Funding you earn now, next payment 00:00 UTC−0.0638%/8h= −69.9% APRnext payment −$0.80 per $10,000 · paid last 24h +0.010%
Price spread now: Phoenix against Kraken Futures+0.148%71s7-day average +0.043% · you sell dearer than you buy
Net, funding: paid 7d − costs−$11as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$300.302% of the position
Funding, last 7 days+0.192%+$19 on $10k
+Price spread, last 3 days (all we have)−0.152%−$15 · spread now +0.148%, 7d avg +0.043%
=The price spread pays, funding is against you. Phoenix is 0.105% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.148% now, against its 7-day average of +0.043%): +$11 on $10k if it goes back. Holding the pair costs −$19 a day in funding at the current rate, which eats that in about 13 hours. Mind the row above: over the last 7 days funding on this pair paid +0.192%, so the current rate has only just turned against you. The two prices were read 71 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.192% in total (about 10.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.80 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 | 93.906 | 0.0672 | pay 0.0084% / 1h | 4m 08s | $20.9M | $29.7M | 50x |
| Short | Phoenix HYPE | 94.045 | 0.0034 | get 0.0004% / 1h | 4m 08s | $214K | $1.2M | 10x |
Kraken Futures PF_HYPEUSD
Phoenix HYPEFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$134.06
- Price spread: +0.148% → +0.043%
- $10.53
- Slippage, 4 orders
- −$13.2
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$153.74
- Costs to cover
- 0.302%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 5 min ago; Phoenix: live order book, 4 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, 5 min ago | 1.38 bp | 10.6 bp −$11 | 14.0 bp −$140 | 25.4 bp −$2,542 | 65.6 bp −$32.8K |
| Sell Phoenix live order book, 4 min ago | 1.06 bp | 5.6 bp −$6 | 9.8 bp −$98 | 115.7 bp −$11.6K | 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 | −0.1120% | 1h | 93.756 | −0.160% | $198K | $228K | 7x | as long as short |
| Arcus HYPE-USD | −0.0625% | 1h | 93.785 | −0.129% | $1.2M | $3.9M | 10x | as long as short |
| Aftermath Perps HYPEUSD | −0.0194% | 1h | 93.910 | +0.004% | $22K | $21K | 10x | as long as short |
| Ondo Perps HYPE-USD.P | −0.0090% | 1h | 93.810 | −0.102% | $710K | $958K | 10x | as long as short |
| dYdX HYPE-USD | −0.0081% | 1h | 93.953 | +0.051% | $129K | $31K | 5x | as long as short |
| 01 Exchange HYPEUSD | −0.0080% | 1h | 93.884 | −0.023% | $86K | $359K | 20x | as long as short |
| Hotstuff HYPE-PERP | −0.0080% | 1h | 93.912 | +0.007% | $3K | $331 | 25x | as long as short |
| Phemex HYPEUSDT | −0.0073% | 8h | 93.801 | −0.112% | $12.8M | $2.6M | 50x | as long as short |
| Bullet HYPE-USD | −0.0046% | 1h | 93.872 | −0.036% | $113K | $580K | 20x | as long as short |
