HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0241%/8h= −26.4% APRnext payment −$0.30 per $10,000 · paid last 24h −0.034%

Price spread now: SoDEX against Kraken Futures−0.073%7-day average −0.041% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$330.332% of the position

Long on Kraken Futures Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.077%−$8 on $10k

Price spread, last 4 days (all we have)+0.041%+$4 · spread now −0.073%, 7d avg −0.041%

Together, before fees−0.035%−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and SoDEX is 0.031% cheaper against Kraken Futures than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.041%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.077% in total (about -8.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.30 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	93.501	0.0341	pay 0.0043% / 1h	45m 19s	$20.8M	$29.6M	50x
Short	SoDEX HYPE-USD	93.433	0.0100	get 0.0013% / 1h	45m 19s	$2.0M	$1.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.073%Rate

Funding earned: −$50.55
Price spread: −0.073% → −0.041%: −$3.13
Slippage, 4 orders: −$15.2
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$86.88
Costs to cover: 0.332%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 4 min ago; SoDEX: 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, 4 min ago	1.71 bp	9.9 bp −$10	13.9 bp −$139	18.7 bp −$1,874	61.2 bp −$30.6K
Sell SoDEX live order book, 4 min ago	0.21 bp	7.0 bp −$7	12.5 bp −$125	98.5 bp −$9,849	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	−0.1816%	1h	93.346	−0.165%	$196K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0381%	1h	93.513	+0.013%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.463	−0.041%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0061%	1h	93.425	−0.082%	$111K	$578K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0027%	4h	93.420	−0.087%	$146K	$663K	20x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.454	−0.050%	$88K	$366K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0020%	1h	93.410	−0.097%	$702K	$1.2M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.502	+0.001%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.435	−0.070%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.457	−0.046%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus HYPE-USD	+0.0011%	1h	93.425	−0.081%	$1.0M	$3.9M	10x	as long as short
Bitget HYPEUSDT	+0.0018%	4h	93.421	−0.085%	$226.0M	$98.8M	75x	as long as short
Bybit HYPEUSDT	+0.0023%	8h	93.410	−0.097%	$317.7M	$283.7M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.637	+0.146%	$209K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0027%	8h	93.429	−0.077%	$12.6M	$2.7M	50x	as long as short
edgeX HYPEUSDC	+0.0081%	4h	93.544	+0.046%	$5.0M	$30.0M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.509	+0.008%	$340K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.447	−0.058%	$16.1M	$63.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.438	−0.067%	$3.1M	$11.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.447	−0.058%	$77K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.430	−0.076%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.462	−0.041%	$7.8M	$48.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.493	−0.008%	$2.04B	$668.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.440	−0.065%	$8.7M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.476	−0.027%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.433	−0.073%	$374.6M	$911.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.427	−0.079%	$114.7M	$309.4M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.614	+0.121%	$204K	$3K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.435	−0.071%	$46.5M	$54.0M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.441	−0.064%	$91.7M	$80.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.443	−0.062%	$46.8M	$18.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.425	−0.081%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.500	−0.001%	$7.3M	$10.9M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.419	−0.088%	$28.7M	$56.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.490	−0.012%	$7.5M	$47.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.540	+0.042%	$343K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.478	−0.025%	$669K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.507	+0.007%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.457	−0.047%	$490K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.436	−0.069%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.416	−0.090%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.416	−0.091%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USDshort	+0.0100%	1h	93.433	−0.073%	$2.0M	$1.9M	10x
HTX HYPE-USDT	+0.0100%	4h	93.608	+0.115%	$1.4M	$6.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.398	−0.110%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.425	−0.081%	$395K	$161K	20x	as long as short
Kalshi KXHYPEPERP	+0.0107%	8h	93.517	+0.017%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.410	−0.097%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.530	+0.031%	$4.8M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0268%	1h	93.422	−0.085%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.456	−0.048%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.426	−0.080%	$16.9M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0341%	1h	93.501	long leg	$20.8M	$29.6M	50x
Deribit HYPE_USDC-PERPETUAL	+0.0392%	1h	93.525	+0.026%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.496	−0.005%	$3.2M	$6.3M	20x	as long as short