OP

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0284%/8h= −31.1% APRnext payment −$0.36 per $10,000 · paid last 24h −0.073%

Price spread now: Hyperliquid against Kraken Futures+0.044%7-day average −0.050% · you sell dearer than you buy

Net, funding: paid 7d − costs−$97as in the Funding arb table

Net, price: spread back to 7d avg − costs−$75as in the Price arb table

costs, in and out, $10k−$850.849% of the position

Long on Kraken Futures Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.126%−$13 on $10k

Price spread, last 3 days (all we have)−0.171%−$17 · spread now +0.044%, 7d avg −0.050%

Together, before fees−0.297%+ Points / potential airdropHyperliquid: Season 2 · farm board−$30 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hyperliquid is 0.095% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.044% now, against its 7-day average of −0.050%): +$9 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 27 hours. At the pace of the last 7 days (−0.126% in total) that is about 5.3 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.126% in total (about -6.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.36 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_OPUSD	0.1263	0.0384	pay 0.0048% / 1h	36m 20s	$797K	$754K	20x
Short	Hyperliquid OP	0.1264	0.0100	get 0.0013% / 1h	36m 20s	$4.0M	$2.9M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.044%Rate

Funding earned: −$59.68
Price spread: +0.044% → −0.050%: $9.46
Slippage, 4 orders: −$65.91
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$135.14
Costs to cover: 0.849%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 37 min ago; Hyperliquid: 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 Kraken Futures live order book, 37 min ago	14.13 bp	31.8 bp −$32	172.3 bp −$1,723	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 5 min ago	1.58 bp	9.7 bp −$10	20.0 bp −$200	doesn't fit	doesn't fit

OP on 30 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	−0.1656%	1h	0.1257	−0.486%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1263	−0.016%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0352%	1h	0.1262	−0.090%	$21K	$64K	50x	as long as short
Bybit OPUSDT	−0.0049%	8h	0.1261	−0.193%	$18.3M	$26.0M	75x	as long as short
dYdX OP-USD	0.0000%	1h	0.1263	−0.027%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1262	−0.090%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1263	−0.011%	—	—	150x	as long as short
Variational Omni OP	+0.0048%	8h	0.1261	−0.157%	$230K	$47K	—	as long as short
Orderly PERP_OP_USDC	+0.0055%	8h	0.1262	−0.090%	$6K	$48K	10x	as long as short
Lighter OP	+0.0096%	1h	0.1263	−0.019%	$283K	$948K	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid OPshort	+0.0100%	1h	0.1264	+0.044%	$4.0M	$2.9M	5x
Aster OPUSDT	+0.0100%	8h	0.1263	+0.007%	$211K	$236K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1262	−0.125%	$20.4M	$61.9M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1261	−0.193%	$6.1M	$29.9M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1262	−0.059%	$1.9M	$1.6M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1262	−0.074%	$20.1M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1262	−0.090%	$2.9M	$7.2M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1262	−0.090%	$6.0M	$6.4M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1262	−0.090%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1263	+0.021%	$121K	$189K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1263	+0.002%	$4K	$390K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1262	−0.096%	$320K	$5.0M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1264	+0.068%	$43K	$722K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1262	−0.074%	$181	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1263	−0.019%	$174K	$234K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1262	−0.123%	$102K	$370K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1262	−0.090%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1264	+0.084%	$1.0M	$276K	75x	as long as short
Kraken Futures PF_OPUSDlong	+0.0384%	1h	0.1263	long leg	$797K	$754K	20x
Reya OPRUSDPERP	+0.0438%	1h	0.1262	−0.104%	$702	—	20x	as long as short