| Orderly PERP_HYPE_USDC | −0.0035% | 4h | 93.840 | −0.070% | $159K | $643K | 20x | as long as short |
Hibachi HYPE/USDT-P
Arcus HYPE-USD
Aftermath Perps HYPEUSD
Ondo Perps HYPE-USD.P
dYdX HYPE-USD
01 Exchange HYPEUSD
Hotstuff HYPE-PERP
Phemex HYPEUSDT
Bullet HYPE-USD
Orderly PERP_HYPE_USDCShow all 55 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Gate HYPE_USDT | −0.0014% | 4h | 93.771 | −0.143% | $44.4M | $60.4M | 75x | as long as short |
| Perpl HYPE | 0.0000% | 43m | 93.919 | +0.014% | $23K | $327K | 10x | as long as short |
| gTrade (Gains Network) HYPE/USD | L +0.0002% / S −0.0003% | 1h | 93.898 | −0.008% | $27K | — | 150x | as long as short |
| Aster HYPEUSDT | +0.0004% | 4h | 93.836 | −0.074% | $8.9M | $36.0M | 300x | as long as short |
| Derive HYPE-PERP | +0.0016% | 1h | 93.810 | −0.102% | $16.4M | $7.6M | 10x | as long as short |
| Bybit HYPEUSDT | +0.0025% | 8h | 93.748 | −0.168% | $322.5M | $278.7M | 75x | as long as short |
| Phoenix HYPEshort | +0.0034% | 1h | 94.045 | +0.148% | $214K | $1.2M | 10x | |
| MEXC HYPE_USDT | +0.0054% | 4h | 93.791 | −0.122% | $88.2M | $83.4M | 100x | as long as short |
| Binance HYPEUSDT | +0.0054% | 4h | 93.792 | −0.121% | $383.0M | $893.4M | 75x | as long as short |
| OKX HYPE-USDT-SWAP | +0.0071% | 8h | 93.706 | −0.213% | $115.9M | $314.1M | 50x | as long as short |
| edgeX HYPEUSDC | +0.0074% | 4h | 93.859 | −0.050% | $5.1M | $29.7M | 30x | as long as short |
| Bluefin HYPE-PERP | +0.0076% | 1h | 93.841 | −0.069% | $76K | $170K | 20x | as long as short |
| Lighter HYPE | +0.0096% | 1h | 93.866 | −0.043% | $18.9M | $60.8M | 20x | as long as short |
| Lighter RH HYPE | +0.0096% | 1h | 93.839 | −0.071% | $3.0M | $12.2M | 20x | as long as short |
| Popdex HYPEUSDT | +0.0096% | 1h | 93.881 | −0.026% | $64K | $1.2M | 50x | as long as short |
| Aevo HYPE-PERP | +0.0096% | 1h | 93.851 | −0.058% | $399K | $180K | 20x | as long as short |
| Paradex HYPE-USD-PERP | +0.0099% | 8h | 93.983 | +0.082% | $341K | $165K | 20x | as long as short |
| Katana Perps HYPE-USD | +0.0100% | 8h | 93.900 | −0.006% | $31K | $1.6M | 10x | as long as short |
| Nado HYPE-PERP | +0.0100% | 1h | 93.927 | +0.023% | $6.6M | $44.6M | 10x | as long as short |
| Hyperliquid HYPE | +0.0100% | 1h | 93.843 | −0.067% | $2.05B | $668.8M | 10x | as long as short |
| Pacifica HYPE | +0.0100% | 1h | 93.935 | +0.031% | $10.1M | $14.7M | 20x | as long as short |
| KuCoin HYPEUSDTM | +0.0100% | 4h | 93.895 | −0.011% | $46.6M | $18.2M | 75x | as long as short |
| Bitget HYPEUSDT | +0.0100% | 4h | 93.798 | −0.115% | $227.1M | $100.2M | 75x | as long as short |
| BingX HYPE-USDT | +0.0100% | 4h | 93.777 | −0.137% | — | $53.9M | — | as long as short |
| Backpack HYPE_USDC_PERP | +0.0100% | 1h | 93.736 | −0.181% | $7.9M | $10.6M | 20x | as long as short |
