Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0182%/8hnext payment −$0.23 per $10,000 · paid last 24h −0.028%

Price spread now: Kraken Futures against Hyperliquid−0.082%7-day average −0.060% · you buy dearer than you sell

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$200.195% 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−0.054%−$5 on $10k

Price spread, last 3 days (all we have)+0.025%+$2 · spread now −0.082%, 7d avg −0.060%

Together, before fees−0.029%+ Points / potential airdropHyperliquid: Season 2 · farm board−$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Kraken Futures is 0.022% cheaper against Hyperliquid than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.060%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid BTC	86,610	0.0152	pay 0.0019% / 1h	7m 15s	$3.99B	$4.75B	40x
Short	Kraken Futures PF_XBTUSD	86,539	−0.0030	pay 0.0004% / 1h	7m 15s	$184.7M	$860.0M	100x

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 −0.082%Rate

Funding earned: −$38.23
Price spread: −0.082% → −0.060%: −$2.18
Slippage, 4 orders: −$0.53
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$59.94
Costs to cover: 0.195%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 11 min ago; Kraken Futures: live order book, 1 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, 11 min ago	0.06 bp	4.6 bp −$5	4.6 bp −$46	4.6 bp −$456	doesn't fit
Sell Kraken Futures live order book, 1 min ago	0.06 bp	5.3 bp −$5	6.7 bp −$67	8.1 bp −$806	10.0 bp −$4,999

BTC on 56 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
Perpl BTC	−0.0223%	43m	86,518	−0.106%	$406K	$25.8M	6.7x	as long as short
Phoenix BTC	−0.0132%	1h	86,513	−0.112%	$2.1M	$11.1M	40x	as long as short
BloFin BTC-USDT	−0.0082%	8h	86,503.8	−0.123%	$422.7M	$595.4M	150x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,482	−0.148%	$9K	$4K	50x	as long as short
Aftermath Perps BTCUSD	−0.0046%	1h	86,533.5	−0.088%	$85K	$166K	20x	as long as short
Kraken Futures PF_XBTUSDshort	−0.0030%	1h	86,539	−0.082%	$184.7M	$860.0M	100x
01 Exchange BTCUSD	−0.0024%	1h	86,517.2	−0.107%	$302K	$2.4M	50x	as long as short
dYdX BTC-USD	−0.0014%	1h	86,517	−0.107%	$17.3M	$18.2M	50x	as long as short
KuCoin XBTUSDTM	−0.0010%	8h	86,492.6	−0.136%	$823.0M	$665.9M	125x	as long as short
Kalshi KXBTCPERP	0.0000%	8h	86,543	−0.077%	$8.8M	$694.0M	6.4x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	0.0000%	1h	86,572	−0.044%	$327K	$27.0M	52x	as long as short
Reya BTCRUSDPERP	+0.0003%	1h	86,521.1	−0.103%	$6.7M	$139.9M	40x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,541.8	−0.079%	$37.1M	—	200x	as long as short
BingX BTC-USDT	+0.0006%	8h	86,495.6	−0.132%	—	$1.46B	—	as long as short
Bitget BTCUSDT	+0.0008%	8h	86,497.5	−0.130%	$2.97B	$4.90B	150x	as long as short
SoDEX BTC-USD	+0.0010%	1h	86,493	−0.135%	$61.1M	$311.5M	40x	as long as short
Aster BTCUSDT	+0.0022%	8h	86,495	−0.133%	$506.4M	$1.12B	200x	as long as short
RISEx BTC/USDC	+0.0027%	1h	86,509.8	−0.116%	$8.9M	$39.7M	25x	as long as short
Phemex BTCUSDT	+0.0032%	8h	86,509.6	−0.116%	$153.6M	$444.1M	150x	as long as short
MEXC BTC_USDT	+0.0037%	8h	86,495.4	−0.132%	$5.13B	$5.35B	500x	as long as short
Binance BTCUSDT	+0.0038%	8h	86,495.6	−0.132%	$9.54B	$23.28B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0039%	8h	86,489.9	−0.139%	$2.63B	$12.17B	100x	as long as short
Aevo BTC-PERP	+0.0040%	1h	86,506.4	−0.120%	$2.4M	$1.3M	20x	as long as short
ApeX Omni BTCUSDT	+0.0043%	1h	86,479.2	−0.151%	$140.5M	$320.6M	100x	as long as short
Bluefin BTC-PERP	+0.0062%	1h	86,533.3	−0.089%	$141K	$505K	40x	as long as short
Bulk BTC-USD	+0.0062%	1h	86,467	−0.165%	$570.2M	$47.0M	40x	as long as short
HTX BTC-USDT	+0.0066%	8h	86,502.7	−0.124%	$2.30B	$896.1M	200x	as long as short
Gate BTC_USDT	+0.0070%	8h	86,507.4	−0.118%	$5.98B	$10.20B	200x	as long as short
Bybit BTCUSDT	+0.0076%	8h	86,499.9	−0.127%	$5.29B	$9.19B	150x	as long as short
Popdex BTCUSDT	+0.0080%	1h	86,491	−0.137%	$8.5M	$49.9M	100x	as long as short
Orderly PERP_BTC_USDC	+0.0089%	8h	86,522.4	−0.101%	$2.3M	$7.7M	100x	as long as short
Variational Omni BTC	+0.0089%	8h	86,459	−0.174%	$163.4M	$537.2M	—	as long as short
Lighter BTC	+0.0096%	1h	86,513.8	−0.111%	$173.0M	$980.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,515.3	−0.109%	$24.2M	$146.9M	50x	as long as short
Hibachi BTC/USDT-P	+0.0096%	1h	86,551.3	−0.068%	$615K	$6.8M	30x	as long as short
GRVT BTC_USDT_Perp	+0.0097%	8h	86,471.7	−0.160%	$217.2M	$181.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	86,516.2	−0.108%	$4.5M	$7.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,495	−0.133%	$213K	$6.1M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,482.5	−0.147%	$23.4M	$229.8M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,505	−0.121%	$37.3M	$446.3M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,507	−0.119%	$3.9M	$18.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,546	−0.074%	$7.1M	$91.9M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,507.3	−0.119%	$37.4M	$140.5M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,473	−0.158%	$284.3M	$906.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,505.7	−0.120%	$30.8M	$208.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,581.8	−0.033%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,526	−0.097%	$10.9M	$13.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,519.5	−0.105%	$237K	$3.4M	20x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,507.7	−0.118%	$30.2M	$60.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,480.9	−0.149%	$3.4M	$5.7M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,497.8	−0.130%	$47.9M	$218.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,519.5	−0.104%	—	$87.2M	500x	as long as short
Hyperliquid BTClong	+0.0152%	1h	86,610	long leg	$3.99B	$4.75B	40x
Coinbase International BTC-PERP-INTX	+0.0168%	1h	86,556.4	−0.062%	$131.6M	$5.90B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0179% / S −0.0203%	1h	86,539.1	−0.082%	$14.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0212%	1h	86,569.8	−0.046%	$932.5M	$1.22B	50x	as long as short