Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0403%/8h= −44.1% APRpaid last 24h −0.072%

Price spread now: Orderly against Kraken Futures−0.089%7-day average −0.046% · you buy dearer than you sell

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

Long on Kraken Futures Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.274%−$27 on $10k

Price spread, last 4 days (all we have)+0.107%+$11 · spread now −0.089%, 7d avg −0.046%

Together, before fees−0.166%−$17 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 Orderly is 0.043% cheaper against Kraken Futures than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.046%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.274% in total (about -14.3% 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	92.360	0.0333	pay 0.0042% / 1h	39m 13s	$20.5M	$30.5M	50x
Short	Orderly PERP_HYPE_USDC	92.278	−0.0070	pay 0.0035% / 4h	39m 13s	$157K	$663K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.089%Rate

Funding earned: −$84.58
Price spread: −0.089% → −0.046%: −$4.28
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$104.86
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 5 min ago; Orderly: 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	1.79 bp	9.6 bp −$10	12.7 bp −$127	19.5 bp −$1,948	71.4 bp −$35.7K
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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
Arcus HYPE-USD	−0.0948%	1h	92.225	−0.146%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0448%	1h	92.400	+0.043%	$193K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0171%	1h	92.348	−0.012%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	92.357	−0.003%	$87K	$356K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.370	+0.011%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDCshort	−0.0070%	4h	92.278	−0.089%	$157K	$663K	20x
Bullet HYPE-USD	−0.0049%	1h	92.331	−0.031%	$110K	$580K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.401	+0.045%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.381	+0.023%	$22K	$309K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.360	0.000%	$61K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0003%	4h	92.356	−0.004%	$8.7M	$36.4M	300x	as long as short
Ondo Perps HYPE-USD.P	+0.0008%	1h	92.300	−0.065%	$695K	$1.1M	10x	as long as short
BingX HYPE-USDT	+0.0030%	4h	92.341	−0.020%	—	$53.3M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.379	+0.021%	$209K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0054%	8h	92.260	−0.108%	$315.5M	$281.3M	75x	as long as short
Phemex HYPEUSDT	+0.0057%	8h	92.295	−0.070%	$12.5M	$2.7M	50x	as long as short
Gate HYPE_USDT	+0.0060%	4h	92.342	−0.019%	$44.3M	$54.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0079%	8h	92.271	−0.096%	$112.9M	$302.0M	50x	as long as short
MEXC HYPE_USDT	+0.0080%	4h	92.267	−0.100%	$87.0M	$80.5M	100x	as long as short
Derive HYPE-PERP	+0.0084%	1h	92.265	−0.103%	$16.0M	$7.5M	10x	as long as short
Binance HYPEUSDT	+0.0085%	4h	92.296	−0.070%	$370.0M	$900.7M	75x	as long as short
edgeX HYPEUSDC	+0.0089%	4h	92.287	−0.079%	$4.9M	$29.5M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0092%	8h	92.406	+0.050%	$338K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.297	−0.067%	$16.0M	$62.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.300	−0.065%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.327	−0.035%	$68K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.340	−0.021%	$39K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.328	−0.034%	$6.8M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.390	+0.033%	$2.01B	$663.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.387	+0.029%	$10.0M	$15.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.245	−0.124%	$201K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.342	−0.019%	$45.8M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.296	−0.069%	$223.9M	$98.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.360	0.000%	$7.3M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.258	−0.110%	$28.3M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.315	−0.049%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.289	−0.077%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.275	−0.092%	$662K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.390	+0.032%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.357	−0.003%	$475K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.277	−0.090%	$78K	$170K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.361	+0.001%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.280	−0.086%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.535	+0.190%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.259	−0.109%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.310	−0.054%	$390K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.693%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.420	+0.065%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0255%	8h	92.395	+0.038%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0261%	1h	92.335	−0.026%	$79K	$138K	15x	as long as short
BloFin HYPE-USDT	+0.0325%	4h	92.277	−0.090%	$16.7M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.354	−0.007%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0333%	1h	92.360	long leg	$20.5M	$30.5M	50x
Deribit HYPE_USDC-PERPETUAL	+0.0465%	1h	92.382	+0.024%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.412	+0.057%	$3.1M	$6.4M	20x	as long as short