OP

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0361%/8h= +39.5% APRnext payment +$0.45 per $10,000 · paid last 24h +0.079%

Price spread now: Kraken Futures against Hyperliquid+0.048%7-day average +0.050% · you sell dearer than you buy

Net, funding: paid 7d − costs−$71as in the Funding arb table

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$840.843% of the position

Long on Hyperliquid Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.137%+$14 on $10k

Price spread, last 3 days (all we have)+0.090%+$9 · spread now +0.048%, 7d avg +0.050%

Together, before fees+0.226%+ Points / potential airdropHyperliquid: Season 2 · farm board+$23 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.050%, so right now this pair is about funding alone: +$11 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.137% in total (about 7.1% 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	Hyperliquid OP	0.1265	0.0100	pay 0.0013% / 1h	0m 33s	$3.7M	$3.0M	5x
Short	Kraken Futures PF_OPUSD	0.1266	0.0461	get 0.0058% / 1h	0m 33s	$799K	$583K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Hyperliquid. 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 HyperliquidbpFee Kraken FuturesbpOrdersPrice spread, now +0.048%Rate

Funding earned: $75.76
Price spread: +0.048% → +0.050%: −$0.18
Slippage, 4 orders: −$65.28
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$8.71
Costs to cover: 0.843%
Break-even: 7.8 days

Slippage from Hyperliquid: live order book, 1 min ago; Kraken Futures: live order book, 3 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 Hyperliquid live order book, 1 min ago	0.79 bp	12.3 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 3 min ago	18.57 bp	32.8 bp −$33	75.2 bp −$752	doesn't fit	doesn't fit

OP on 29 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
Injective OP/USDC PERP	−0.1535%	1h	0.1258	−0.585%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1265	−0.023%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0184%	1h	0.1279	+1.075%	$25K	$72K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1265	−0.044%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1266	+0.047%	$42K	$151K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1265	−0.055%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0053%	8h	0.1264	−0.111%	$6K	$46K	10x	as long as short
Variational Omni OP	+0.0055%	8h	0.1264	−0.140%	$223K	$50K	—	as long as short
OKX OP-USDT-SWAP	+0.0059%	8h	0.1264	−0.079%	$6.1M	$29.2M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1265	+0.008%	$281K	$949K	15x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid OPlong	+0.0100%	1h	0.1265	long leg	$3.7M	$3.0M	5x
Aster OPUSDT	+0.0100%	8h	0.1266	+0.018%	$211K	$229K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1265	−0.052%	$20.3M	$60.9M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1264	−0.103%	$18.4M	$25.5M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1266	+0.040%	$2.0M	$1.6M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1265	−0.032%	$20.7M	$7.5M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1263	−0.190%	$2.9M	$6.8M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1265	−0.032%	$5.9M	$6.5M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1265	−0.063%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1264	−0.079%	$121K	$196K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1264	−0.118%	$4K	$389K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1263	−0.151%	$311K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1265	−0.032%	$43K	$705K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1265	−0.040%	$186	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1265	−0.040%	$175K	$221K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1264	−0.096%	$101K	$392K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1265	−0.071%	$3K	$1K	3x	as long as short
Reya OPRUSDPERP	+0.0440%	1h	0.1264	−0.094%	$703	—	20x	as long as short
Kraken Futures PF_OPUSDshort	+0.0461%	1h	0.1266	+0.048%	$799K	$583K	20x