HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0359%/8h= −39.3% APRnext payment −$0.45 per $10,000 · paid last 24h −0.068%

Price spread now: 01 Exchange against Kraken Futures−0.090%7-day average −0.013% · 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−$37as in the Price arb table

costs, in and out, $10k−$290.290% of the position

Long on Kraken Futures Short on 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.109%−$11 on $10k

Price spread, last 4 days (all we have)+0.138%+$14 · spread now −0.090%, 7d avg −0.013%

Together, before fees+0.029%+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and 01 Exchange is 0.078% cheaper against Kraken Futures than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.013%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.109% in total (about -10.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.45 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	94.241	0.0223	pay 0.0028% / 1h	56m 25s	$20.2M	$30.3M	50x
Short	01 Exchange HYPEUSD	94.156	−0.0136	pay 0.0017% / 1h	56m 25s	$87K	$366K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now −0.090%Rate

Funding earned: −$75.43
Price spread: −0.090% → −0.013%: −$7.75
Slippage, 4 orders: −$11.98
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$112.16
Costs to cover: 0.290%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; 01 Exchange: live order book, 48 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, 3 min ago	1.49 bp	8.6 bp −$9	9.8 bp −$98	21.7 bp −$2,165	62.4 bp −$31.2K
Sell 01 Exchange live order book, 48 min ago	0.05 bp	5.7 bp −$6	9.7 bp −$97	doesn't fit	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	−0.1112%	1h	94.027	−0.227%	$201K	$235K	7x	as long as short
Bluefin HYPE-PERP	−0.0480%	1h	94.119	−0.129%	$79K	$155K	20x	as long as short
Bullet HYPE-USD	−0.0365%	1h	94.122	−0.126%	$112K	$576K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0259%	1h	94.070	−0.181%	$709K	$1.2M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0166%	1h	94.208	−0.035%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSDshort	−0.0136%	1h	94.156	−0.090%	$87K	$366K	20x
Hotstuff HYPE-PERP	−0.0080%	1h	94.131	−0.117%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.135	−0.112%	$1.0M	$3.6M	10x	as long as short
Derive HYPE-PERP	−0.0039%	1h	94.050	−0.203%	$16.4M	$7.5M	10x	as long as short
Bybit HYPEUSDT	−0.0013%	8h	94.150	−0.097%	$317.0M	$289.5M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	−0.0012%	4h	94.130	−0.118%	—	$53.6M	—	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	94.137	−0.110%	$146K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.176	−0.069%	$129K	$26K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.207	−0.036%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.181	−0.064%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.160	−0.086%	$117K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	94.254	+0.014%	$208K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	94.154	−0.092%	$226.5M	$100.2M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0059%	8h	94.202	−0.041%	$337K	$156K	20x	as long as short
Phemex HYPEUSDT	+0.0059%	8h	94.117	−0.132%	$12.8M	$2.9M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.220	−0.022%	$4.7M	$6.2M	50x	as long as short
Polymarket Perps HYPE-USD	+0.0076%	1h	94.154	−0.092%	$495K	$2.8M	20x	as long as short
edgeX HYPEUSDC	+0.0087%	4h	94.094	−0.156%	$5.0M	$30.6M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0089%	8h	94.164	−0.082%	$117.4M	$322.7M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.174	−0.071%	$16.3M	$63.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.176	−0.069%	$3.2M	$10.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.131	−0.117%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.160	−0.086%	$17K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.130	−0.117%	$7.3M	$50.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.242	+0.001%	$2.07B	$689.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.150	−0.097%	$8.8M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.192	−0.052%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.148	−0.099%	$376.7M	$932.9M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.065	−0.187%	$217K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.129	−0.119%	$49.2M	$56.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.122	−0.126%	$90.8M	$81.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.129	−0.119%	$46.9M	$18.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.093	−0.157%	$7.5M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.059	−0.194%	$29.1M	$55.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.167	−0.079%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.120	−0.128%	$362K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.133	−0.115%	$681K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.191	−0.054%	—	$243K	5x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.180	−0.065%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.180	−0.065%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.243	+0.002%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.148	−0.099%	$18.3M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.166	−0.079%	$398K	$159K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0021%	1h	94.155	−0.092%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0175%	1h	94.260	+0.020%	$7.4M	$4.3M	50x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.110	−0.139%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0223%	1h	94.241	long leg	$20.2M	$30.3M	50x
RISEx HYPE/USDC	+0.0249%	1h	94.172	−0.073%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.103	−0.146%	$82K	$134K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.130	−0.118%	$17.0M	$12.4M	75x	as long as short