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Funding arb · Price arb /

HYPE

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 22:00 UTC+0.0431%/8h= +47.2% APRnext payment +$0.54 per $10,000 · paid last 24h −0.020%
Price spread now: Kraken Futures against Phoenix+0.135%7-day average −0.046% · you sell dearer than you buy
Net, funding: paid 7d − costs−$45as in the Funding arb table
Net, price: spread back to 7d avg − costs−$6as in the Price arb table
costs, in and out, $10k−$240.243% of the position
Long on PhoenixShort on Kraken Futures
What this pair did over the last
the charts below follow
Funding, last 7 days−0.209%−$21 on $10k
Price spread, last 3 days (all we have)−0.232%−$23 · spread now +0.135%, 7d avg −0.046%
Together, before fees−0.441%−$44 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Kraken Futures is 0.181% dearer against Phoenix than usual: you sell high and buy low: +$18 more if the spread goes back to its 7-day average of −0.046%. Mind the row above: over the last 7 days funding on this pair cost −0.209%, so the current rate has only just turned in your favour.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.209% in total (about -10.9% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.54 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhoenix HYPE93.1780.0034pay 0.0004% / 1h47m 17s$216K$1.2M10x
ShortKraken Futures PF_HYPEUSD93.3040.0466get 0.0058% / 1h47m 17s$20.8M$28.6M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Kraken Futures against Phoenix. 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

Funding earned
$90.56
Price spread: +0.135% → −0.046%
$18.08
Slippage, 4 orders
−$7.27
Fee Phoenix: 3.5 bp × 2 orders
−$7
Fee Kraken Futures: 5 bp × 2 orders
−$10
Net
$84.37
Costs to cover
0.243%
Break-even
0.5 days
Slippage from Phoenix: live order book, 1 min ago; Kraken Futures: live order book, 2 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Phoenix live order book, 1 min ago1.18 bp5.6 bp −$610.6 bp −$106doesn't fitdoesn't fit
Sell Kraken Futures live order book, 2 min ago0.05 bp6.4 bp −$66.5 bp −$6514.3 bp −$1,42762.2 bp −$31.1K

