Funding you earn now, next payment 05:00 UTC−0.0929%/8h= −101.7% APRnext payment −$1.16 per $10,000 · paid last 24h −0.033%
Price spread now: Kraken Futures against Hyperliquid+0.158%7-day average −0.011% · you sell dearer than you buy
Net, funding: paid 7d − costs−$67as in the Funding arb table
Net, price: spread back to 7d avg − costs−$46as in the Price arb table
costs, in and out, $10k−$630.632% of the position
Funding, last 7 days−0.037%−$4 on $10k
+Price spread, last 4 days (all we have)−0.399%−$40 · spread now +0.158%, 7d avg −0.011%
=Together, before fees−0.436%+ Points / potential airdropHyperliquid: Season 2 · farm board−$44 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Kraken Futures is 0.169% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.158% now, against its 7-day average of −0.011%): +$17 on $10k if it goes back. Holding the pair costs −$28 a day in funding at the current rate, which eats that in about 15 hours. At the pace of the last 7 days (−0.037% in total) that is about 32 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.037% in total (about -1.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.16 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 FET | 0.2022 | 0.0567 | pay 0.0071% / 1h | 52m 43s | $8.7M | $8.4M | 5x |
| Short | Kraken Futures PF_FETUSD | 0.2025 | −0.0362 | pay 0.0045% / 1h | 52m 43s | $1.0M | $2.2M | 50x |
Hyperliquid FET
Kraken Futures PF_FETUSDFunding 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
- −$195.04
- Price spread: +0.158% → −0.011%
- $16.89
- Slippage, 4 orders
- −$44.18
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- −$241.34
- Costs to cover
- 0.632%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 10 min ago; Kraken Futures: live order book, 6 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 | 0.50 bp | 7.2 bp −$7 | doesn't fit | doesn't fit | doesn't fit |
| Sell Kraken Futures live order book, 6 min ago | 14.08 bp | 25.2 bp −$25 | 46.2 bp −$462 | doesn't fit | doesn't fit |
FET on 20 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 | |
|---|---|---|---|---|---|---|---|---|
| Deribit FET_USDC-PERPETUAL | −0.3200% | 1h | 0.2022 | −0.015% | $38K | $307K | 10x | as long as short |
| Coinbase International FET-PERP-INTX | −0.1192% | 1h | 0.2022 | −0.015% | $144K | $250K | 50x | as long as short |
| Kraken Futures PF_FETUSDshort | −0.0362% | 1h | 0.2025 | +0.158% | $1.0M | $2.2M | 50x | |
| gTrade (Gains Network) FET/USD | L +0.0006% / S −0.0011% | 1h | 0.2020 | −0.128% | $33K | — | 150x | as long as short |
| Injective FET/USDC PERP | +0.0033% | 1h | 0.2010 | −0.608% | $3K | $166K | 12x | as long as short |
| Aster FETUSDT | +0.0100% | 8h | 0.2021 | −0.058% | $195K | $812K | 10x | as long as short |
| Binance FETUSDT | +0.0100% | 8h | 0.2023 | +0.035% | $31.0M | $113.4M | 75x | as long as short |
| Gate FET_USDT | +0.0100% | 8h | 0.2020 | −0.114% | $2.7M | $12.4M | 50x | as long as short |
| MEXC FET_USDT | +0.0100% | 8h | 0.2021 | −0.064% | $31.4M | $24.5M | 200x | as long as short |
| KuCoin FETUSDTM | +0.0100% | 8h | 0.2022 | −0.015% | $10.6M | $18.7M | 50x | as long as short |
Deribit FET_USDC-PERPETUAL
Coinbase International FET-PERP-INTX
gTrade (Gains Network) FET/USD
Injective FET/USDC PERP
Aster FETUSDT
Binance FETUSDT
Gate FET_USDT
MEXC FET_USDT
KuCoin FETUSDTMShow all 20 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Variational Omni FET | +0.0100% | 8h | 0.2016 | −0.304% | $277K | $478K | — | as long as short |
| Orderly PERP_FET_USDC | +0.0100% | 8h | 0.2021 | −0.064% | $38K | $7K | 10x | as long as short |
| Extended FET-USD | +0.0104% | 1h | 0.2023 | +0.024% | $33K | $253K | 10x | as long as short |
| GMX FET/USD [ETH-USDC] | L +0.0201% / S −0.0278% | 1h | 0.2019 | −0.169% | $13K | — | 100x | as long as short |
| BloFin FET-USDT | +0.0220% | 8h | 0.2025 | +0.134% | $1.7M | $3.1M | 100x | as long as short |
| BingX FET-USDT | +0.0249% | 8h | 0.2023 | +0.035% | — | $5.9M | — | as long as short |
| Bitget FETUSDT | +0.0255% | 8h | 0.2023 | +0.035% | $16.4M | $11.8M | 75x | as long as short |
| OKX FET-USDT-SWAP | +0.0259% | 4h | 0.2023 | +0.035% | $1.0M | $8.2M | 20x | as long as short |
| Phoenix FET | +0.0435% | 1h | 0.2020 | −0.099% | $35K | $38K | 5x | as long as short |
| Hyperliquid FETlong | +0.0567% | 1h | 0.2022 | long leg | $8.7M | $8.4M | 5x |
Variational Omni FET
Orderly PERP_FET_USDC
Extended FET-USD
GMX FET/USD [ETH-USDC]
BloFin FET-USDT
BingX FET-USDT
Bitget FETUSDT
OKX FET-USDT-SWAP
Phoenix FET