VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0635%/8h= +69.5% APRnext payment +$0.79 per $10,000 · paid last 24h +0.022%

Price spread now: Kraken Futures against Hyperliquid+0.117%7-day average −0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$79as in the Funding arb table

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$660.658% of the position

Long on Hyperliquid Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.130%−$13 on $10k

Price spread, last 3 days (all we have)−0.093%−$9 · spread now +0.117%, 7d avg −0.012%

Together, before fees−0.223%+ Points / potential airdropHyperliquid: Season 2 · farm board−$22 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$19 a day on $10k at the current rate, and Kraken Futures is 0.129% dearer against Hyperliquid than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of −0.012%. Mind the row above: over the last 7 days funding on this pair cost −0.130%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.130% in total (about -6.8% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.79 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 VIRTUAL	0.7325	0.0224	pay 0.0028% / 1h	59m 43s	$9.1M	$4.0M	5x
Short	Kraken Futures PF_VIRTUALUSD	0.7334	0.0859	get 0.0107% / 1h	59m 43s	$602K	$585K	50x

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 +0.117%Rate

Funding earned: $133.26
Price spread: +0.117% → −0.012%: $12.93
Slippage, 4 orders: −$46.82
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $80.37
Costs to cover: 0.658%
Break-even: 2.8 days

Slippage from Hyperliquid: live order book, 3 min ago; Kraken Futures: live order book, 13 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, 3 min ago	0.07 bp	9.2 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 13 min ago	10.97 bp	23.3 bp −$23	49.5 bp −$495	doesn't fit	doesn't fit

VIRTUAL on 33 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
01 Exchange VIRTUALUSD	−0.0168%	1h	0.7316	−0.127%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0160%	1h	0.7321	−0.059%	$15K	$40K	10x	as long as short
Lighter VIRTUAL	−0.0152%	1h	0.7303	−0.303%	$332K	$414K	5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7318	−0.093%	$25	—	10x	as long as short
Phoenix VIRTUAL	−0.0066%	1h	0.7285	−0.547%	$11K	$40K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7323	−0.036%	$9K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.844%	$46	$88K	5.5x	as long as short
SoDEX VIRTUAL-USD	+0.0035%	1h	0.7319	−0.079%	$1K	$9K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0089%	4h	0.7319	−0.086%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7318	−0.095%	$200K	$104K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7312	−0.184%	$72K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7304	−0.297%	$16.6M	$39.0M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7303	−0.304%	$16.3M	$16.8M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7307	−0.250%	$2.9M	$9.6M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7319	−0.086%	$1.5M	$3.1M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7312	−0.182%	$18.3M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7318	−0.100%	$4.4M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7318	−0.100%	$6.3M	$5.5M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7313	−0.168%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7323	−0.031%	$248K	$168K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7307	−0.250%	$543K	$890K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7304	−0.290%	$19K	$259K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7297	−0.386%	$648K	$915K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7305	−0.277%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7325	−0.007%	$38K	$993K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7320	−0.072%	$1K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7311	−0.191%	$54K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7320	−0.071%	$18K	$505	3x	as long as short
Hyperliquid VIRTUALlong	+0.0224%	1h	0.7325	long leg	$9.1M	$4.0M	5x
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0300% / S −0.0228%	1h	0.7322	−0.046%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7325	−0.004%	$819K	$854K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7327	+0.023%	$199K	$94K	50x	as long as short
Kraken Futures PF_VIRTUALUSDshort	+0.0859%	1h	0.7334	+0.117%	$602K	$585K	50x