Funding you earn now, next payment 23:00 UTC+0.1345%/8h= +147.3% APRnext payment +$1.68 per $10,000 · paid last 24h −0.072%
Price spread now: Hyperliquid against Kraken Futures−0.605%50s7-day average +0.056% · you buy dearer than you sell
Net, funding: paid 7d − costs−$187as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$1371.374% of the position
Funding, last 7 days−0.492%−$49 on $10k
+Price spread, last 3 days (all we have)+0.844%+$84 · spread now −0.605%, 7d avg +0.056%
=Together, before fees+0.352%+ Points / potential airdropHyperliquid: Season 2 · farm board+$35 on $10k · with fees, hour by hour
Funding pays, the price is against you. Hyperliquid is 0.661% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.605% now, against its 7-day average of +0.056%). If the spread goes back, that is −$66 on $10k: about 39 hours of funding at the current rate (+$40 a day). Mind the row above: over the last 7 days funding on this pair cost −0.492%, so the current rate has only just turned in your favour. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.492% in total (about -25.7% a year). A funding rate is set anew for every payment; at this rate the next one is about +$1.68 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_SPXUSD | 0.5034 | −0.1245 | get 0.0156% / 1h | 20m 30s | $233K | $552K | 20x |
| Short | Hyperliquid SPX | 0.5003 | 0.0100 | get 0.0013% / 1h | 20m 30s | $9.7M | $7.4M | 5x |
Kraken Futures PF_SPXUSD
Hyperliquid SPXFunding 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $282.5
- Price spread: −0.605% → +0.056%
- −$66.12
- Slippage, 4 orders
- −$118.35
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- $79.02
- Costs to cover
- 1.374%
- Break-even
- 5.0 days
Slippage from Kraken Futures: live order book, 62 min ago; Hyperliquid: live order book, 2 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, 62 min ago | 25.81 bp | 61.1 bp −$61 | doesn't fit | doesn't fit | doesn't fit |
| Sell Hyperliquid live order book, 2 min ago | 2.08 bp | 16.2 bp −$16 | doesn't fit | doesn't fit | doesn't fit |
SPX on 19 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_SPXUSDlong | −0.1245% | 1h | 0.5034 | long leg | $233K | $552K | 20x | |
| Injective SPX/USDC PERP | +0.0033% | 1h | 0.4979 | −1.092% | $9 | $4K | 5.5x | as long as short |
| Variational Omni SPX | +0.0056% | 4h | 0.5024 | −0.201% | $848K | $1.3M | — | as long as short |
| Lighter SPX | +0.0096% | 1h | 0.5010 | −0.486% | $115K | $319K | 5x | as long as short |
| Hyperliquid SPXshort | +0.0100% | 1h | 0.5003 | −0.605% | $9.7M | $7.4M | 5x | |
| Aster SPXUSDT | +0.0100% | 4h | 0.5018 | −0.309% | $126K | $107K | 10x | as long as short |
| Binance SPXUSDT | +0.0100% | 4h | 0.5002 | −0.642% | $5.0M | $20.2M | 75x | as long as short |
| Bybit SPXUSDT | +0.0100% | 4h | 0.4989 | −0.893% | $11.6M | $15.7M | 50x | as long as short |
| OKX SPX-USDT-SWAP | +0.0100% | 4h | 0.4993 | −0.814% | $981K | $2.7M | 20x | as long as short |
| Gate SPX_USDT | +0.0100% | 4h | 0.4993 | −0.814% | $1.0M | $480K | 50x | as long as short |
Injective SPX/USDC PERP
Variational Omni SPX
Lighter SPX
Aster SPXUSDT
Binance SPXUSDT
Bybit SPXUSDT
OKX SPX-USDT-SWAP
Gate SPX_USDTShow all 19 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| MEXC SPX_USDT | +0.0100% | 4h | 0.5003 | −0.615% | $11.2M | $4.6M | 100x | as long as short |
| KuCoin SPXUSDTM | +0.0100% | 4h | 0.4997 | −0.735% | $3.8M | $5.2M | 50x | as long as short |
| Bitget SPXUSDT | +0.0100% | 4h | 0.5001 | −0.655% | $2.6M | $1.4M | 50x | as long as short |
| BingX SPX-USDT | +0.0100% | 4h | 0.4995 | −0.774% | — | $6.9M | — | as long as short |
| ApeX Omni SPXUSDT | +0.0100% | 1h | 0.5042 | +0.159% | $45K | $248K | 25x | as long as short |
| Orderly PERP_SPX_USDC | +0.0100% | 4h | 0.5004 | −0.595% | $20K | $711 | 10x | as long as short |
| SunX SPX-USDT | +0.0100% | 4h | 0.5035 | +0.020% | $8K | $1.6M | 20x | as long as short |
| Extended SPX-USD | +0.0104% | 1h | 0.5002 | −0.635% | $34K | $228K | 10x | as long as short |
| BloFin SPX-USDT | +0.0340% | 4h | 0.5034 | 0.000% | $256K | $950K | 75x | as long as short |
MEXC SPX_USDT
KuCoin SPXUSDTM
Bitget SPXUSDT
BingX SPX-USDT
ApeX Omni SPXUSDT
Orderly PERP_SPX_USDC
SunX SPX-USDT
Extended SPX-USD
BloFin SPX-USDT