Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0231%/8h= +25.3% APRpaid last 24h +0.033%

Price spread now: Kraken Futures against KuCoin+0.076%7-day average +0.045% · you sell dearer than you buy

Net, funding: paid 7d − costs−$28as in the Funding arb table

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

costs, in and out, $10k−$390.387% of the position

Long on KuCoin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.112%+$11 on $10k

Price spread, last 4 days (all we have)−0.121%−$12 · spread now +0.076%, 7d avg +0.045%

Together, before fees−0.009%−$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Kraken Futures is 0.032% dearer against KuCoin than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.045%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.112% in total (about 5.9% 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	KuCoin HYPEUSDTM	92.841	0.0100	pay 0.0050% / 4h	9m 14s	$46.1M	$18.4M	75x
Short	Kraken Futures PF_HYPEUSD	92.912	0.0331	get 0.0041% / 1h	9m 14s	$20.6M	$30.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against KuCoin. 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 KuCoinbpFee Kraken FuturesbpOrdersPrice spread, now +0.076%Rate

Funding earned: $48.56
Price spread: +0.076% → +0.045%: $3.17
Slippage, 4 orders: −$16.73
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $13
Costs to cover: 0.387%
Break-even: 5.1 days

Slippage from KuCoin: live order book, 10 min ago; Kraken Futures: live order book, 5 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 KuCoin live order book, 10 min ago	0.70 bp	11.7 bp −$12	15.7 bp −$157	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 5 min ago	1.02 bp	9.4 bp −$9	13.5 bp −$135	18.9 bp −$1,892	61.3 bp −$30.7K

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	92.785	−0.060%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0280%	1h	92.747	−0.102%	$194K	$227K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0254%	1h	92.788	−0.057%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.848	+0.008%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0064%	4h	92.801	−0.043%	$157K	$660K	20x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	92.866	+0.027%	$87K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.856	+0.016%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.836	−0.005%	$22K	$302K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.856	+0.016%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0023%	8h	92.819	−0.024%	$12.5M	$2.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet HYPE-USD	+0.0032%	1h	92.818	−0.025%	$110K	$579K	20x	as long as short
Ondo Perps HYPE-USD.P	+0.0033%	1h	92.790	−0.055%	$697K	$1.1M	10x	as long as short
BingX HYPE-USDT	+0.0036%	4h	92.829	−0.013%	—	$53.5M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.820	−0.023%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0044%	8h	92.822	−0.020%	$316.9M	$280.8M	75x	as long as short
Aster HYPEUSDT	+0.0057%	4h	92.835	−0.007%	$8.7M	$36.1M	300x	as long as short
OKX HYPE-USDT-SWAP	+0.0094%	8h	92.838	−0.003%	$113.8M	$303.8M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	92.860	+0.020%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.846	+0.005%	$16.1M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.852	+0.012%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.836	−0.005%	$69K	$1.1M	50x	as long as short
Gate HYPE_USDT	+0.0096%	4h	92.827	−0.015%	$44.5M	$55.4M	75x	as long as short
Bitget HYPEUSDT	+0.0098%	4h	92.825	−0.017%	$224.7M	$98.7M	75x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.810	−0.033%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.829	−0.012%	$7.0M	$45.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.878	+0.040%	$2.02B	$662.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.863	+0.024%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.834	−0.008%	$373.0M	$902.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.760	−0.087%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.838	−0.003%	$88.1M	$81.0M	100x	as long as short
KuCoin HYPEUSDTMlong	+0.0100%	4h	92.841	long leg	$46.1M	$18.4M	75x
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.824	−0.018%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.788	−0.057%	$28.7M	$57.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.819	−0.024%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.799	−0.045%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.816	−0.027%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.876	+0.038%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.848	+0.008%	$468K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.809	−0.034%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.805	−0.039%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.871	+0.032%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.830	−0.012%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.960	+0.128%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.806	−0.038%	$18.1M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.823	−0.019%	$392K	$164K	20x	as long as short
edgeX HYPEUSDC	+0.0114%	4h	92.797	−0.048%	$4.9M	$29.5M	30x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.171%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.890	+0.053%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0232%	8h	92.892	+0.055%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0263%	1h	92.826	−0.016%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.836	−0.006%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSDshort	+0.0331%	1h	92.912	+0.076%	$20.6M	$30.4M	50x
BloFin HYPE-USDT	+0.0340%	4h	92.799	−0.045%	$16.7M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0364%	1h	92.923	+0.088%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.895	+0.058%	$3.2M	$6.4M	20x	as long as short