Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0570%/8h= −62.4% APRpaid last 24h −0.006%

Price spread now: Variational Omni against Kraken Futures−0.207%7-day average −0.065% · you buy dearer than you sell

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

Long on Kraken Futures Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.034%−$3 on $10k

Price spread, last 3 days (all we have)+0.080%+$8 · spread now −0.207%, 7d avg −0.065%

Together, before fees+0.046%+ Points / potential airdropVariational Omni: Active · farm board+$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and Variational Omni is 0.142% cheaper against Kraken Futures than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.065%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.034% in total (about -3.7% 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	94.225	0.0670	pay 0.0084% / 1h	27m 00s	$21.0M	$29.7M	50x
Short	Variational Omni HYPE	94.030	0.0100	get 0.0100% / 8h	7h 27m	$31.5M	$54.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.207%Rate

Funding earned: −$119.73
Price spread: −0.207% → −0.065%: −$14.17
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$143.9
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 2 min ago; Variational Omni: RFQ quote, 2 min ago. 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, 2 min ago	1.33 bp	8.8 bp −$9	14.1 bp −$141	20.5 bp −$2,053	62.6 bp −$31.3K
Sell Variational Omni RFQ quote, 2 min ago	0.44 bp	doesn't fit	6.2 bp −$62	24.1 bp −$2,408	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	−0.1376%	1h	94.105	−0.127%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	94.011	−0.227%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0224%	1h	94.142	−0.089%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0153%	1h	94.040	−0.196%	$706K	$959K	10x	as long as short
dYdX HYPE-USD	−0.0139%	1h	94.123	−0.108%	$129K	$31K	5x	as long as short
Bullet HYPE-USD	−0.0099%	1h	94.128	−0.104%	$113K	$580K	20x	as long as short
Phemex HYPEUSDT	−0.0097%	8h	94.105	−0.127%	$12.8M	$2.6M	50x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.142	−0.088%	$86K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.124	−0.107%	$3K	$331	25x	as long as short
Bybit HYPEUSDT	−0.0020%	8h	94.130	−0.101%	$323.3M	$280.6M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0019%	4h	94.096	−0.137%	$160K	$645K	20x	as long as short
Gate HYPE_USDT	−0.0010%	4h	94.117	−0.115%	$44.5M	$59.8M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.139	−0.092%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.157	−0.072%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0020%	4h	94.110	−0.122%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	94.121	−0.110%	$219K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0040%	1h	94.081	−0.153%	$16.4M	$7.3M	10x	as long as short
MEXC HYPE_USDT	+0.0046%	4h	94.130	−0.101%	$89.3M	$82.7M	100x	as long as short
Binance HYPEUSDT	+0.0049%	4h	94.135	−0.096%	$383.9M	$893.2M	75x	as long as short
edgeX HYPEUSDC	+0.0059%	4h	94.004	−0.235%	$5.1M	$29.9M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0079%	8h	94.135	−0.096%	$116.1M	$318.8M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.158	−0.072%	$19.2M	$59.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.148	−0.082%	$3.0M	$12.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.137	−0.093%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.114	−0.118%	$400K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.123	−0.109%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.100	−0.133%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.084	−0.150%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.227	+0.002%	$2.05B	$677.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.113	−0.119%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.139	−0.091%	$46.6M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.129	−0.102%	$228.2M	$100.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.126	−0.105%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.143	−0.087%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	94.030	−0.207%	$31.5M	$54.1M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.088	−0.146%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.057	−0.178%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.137	−0.093%	$681K	$2.6M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.146	−0.084%	$480K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.119	−0.113%	$76K	$170K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.216	−0.010%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.125	−0.106%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.151	−0.079%	$205K	$2K	10x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.158	−0.071%	—	$243K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.113	−0.119%	$18.8M	$44.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.030	−0.207%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0198%	4h	94.138	−0.092%	$17.0M	$12.2M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.281%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.147	−0.083%	$2.8M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0224%	8h	94.187	−0.040%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.130	−0.101%	$79K	$142K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0155%	1h	94.159	−0.070%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0417%	4h	94.294	+0.073%	$1.5M	$6.3M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0440%	1h	94.221	−0.004%	$7.5M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0670%	1h	94.225	long leg	$21.0M	$29.7M	50x