Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0589%/8h= +64.5% APRpaid last 24h +0.017%

Price spread now: Kraken Futures against Variational Omni+0.126%7-day average +0.065% · you sell dearer than you buy

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

Long on Variational Omni Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.051%+$5 on $10k

Price spread, last 4 days (all we have)−0.132%−$13 · spread now +0.126%, 7d avg +0.065%

Together, before fees−0.081%+ Points / potential airdropVariational Omni: Active · farm board−$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$18 a day on $10k at the current rate, and Kraken Futures is 0.061% dearer against Variational Omni than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.065%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.051% in total (about 5.4% 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	Variational Omni HYPE	92.797	0.0100	pay 0.0100% / 8h	5h 05m	$31.2M	$53.7M	—
Short	Kraken Futures PF_HYPEUSD	92.914	0.0689	get 0.0086% / 1h	5m 43s	$20.6M	$29.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Variational Omni. 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 Variational OmnibpFee Kraken FuturesbpOrdersPrice spread, now +0.126%Rate

Funding earned: $123.62
Price spread: +0.126% → +0.065%: $6.07
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $119.69
Costs to cover: 0.100%
Break-even: 0.2 days

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Kraken Futures: live order book, 3 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 Variational Omni RFQ quote, 3 min ago	0.46 bp	doesn't fit	7.3 bp −$73	22.4 bp −$2,242	doesn't fit
Sell Kraken Futures live order book, 3 min ago	1.72 bp	12.1 bp −$12	14.6 bp −$146	18.0 bp −$1,796	56.4 bp −$28.2K

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	−0.0928%	1h	92.977	+0.194%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	92.745	−0.056%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0138%	1h	92.790	−0.007%	$698K	$1.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.889	+0.099%	$3K	$331	25x	as long as short
Aftermath Perps HYPEUSD	−0.0080%	1h	93.147	+0.378%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	92.798	+0.001%	$86K	$346K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0052%	4h	92.823	+0.028%	$154K	$655K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.817	+0.022%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.862	+0.070%	$23K	$316K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.868	+0.076%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0004%	4h	92.791	−0.006%	$8.8M	$35.9M	300x	as long as short
Bullet HYPE-USD	+0.0004%	1h	92.820	+0.025%	$111K	$579K	20x	as long as short
Phemex HYPEUSDT	+0.0018%	8h	92.888	+0.098%	$12.5M	$2.7M	50x	as long as short
Phoenix HYPE	+0.0026%	1h	93.210	+0.445%	$213K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0038%	4h	92.831	+0.037%	—	$53.0M	—	as long as short
Gate HYPE_USDT	+0.0042%	4h	92.857	+0.065%	$44.3M	$55.7M	75x	as long as short
Bybit HYPEUSDT	+0.0046%	8h	92.790	−0.007%	$319.1M	$277.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0072%	8h	92.811	+0.015%	$113.1M	$298.2M	50x	as long as short
Binance HYPEUSDT	+0.0086%	4h	92.801	+0.004%	$375.4M	$880.8M	75x	as long as short
Derive HYPE-PERP	+0.0087%	1h	92.806	+0.010%	$16.1M	$7.5M	10x	as long as short
MEXC HYPE_USDT	+0.0090%	4h	92.811	+0.015%	$88.8M	$81.4M	100x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	92.836	+0.043%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.810	+0.014%	$16.1M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.815	+0.019%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.824	+0.029%	$67K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.860	+0.068%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.856	+0.063%	$5.8M	$43.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.898	+0.109%	$2.03B	$654.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.846	+0.052%	$10.0M	$14.8M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.821	+0.026%	$45.8M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.805	+0.009%	$224.4M	$96.5M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.826	+0.031%	$7.4M	$10.0M	20x	as long as short
Variational Omni HYPElong	+0.0100%	8h	92.797	long leg	$31.2M	$53.7M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.172	+0.404%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.081	+0.306%	$338K	$998K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.040	+0.262%	$665K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.930	+0.144%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.887	+0.097%	$469K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.802	+0.005%	$79K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.852	+0.059%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.825	+0.030%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.155	+0.386%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.809	+0.013%	$18.3M	$42.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.816	+0.021%	$395K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0114%	4h	93.123	+0.352%	$5.0M	$28.9M	30x	as long as short
HTX HYPE-USDT	+0.0115%	4h	92.965	+0.181%	$1.4M	$6.1M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	92.850	+0.057%	$4.8M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0259%	1h	92.826	+0.031%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0269%	8h	92.920	+0.133%	$1.9M	$5.2M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	92.855	+0.063%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0331%	1h	92.928	+0.141%	$7.4M	$4.4M	50x	as long as short
BloFin HYPE-USDT	+0.0335%	4h	92.971	+0.188%	$16.9M	$11.5M	75x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	92.930	+0.143%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.390	+0.639%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSDshort	+0.0689%	1h	92.914	+0.126%	$20.6M	$29.9M	50x