HYPE on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Aftermath Perps HYPEUSD−0.0320%1h93.105−0.079%$22K$22K10xas long as short
Arcus HYPE-USD−0.0131%1h93.194+0.017%$1.2M$4.0M10xas long as short
Hotstuff HYPE-PERP−0.0080%1h93.221+0.046%$3K$33125xas long as short
Hibachi HYPE/USDT-P−0.0080%1h93.088−0.097%$197K$231K7xas long as short
01 Exchange HYPEUSD−0.0008%1h93.245+0.072%$90K$362K20xas long as short
Ondo Perps HYPE-USD.P−0.0002%1h93.120−0.062%$697K$924K10xas long as short
dYdX HYPE-USD0.0000%1h93.275+0.104%$127K$32K5xas long as short
Kalshi KXHYPEPERP0.0000%8h93.244+0.071%$1.9M$5.3M2.3xas long as short
Perpl HYPE0.0000%43m93.203+0.026%$23K$331K10xas long as short
gTrade (Gains Network) HYPE/USDL +0.0002% / S −0.0001%1h93.200+0.024%$20K—150xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Aster HYPEUSDT+0.0005%4h93.189+0.012%$8.9M$36.0M300xas long as short
Derive HYPE-PERP+0.0016%1h93.141−0.040%$16.3M$7.1M10xas long as short
Popdex HYPEUSDT+0.0016%1h93.215+0.040%$57K$1.2M50xas long as short
Bybit HYPEUSDT+0.0031%8h93.180+0.002%$323.9M$286.9M75xas long as short
Phoenix HYPElong+0.0034%1h93.178long leg$216K$1.2M10x
Orderly PERP_HYPE_USDC+0.0039%4h93.189+0.012%$169K$520K20xas long as short
Gate HYPE_USDT+0.0066%4h93.172−0.006%$43.7M$57.6M75xas long as short
Bullet HYPE-USD+0.0083%1h93.144−0.036%$112K$579K20xas long as short
Lighter HYPE+0.0096%1h93.241+0.068%$18.5M$58.5M20xas long as short
Lighter RH HYPE+0.0096%1h93.234+0.060%$3.0M$12.1M20xas long as short
MEXC HYPE_USDT+0.0096%4h93.170−0.009%$90.4M$81.5M100xas long as short
Binance HYPEUSDT+0.0098%4h93.192+0.015%$383.5M$892.3M75xas long as short
Paradex HYPE-USD-PERP+0.0099%8h93.211+0.035%$339K$170K20xas long as short
Katana Perps HYPE-USD+0.0100%8h93.200+0.024%$40K$1.6M10xas long as short
Nado HYPE-PERP+0.0100%1h93.189+0.012%$5.9M$44.1M10xas long as short
Hyperliquid HYPE+0.0100%1h93.224+0.049%$2.03B$671.2M10xas long as short
Pacifica HYPE+0.0100%1h93.242+0.069%$10.0M$14.3M20xas long as short
OKX HYPE-USDT-SWAP+0.0100%8h93.180+0.002%$114.1M$314.4M50xas long as short
Bulk HYPE-USD+0.0100%1h92.884−0.315%$203K$10K10xas long as short
KuCoin HYPEUSDTM+0.0100%4h93.175−0.003%$47.2M$19.1M75xas long as short
Bitget HYPEUSDT+0.0100%4h93.197+0.020%$225.9M$102.8M75xas long as short
BingX HYPE-USDT+0.0100%4h93.182+0.004%—$54.0M—as long as short
Backpack HYPE_USDC_PERP+0.0100%1h93.130−0.052%$7.8M$11.7M20xas long as short
Variational Omni HYPE+0.0100%8h92.887−0.312%$28.9M$50.5M—as long as short
GRVT HYPE_USDT_Perp+0.0100%4h92.983−0.210%$7.5M$45.3M10xas long as short
ApeX Omni HYPEUSDT+0.0100%1h93.003−0.188%$411K$1.0M50xas long as short
StandX HYPE-USD+0.0100%1h93.000−0.191%$673K$2.5M20xas long as short
Vest HYPE-PERP+0.0100%1h93.205+0.029%—$454K5xas long as short
Polymarket Perps HYPE-USD+0.0100%1h93.245+0.072%$493K$2.6M20xas long as short
SunX HYPE-USDT+0.0100%4h93.248+0.075%$32K$1.6M20xas long as short
SoDEX HYPE-USD+0.0100%1h93.189+0.012%$2.0M$2.0M10xas long as short
Phemex HYPEUSDT+0.0100%8h93.211+0.035%$12.7M$2.6M50xas long as short
Extended HYPE-USD+0.0104%1h93.175−0.003%$18.3M$42.2M50xas long as short
Aevo HYPE-PERP+0.0104%1h93.190+0.013%$396K$318K20xas long as short
edgeX HYPEUSDC+0.0108%4h92.923−0.273%$5.0M$29.5M30xas long as short
Coinbase International HYPE-PERP-INTX+0.0176%1h93.170−0.009%$4.9M$5.7M50xas long as short
Injective HYPE/USDC PERP+0.0239%1h93.170−0.009%$30K$338K12xas long as short
Reya HYPERUSDPERP+0.0246%1h93.183+0.006%$78K$158K15xas long as short
RISEx HYPE/USDC+0.0280%1h93.281+0.111%$2.8M$6.8M20xas long as short
HTX HYPE-USDT+0.0287%4h93.238+0.064%$1.5M$7.7M75xas long as short
Bluefin HYPE-PERP+0.0304%1h93.207+0.031%$76K$168K20xas long as short
BloFin HYPE-USDT+0.0338%4h93.072−0.114%$17.0M$12.4M75xas long as short
GMX HYPE/USD [WBTC.b-USDC]L +0.0340% / S −0.0159%1h93.193+0.016%$1.5M—100xas long as short
Deribit HYPE_USDC-PERPETUAL+0.0394%1h93.291+0.121%$7.4M$4.6M50xas long as short
Kraken Futures PF_HYPEUSDshort+0.0466%1h93.304+0.135%$20.8M$28.6M50x