Funding you earn now, next payment 01:00 UTC−0.0718%/8h= −78.7% APRnext payment −$0.90 per $10,000 · paid last 24h −0.010%
Price spread now: Kraken Futures against Hyperliquid+0.161%7-day average +0.135% · you sell dearer than you buy
Net, funding: paid 7d − costs−$164as in the Funding arb table
Net, price: spread back to 7d avg − costs−$127as in the Price arb table
costs, in and out, $10k−$1291.291% of the position
Funding, last 7 days−0.354%−$35 on $10k
+Price spread, last 3 days (all we have)−0.107%−$11 · spread now +0.161%, 7d avg +0.135%
=Together, before fees−0.461%+ Points / potential airdropHyperliquid: Season 2 · farm board−$46 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Kraken Futures is 0.026% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.161% now, against its 7-day average of +0.135%): +$3 on $10k if it goes back. Holding the pair costs −$22 a day in funding at the current rate, which eats that in about 3 hours. At the pace of the last 7 days (−0.354% in total) that is about 12 hours.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.354% in total (about -18.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.90 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 SAND | 0.04164 | −0.0045 | get 0.0006% / 1h | 33m 17s | $573K | $454K | 5x |
| Short | Kraken Futures PF_SANDUSD | 0.04171 | −0.0764 | pay 0.0095% / 1h | 33m 17s | $155K | $119K | 25x |
Hyperliquid SAND
Kraken Futures PF_SANDUSDFunding 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$150.87
- Price spread: +0.161% → +0.135%
- $2.59
- Slippage, 4 orders
- −$110.1
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- −$277.37
- Costs to cover
- 1.291%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 26 min ago; Kraken Futures: live order book, 39 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, 26 min ago | 2.04 bp | 25.7 bp −$26 | doesn't fit | doesn't fit | doesn't fit |
| Sell Kraken Futures live order book, 39 min ago | 13.19 bp | 25.5 bp −$26 | 61.1 bp −$611 | doesn't fit | doesn't fit |
SAND on 15 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 | |
|---|---|---|---|---|---|---|---|---|
| Kraken Futures PF_SANDUSDshort | −0.0764% | 1h | 0.04171 | +0.161% | $155K | $119K | 25x | |
| Variational Omni SAND | −0.0263% | 8h | 0.04156 | −0.186% | $114K | $5K | — | as long as short |
| Aster SANDUSDT | −0.0135% | 8h | 0.04166 | +0.050% | $13K | $17K | 10x | as long as short |
| KuCoin SANDUSDTM | −0.0046% | 8h | 0.04160 | −0.098% | $2.5M | $373K | 50x | as long as short |
| BloFin SAND-USDT | −0.0046% | 8h | 0.04165 | +0.022% | $319K | $291K | 75x | as long as short |
| Bybit SANDUSDT | −0.0046% | 8h | 0.04167 | +0.070% | $3.4M | $3.4M | 75x | as long as short |
| Hyperliquid SANDlong | −0.0045% | 1h | 0.04164 | long leg | $573K | $454K | 5x | |
| Bitget SANDUSDT | −0.0040% | 8h | 0.04160 | −0.098% | $1.7M | $576K | 10x | as long as short |
| Binance SANDUSDT | −0.0025% | 8h | 0.04165 | +0.028% | $6.5M | $12.2M | 75x | as long as short |
| MEXC SAND_USDT | −0.0025% | 8h | 0.04165 | +0.022% | $11.6M | $1.8M | 200x | as long as short |
Variational Omni SAND
Aster SANDUSDT
KuCoin SANDUSDTM
BloFin SAND-USDT
Bybit SANDUSDT
Bitget SANDUSDT
Binance SANDUSDT
MEXC SAND_USDTShow all 15 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Extended SAND-USD | −0.0024% | 1h | 0.04165 | +0.027% | $5K | $186K | 10x | as long as short |
| Injective SAND/USDC PERP | +0.0033% | 1h | 0.04129 | −0.843% | $757 | $795 | 5.5x | as long as short |
| OKX SAND-USDT-SWAP | +0.0100% | 8h | 0.04163 | −0.026% | $1.7M | $3.2M | 50x | as long as short |
| Gate SAND_USDT | +0.0100% | 8h | 0.04166 | +0.046% | $499K | $576K | 75x | as long as short |
| BingX SAND-USDT | +0.0100% | 8h | 0.04162 | −0.050% | — | $2.4M | — | as long as short |
Extended SAND-USD
Injective SAND/USDC PERP
OKX SAND-USDT-SWAP
Gate SAND_USDT
BingX SAND-USDT