Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0404%/8h= −44.3% APRpaid last 24h −0.004%

Price spread now: Binance against Kraken Futures+0.041%7-day average −0.027% · you sell dearer than you buy

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$280.277% of the position

Long on Kraken Futures Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.071%−$7 on $10k

Price spread, last 3 days (all we have)−0.009%−$1 · spread now +0.041%, 7d avg −0.027%

Together, before fees−0.080%−$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.068% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.041% now, against its 7-day average of −0.027%): +$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 14 hours. At the pace of the last 7 days (−0.071% in total) that is about 6.7 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.071% in total (about -3.7% a year). A funding rate is set anew for every payment. 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	Kraken Futures PF_HYPEUSD	93.387	0.0465	pay 0.0058% / 1h	6m 39s	$20.9M	$28.9M	50x
Short	Binance HYPEUSDT	93.425	0.0061	get 0.0030% / 4h	1h 06m	$383.4M	$887.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Kraken Futures. 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 Kraken FuturesbpFee BinancebpOrdersPrice spread, now +0.041%Rate

Funding earned: −$84.94
Price spread: +0.041% → −0.027%: $6.83
Slippage, 4 orders: −$7.74
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$105.85
Costs to cover: 0.277%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 2 min ago; Binance: live order book, 7 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 Kraken Futures live order book, 2 min ago	0.86 bp	10.4 bp −$10	16.9 bp −$169	23.6 bp −$2,358	74.1 bp −$37.1K
Sell Binance live order book, 7 min ago	0.05 bp	5.4 bp −$5	7.7 bp −$77	14.1 bp −$1,407	31.6 bp −$15.8K

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
Aftermath Perps HYPEUSD	−0.0476%	1h	93.219	−0.179%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0408%	1h	93.255	−0.141%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.355	−0.034%	$1.2M	$3.9M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0129%	1h	93.160	−0.243%	$699K	$894K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.192	−0.208%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.269	−0.126%	$90K	$358K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.390	+0.004%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.246	−0.151%	$23K	$330K	10x	as long as short
Aster HYPEUSDT	+0.0002%	4h	93.346	−0.043%	$8.9M	$35.7M	300x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.272	−0.123%	$27K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex HYPEUSDT	+0.0008%	1h	93.241	−0.156%	$58K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0016%	4h	93.253	−0.143%	$176K	$524K	20x	as long as short
Bybit HYPEUSDT	+0.0020%	8h	93.401	+0.015%	$323.6M	$282.3M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.306	−0.086%	$214K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0047%	1h	93.248	−0.148%	$111K	$577K	20x	as long as short
Gate HYPE_USDT	+0.0058%	4h	93.356	−0.033%	$44.1M	$58.8M	75x	as long as short
MEXC HYPE_USDT	+0.0060%	4h	93.432	+0.049%	$90.3M	$82.4M	100x	as long as short
Binance HYPEUSDTshort	+0.0061%	4h	93.425	+0.041%	$383.4M	$887.1M	75x
Derive HYPE-PERP	+0.0061%	1h	93.213	−0.186%	$16.3M	$7.0M	10x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.250	−0.146%	$5.1M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.455	+0.073%	$18.6M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.421	+0.037%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.250	−0.146%	$397K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.417	+0.033%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.260	−0.136%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.193	−0.207%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.401	+0.015%	$2.03B	$661.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.431	+0.048%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.410	+0.025%	$114.2M	$312.6M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.392	+0.006%	$47.0M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.433	+0.050%	$226.7M	$102.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.415	+0.030%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.331	−0.060%	$7.8M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.212	−0.186%	$30.8M	$51.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.317	−0.074%	$7.5M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.303	−0.089%	$415K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.252	−0.144%	$674K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.276	−0.119%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.261	−0.134%	$493K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.255	−0.141%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.270	−0.125%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.255	−0.141%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.234	−0.163%	$12.7M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.280	−0.114%	$204K	$8K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.336	−0.054%	$18.2M	$41.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0118%	8h	93.272	−0.123%	$1.9M	$5.2M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.280	−0.114%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0220%	4h	93.369	−0.019%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.530	+0.154%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0243%	4h	93.225	−0.173%	$16.9M	$12.4M	75x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.245	−0.151%	$77K	$159K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.477	+0.097%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.271	−0.124%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0372%	1h	93.352	−0.037%	$7.4M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0465%	1h	93.387	long leg	$20.9M	$28.9M	50x