Funding arb · Price arb /

REZ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0276%/8hnext payment +$0.35 per $10,000 · paid last 24h −0.019%

Price spread now: Kraken Futures against Hyperliquid−0.295%7-day average — · you buy dearer than you sell

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

Long on Hyperliquid Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Funding pays, the price is against you. Kraken Futures is 0.295% cheaper against Hyperliquid than usual: you would sell low and buy high (spread −0.295% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$30 on $10k: about 3.6 days of funding at the current rate (+$8 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid REZ	0.003887	0.0414	pay 0.0052% / 1h	7m 01s	$1.6M	$523K	3x
Short	Kraken Futures PF_REZUSD	0.003876	0.0691	get 0.0086% / 1h	7m 01s	$44K	$10K	10x

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 −0.295%Rate

Funding earned: $57.99
Price spread: −0.295% → 0.000%: −$29.51
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $9.48
Costs to cover: 0.190%
Break-even: 5.9 days

Slippage unknown: Hyperliquid: live order book, 8 min ago; Kraken Futures: no order-book sample. 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 Hyperliquid live order book, 8 min ago	2.58 bp	26.7 bp −$27	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures no order-book sample	—	—	—	—	—

Kraken Futures: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

REZ on 12 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
BloFin REZ-USDT	+0.0094%	4h	0.003875	−0.309%	$338K	$51K	50x	as long as short
Aster REZUSDT	+0.0100%	4h	0.003878	−0.227%	$18K	$38K	5x	as long as short
Binance REZUSDT	+0.0100%	4h	0.003878	−0.243%	$5.0M	$9.0M	50x	as long as short
MEXC REZ_USDT	+0.0100%	4h	0.003878	−0.232%	$1.3M	$494K	50x	as long as short
KuCoin REZUSDTM	+0.0100%	4h	0.003880	−0.180%	$456K	$98K	30x	as long as short
Bitget REZUSDT	+0.0100%	4h	0.003878	−0.232%	$608K	$1.2M	50x	as long as short
Variational Omni REZ	+0.0100%	4h	0.003870	−0.425%	$79K	$47K	—	as long as short
Gate REZ_USDT	+0.0110%	4h	0.003887	0.000%	$407K	$127K	10x	as long as short
Hyperliquid REZlong	+0.0414%	1h	0.003887	long leg	$1.6M	$523K	3x
BingX REZ-USDT	+0.0558%	4h	0.003880	−0.180%	—	$6.6M	—	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit REZUSDT	+0.0585%	4h	0.003885	−0.051%	$1.5M	$1.0M	25x	as long as short
Kraken Futures PF_REZUSDshort	+0.0691%	1h	0.003876	−0.295%	$44K	$10K	10x