Funding you earn now, next payment 22:00 UTC−0.0846%/8h= −92.7% APRnext payment −$1.06 per $10,000 · paid last 24h −0.185%
Price spread now: Kraken Futures against Hyperliquid−0.084%7-day average −0.058% · you buy dearer than you sell
Net, funding: paid 7d − costs−$96as in the Funding arb table
Net, price: spread back to 7d avg − costs−$135as in the Price arb table
costs, in and out, $10k−$1321.321% of the position
Funding, last 7 days+0.357%+$36 on $10k
+Price spread, last 3 days (all we have)−0.315%−$32 · spread now −0.084%, 7d avg −0.058%
=Together, before fees+0.041%+ Points / potential airdropHyperliquid: Season 2 · farm board+$4 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$25 a day on $10k at the current rate, and Kraken Futures is 0.025% cheaper against Hyperliquid than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.058%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.357%, so the current rate has only just turned against you.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.357% in total (about 18.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.06 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 USUAL | 0.01353 | 0.0100 | pay 0.0013% / 1h | 8m 05s | $387K | $231K | 3x |
| Short | Kraken Futures PF_USUALUSD | 0.01352 | −0.0746 | pay 0.0093% / 1h | 8m 05s | $110K | $23K | 10x |
Hyperliquid USUAL
Kraken Futures PF_USUALUSDFunding 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
- −$177.73
- Price spread: −0.084% → −0.058%
- −$2.5
- Slippage, 4 orders
- −$113.05
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- −$312.29
- Costs to cover
- 1.321%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 2 min ago; Kraken Futures: live order book, 14 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, 2 min ago | 3.69 bp | 23.8 bp −$24 | doesn't fit | doesn't fit | doesn't fit |
| Sell Kraken Futures live order book, 14 min ago | 33.11 bp | 41.4 bp −$41 | doesn't fit | doesn't fit | doesn't fit |
USUAL on 11 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 USUAL/USDC PERP | −0.4964% | 1h | 0.01343 | −0.739% | $6K | $2K | 5.5x | as long as short |
| Kraken Futures PF_USUALUSDshort | −0.0746% | 1h | 0.01352 | −0.084% | $110K | $23K | 10x | |
| Hyperliquid USUALlong | +0.0100% | 1h | 0.01353 | long leg | $387K | $231K | 3x | |
| Binance USUALUSDT | +0.0100% | 4h | 0.01352 | −0.096% | $2.1M | $3.5M | 50x | as long as short |
| Bybit USUALUSDT | +0.0100% | 4h | 0.01354 | +0.044% | $997K | $935K | 25x | as long as short |
| Gate USUAL_USDT | +0.0100% | 8h | 0.01353 | 0.000% | $903K | $251K | 50x | as long as short |
| MEXC USUAL_USDT | +0.0100% | 4h | 0.01352 | −0.081% | $5.9M | $269K | 100x | as long as short |
| KuCoin USUALUSDTM | +0.0100% | 4h | 0.01354 | +0.074% | $280K | $64K | 20x | as long as short |
| Bitget USUALUSDT | +0.0100% | 4h | 0.01353 | 0.000% | $819K | $506K | 50x | as long as short |
| BingX USUAL-USDT | +0.0100% | 4h | 0.01353 | 0.000% | — | $1.2M | — | as long as short |
Injective USUAL/USDC PERP
Binance USUALUSDT
Bybit USUALUSDT
Gate USUAL_USDT
MEXC USUAL_USDT
KuCoin USUALUSDTM
Bitget USUALUSDT
BingX USUAL-USDTShow all 11 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Variational Omni USUAL | +0.0100% | 4h | 0.01356 | +0.205% | $9K | $208 | — | as long as short |
Variational Omni USUAL