Funding you earn now, next payment 05:00 UTC−0.0404%/8h= −44.2% APRnext payment −$0.51 per $10,000 · paid last 24h −0.109%
Price spread now: Kraken Futures against Hyperliquid+0.012%7-day average −0.063% · 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−$94as in the Price arb table
costs, in and out, $10k−$1011.015% of the position
Funding, last 7 days+0.229%+$23 on $10k
+Price spread, last 4 days (all we have)+0.004%$0 · spread now +0.012%, 7d avg −0.063%
=Together, before fees+0.233%+ Points / potential airdropHyperliquid: Season 2 · farm board+$23 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Kraken Futures is 0.074% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.012% now, against its 7-day average of −0.063%): +$7 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 15 hours. Mind the row above: over the last 7 days funding on this pair paid +0.229%, 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 0.229% in total (about 11.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.51 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 ETHFI | 0.7052 | 0.0100 | pay 0.0013% / 1h | 53m 03s | $17.5M | $7.9M | 5x |
| Short | Kraken Futures PF_ETHFIUSD | 0.7053 | −0.0304 | pay 0.0038% / 1h | 53m 03s | $264K | $209K | 20x |
Hyperliquid ETHFI
Kraken Futures PF_ETHFIUSDFunding 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
- −$84.86
- Price spread: +0.012% → −0.063%
- $7.44
- Slippage, 4 orders
- −$82.45
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- −$178.87
- Costs to cover
- 1.015%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 10 min ago; Kraken Futures: live order book, 64 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, 10 min ago | 0.07 bp | 15.8 bp −$16 | doesn't fit | doesn't fit | doesn't fit |
| Sell Kraken Futures live order book, 64 min ago | 26.16 bp | 39.1 bp −$39 | 128.2 bp −$1,282 | doesn't fit | doesn't fit |
ETHFI on 24 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 | |
|---|---|---|---|---|---|---|---|---|
| HTX ETHFI-USDT | −0.1060% | 4h | 0.7027 | −0.350% | $85K | $171K | 20x | as long as short |
| Deribit ETHFI_USDC-PERPETUAL | −0.0317% | 1h | 0.7052 | +0.004% | $40K | $11K | 10x | as long as short |
| Kraken Futures PF_ETHFIUSDshort | −0.0304% | 1h | 0.7053 | +0.012% | $264K | $209K | 20x | |
| Orderly PERP_ETHFI_USDC | −0.0237% | 4h | 0.7047 | −0.067% | $16K | $1K | 10x | as long as short |
| Paradex ETHFI-USD-PERP | +0.0001% | 8h | 0.7038 | −0.193% | $6K | — | 5x | as long as short |
| Injective ETHFI/USDC PERP | +0.0033% | 1h | 0.7240 | +2.670% | $321 | $51K | 5.5x | as long as short |
| Variational Omni ETHFI | +0.0065% | 4h | 0.7037 | −0.212% | $980K | $703K | — | as long as short |
| Binance ETHFIUSDT | +0.0087% | 4h | 0.7049 | −0.042% | $24.5M | $35.1M | 75x | as long as short |
| Extended ETHFI-USD | +0.0088% | 1h | 0.7047 | −0.070% | $95K | $379K | 10x | as long as short |
| MEXC ETHFI_USDT | +0.0088% | 4h | 0.7049 | −0.038% | $16.0M | $4.0M | 125x | as long as short |
HTX ETHFI-USDT
Deribit ETHFI_USDC-PERPETUAL
Orderly PERP_ETHFI_USDC
Paradex ETHFI-USD-PERP
Injective ETHFI/USDC PERP
Variational Omni ETHFI
Binance ETHFIUSDT
Extended ETHFI-USD
MEXC ETHFI_USDTShow all 24 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter ETHFI | +0.0096% | 1h | 0.7061 | +0.128% | $1.1M | $841K | 5x | as long as short |
| Hyperliquid ETHFIlong | +0.0100% | 1h | 0.7052 | long leg | $17.5M | $7.9M | 5x | |
| Aster ETHFIUSDT | +0.0100% | 4h | 0.7054 | +0.035% | $180K | $224K | 10x | as long as short |
| Bybit ETHFIUSDT | +0.0100% | 4h | 0.7050 | −0.024% | $17.6M | $12.6M | 25x | as long as short |
| OKX ETHFI-USDT-SWAP | +0.0100% | 4h | 0.7054 | +0.033% | $5.1M | $12.3M | 20x | as long as short |
| Gate ETHFI_USDT | +0.0100% | 4h | 0.7051 | −0.010% | $1.7M | $1.9M | 75x | as long as short |
| KuCoin ETHFIUSDTM | +0.0100% | 4h | 0.7048 | −0.052% | $1.2M | $229K | 50x | as long as short |
| Bitget ETHFIUSDT | +0.0100% | 4h | 0.7048 | −0.052% | $6.1M | $5.2M | 75x | as long as short |
| BingX ETHFI-USDC | +0.0100% | 4h | 0.7050 | −0.024% | — | $1.2M | — | as long as short |
| Polymarket Perps ETHFI-USD | +0.0100% | 1h | 0.7052 | +0.007% | $70K | $118K | 5x | as long as short |
| SunX ETHFI-USDT | +0.0100% | 4h | 0.7057 | +0.075% | $1K | $1.1M | 20x | as long as short |
| Aevo ETHFI-PERP | +0.0104% | 1h | 0.7055 | +0.047% | $8K | — | 3x | as long as short |
| BloFin ETHFI-USDT | +0.0327% | 4h | 0.7048 | −0.052% | $1.2M | $244K | 75x | as long as short |
| Coinbase International ETHFI-PERP-INTX | +0.0544% | 1h | 0.7075 | +0.330% | $31K | $6K | 50x | as long as short |
Lighter ETHFI
Aster ETHFIUSDT
Bybit ETHFIUSDT
OKX ETHFI-USDT-SWAP
Gate ETHFI_USDT
KuCoin ETHFIUSDTM
Bitget ETHFIUSDT
BingX ETHFI-USDC
Polymarket Perps ETHFI-USD
SunX ETHFI-USDT
Aevo ETHFI-PERP
BloFin ETHFI-USDT
Coinbase International ETHFI-PERP-INTX