Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0148%/8h= −16.2% APRpaid last 24h +0.049%

Price spread now: Kraken Futures against Binance−0.075%7-day average +0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$300.298% of the position

Long on Binance Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.142%+$14 on $10k

Price spread, last 4 days (all we have)−0.089%−$9 · spread now −0.075%, 7d avg +0.030%

Together, before fees+0.052%+$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Kraken Futures is 0.105% cheaper against Binance than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of +0.030%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.142%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance HYPEUSDT	94.396	0.0100	pay 0.0050% / 4h	3h 27m	$379.7M	$932.7M	75x
Short	Kraken Futures PF_HYPEUSD	94.326	−0.0048	pay 0.0006% / 1h	27m 47s	$18.8M	$35.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Binance. 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 BinancebpFee Kraken FuturesbpOrdersPrice spread, now −0.075%Rate

Funding earned: −$30.99
Price spread: −0.075% → +0.030%: −$10.51
Slippage, 4 orders: −$9.77
Fee Binance: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$71.26
Costs to cover: 0.298%
Break-even: never at this rate

Slippage from Binance: live order book, 16 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 Binance live order book, 16 min ago	0.05 bp	5.8 bp −$6	8.5 bp −$85	17.1 bp −$1,713	doesn't fit
Sell Kraken Futures live order book, 1 min ago	2.60 bp	9.4 bp −$9	18.4 bp −$184	33.2 bp −$3,318	964.5 bp −$482.2K

HYPE on 55 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
Hibachi HYPE/USDT-P	−0.0816%	1h	94.248	−0.157%	$210K	$267K	7x	as long as short
Bluefin HYPE-PERP	−0.0608%	1h	94.282	−0.121%	$80K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0293%	1h	94.418	+0.023%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0258%	1h	94.231	−0.175%	$112K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0175%	1h	94.210	−0.197%	$701K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	94.188	−0.220%	$90K	$366K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.332	−0.068%	$1.0M	$3.4M	10x	as long as short
Gate HYPE_USDT	−0.0098%	4h	94.341	−0.058%	$51.6M	$55.3M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.255	−0.149%	$3K	$331	25x	as long as short
Kraken Futures PF_HYPEUSDshort	−0.0048%	1h	94.326	−0.075%	$18.8M	$35.6M	50x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0037%	8h	94.346	−0.053%	$318.1M	$294.5M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0010%	4h	94.261	−0.143%	$147K	$678K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.385	−0.011%	$129K	$92K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.352	−0.047%	$1.8M	$5.5M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.232	−0.174%	$19K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.257	−0.147%	$113K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.404	+0.009%	$210K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0010%	1h	94.160	−0.250%	$16.3M	$7.5M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.230	−0.176%	$4.7M	$5.9M	50x	as long as short
Bitget HYPEUSDT	+0.0030%	4h	94.347	−0.052%	$227.0M	$98.0M	75x	as long as short
Vest HYPE-PERP	+0.0037%	1h	94.313	−0.088%	—	$190K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0041%	8h	94.373	−0.024%	$337K	$39K	20x	as long as short
Backpack HYPE_USDC_PERP	+0.0045%	1h	94.360	−0.038%	$7.6M	$10.4M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0046%	8h	94.349	−0.050%	$117.8M	$327.2M	50x	as long as short
SoDEX HYPE-USD	+0.0048%	1h	94.319	−0.082%	$2.1M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0075%	8h	94.344	−0.055%	$12.9M	$2.9M	50x	as long as short
edgeX HYPEUSDC	+0.0081%	4h	94.269	−0.135%	$5.0M	$31.0M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.378	−0.019%	$16.2M	$62.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.380	−0.017%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.199	−0.209%	$148K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.220	−0.186%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.183	−0.225%	$7.2M	$51.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.436	+0.042%	$2.07B	$689.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.350	−0.049%	$9.6M	$38.0M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.390	−0.007%	$10.2M	$14.4M	20x	as long as short
Binance HYPEUSDTlong	+0.0100%	4h	94.396	long leg	$379.7M	$932.7M	75x
Bulk HYPE-USD	+0.0100%	1h	94.213	−0.193%	$219K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.370	−0.027%	$93.0M	$86.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.344	−0.055%	$47.1M	$19.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.354	−0.044%	—	$53.0M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	94.329	−0.070%	$29.9M	$56.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.308	−0.093%	$7.6M	$44.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.315	−0.086%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.250	−0.155%	$694K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.299	−0.103%	$497K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.270	−0.133%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.450	+0.057%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.390	−0.006%	$18.2M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.329	−0.071%	$399K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.248	−0.157%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.820%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0238%	1h	94.403	+0.007%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.218	−0.189%	$82K	$105K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	94.282	−0.121%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.351	−0.048%	$17.3M	$12.5M	75x	as long as short