| Variational Omni HYPE | +0.0100% | 8h | 93.768 | −0.147% | $31.3M | $53.6M | — | as long as short |
| GRVT HYPE_USDT_Perp | +0.0100% | 4h | 93.999 | +0.099% | $7.6M | $46.1M | 10x | as long as short |
| ApeX Omni HYPEUSDT | +0.0100% | 1h | 94.020 | +0.122% | $340K | $1.1M | 50x | as long as short |
| StandX HYPE-USD | +0.0100% | 1h | 93.827 | −0.084% | $670K | $2.6M | 20x | as long as short |
| Vest HYPE-PERP | +0.0100% | 1h | 93.910 | +0.004% | — | $243K | 5x | as long as short |
| Polymarket Perps HYPE-USD | +0.0100% | 1h | 93.906 | 0.000% | $474K | $2.5M | 20x | as long as short |
| SunX HYPE-USDT | +0.0100% | 4h | 93.940 | +0.036% | $32K | $1.6M | 20x | as long as short |
| SoDEX HYPE-USD | +0.0100% | 1h | 93.824 | −0.087% | $2.0M | $2.0M | 10x | as long as short |
| Bulk HYPE-USD | +0.0100% | 1h | 93.894 | −0.013% | $204K | $10K | 10x | as long as short |
| Extended HYPE-USD | +0.0104% | 1h | 93.803 | −0.110% | $18.4M | $45.0M | 50x | as long as short |
| Coinbase International HYPE-PERP-INTX | +0.0144% | 1h | 93.900 | −0.006% | $4.9M | $5.5M | 50x | as long as short |
| Injective HYPE/USDC PERP | +0.0205% | 1h | 93.760 | −0.155% | $30K | $338K | 12x | as long as short |
| BloFin HYPE-USDT | +0.0216% | 4h | 93.818 | −0.093% | $17.1M | $12.1M | 75x | as long as short |
| RISEx HYPE/USDC | +0.0222% | 1h | 93.933 | +0.029% | $2.7M | $6.7M | 20x | as long as short |
| Kalshi KXHYPEPERP | +0.0246% | 8h | 93.912 | +0.007% | $1.9M | $5.1M | 2.3x | as long as short |
| Reya HYPERUSDPERP | +0.0252% | 1h | 93.873 | −0.035% | $79K | $143K | 15x | as long as short |
| GMX HYPE/USD [WBTC.b-USDC] | L +0.0333% / S −0.0157% | 1h | 93.895 | −0.011% | $1.4M | — | 100x | as long as short |
| HTX HYPE-USDT | +0.0366% | 4h | 94.112 | +0.220% | $1.5M | $6.0M | 75x | as long as short |
| Deribit HYPE_USDC-PERPETUAL | +0.0421% | 1h | 93.922 | +0.017% | $7.5M | $4.6M | 50x | as long as short |
| Kraken Futures PF_HYPEUSDlong | +0.0672% | 1h | 93.906 | long leg | $20.9M | $29.7M | 50x |
Gate HYPE_USDT
Perpl HYPE
gTrade (Gains Network) HYPE/USD
Aster HYPEUSDT
Derive HYPE-PERP
Bybit HYPEUSDT
MEXC HYPE_USDT
Binance HYPEUSDT
OKX HYPE-USDT-SWAP
edgeX HYPEUSDC
Bluefin HYPE-PERP
Lighter HYPE
Lighter RH HYPE
Popdex HYPEUSDT
Aevo HYPE-PERP
Paradex HYPE-USD-PERP
Katana Perps HYPE-USD
Nado HYPE-PERP
Hyperliquid HYPE
Pacifica HYPE
KuCoin HYPEUSDTM
Bitget HYPEUSDT
BingX HYPE-USDT
Backpack HYPE_USDC_PERP
Variational Omni HYPE
GRVT HYPE_USDT_Perp
ApeX Omni HYPEUSDT
StandX HYPE-USD
Vest HYPE-PERP
Polymarket Perps HYPE-USD
SunX HYPE-USDT
SoDEX HYPE-USD
Bulk HYPE-USD
Extended HYPE-USD
Coinbase International HYPE-PERP-INTX
Injective HYPE/USDC PERP
BloFin HYPE-USDT
RISEx HYPE/USDC
Kalshi KXHYPEPERP
Reya HYPERUSDPERP
GMX HYPE/USD [WBTC.b-USDC]
HTX HYPE-USDT
Deribit HYPE_USDC-PERPETUAL