%	$696K	$981K	10x
Backpack HYPE_USDC_PERP	−0.0097%	1h	93.053	−0.332%	$7.8M	$10.4M	20x	as long as short
Gate HYPE_USDT	−0.0096%	4h	93.250	−0.121%	$44.2M	$54.2M	75x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.153	−0.225%	$84K	$357K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.062	−0.322%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0057%	4h	93.228	−0.144%	$156K	$652K	20x	as long as short
Aster HYPEUSDT	−0.0042%	4h	93.121	−0.259%	$8.8M	$36.3M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin HYPE-PERP	−0.0028%	1h	93.257	−0.113%	$79K	$174K	20x	as long as short
Phemex HYPEUSDT	−0.0005%	8h	93.065	−0.319%	$12.6M	$2.7M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.089	−0.294%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.255	−0.115%	$22K	$333K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.286	−0.082%	$25K	—	150x	as long as short
Bybit HYPEUSDT	+0.0003%	8h	93.253	−0.118%	$320.7M	$286.2M	75x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.257	−0.113%	—	$54.3M	—	as long as short
Bullet HYPE-USD	+0.0030%	1h	93.263	−0.107%	$111K	$579K	20x	as long as short
MEXC HYPE_USDT	+0.0040%	4h	93.269	−0.100%	$87.6M	$82.5M	100x	as long as short
Binance HYPEUSDT	+0.0040%	4h	93.255	−0.115%	$379.4M	$906.8M	75x	as long as short
edgeX HYPEUSDC	+0.0056%	4h	93.325	−0.041%	$5.1M	$29.8M	30x	as long as short
Phoenix HYPE	+0.0060%	1h	93.233	−0.139%	$212K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0067%	8h	93.250	−0.121%	$114.8M	$315.3M	50x	as long as short
Derive HYPE-PERP	+0.0067%	1h	93.215	−0.158%	$16.2M	$7.6M	10x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.277	−0.092%	$397K	$177K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.239	−0.133%	$339K	$165K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.129	−0.250%	$16.3M	$62.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.126	−0.254%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.152	−0.226%	$65K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.020	−0.367%	$18K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.215	−0.158%	$5.6M	$45.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.341	−0.023%	$2.04B	$668.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.157	−0.220%	$10.0M	$14.8M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.404	+0.044%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.168	−0.209%	$45.9M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.270	−0.099%	$225.7M	$100.8M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.151	−0.227%	$30.9M	$55.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.195	−0.180%	$7.5M	$48.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.355	−0.008%	$337K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.050	−0.335%	$664K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.242	−0.130%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.208	−0.166%	$466K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.322	−0.044%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.260	−0.110%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.239	−0.133%	$18.3M	$44.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.310	−0.056%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.050	−0.335%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0175%	4h	93.407	+0.047%	$17.0M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.162	−0.215%	$2.7M	$6.7M	20x	as long as short
HTX HYPE-USDT	+0.0238%	4h	93.300	−0.067%	$1.4M	$6.1M	75x	as long as short
Reya HYPERUSDPERP	+0.0254%	1h	93.254	−0.116%	$79K	$142K	15x	as long as short
Kalshi KXHYPEPERP	+0.0260%	8h	93.177	−0.199%	$1.9M	$5.2M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0158%	1h	93.279	−0.089%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0672%	1h	93.369	+0.007%	$7.4M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0683%	1h	93.363	long leg	$20.8M	$30.2M	50x