HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0476%/8h= −52.1% APRnext payment −$0.60 per $10,000 · paid last 24h +0.010%

Price spread now: Bluefin against Kraken Futures−0.115%7-day average −0.042% · you buy dearer than you sell

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$400.403% of the position

Long on Kraken Futures Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.170%−$17 on $10k

Price spread, last 3 days (all we have)+0.061%+$6 · spread now −0.115%, 7d avg −0.042%

Together, before fees−0.109%−$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Bluefin is 0.073% cheaper against Kraken Futures than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.042%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.170% in total (about -8.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.60 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	Kraken Futures PF_HYPEUSD	94.192	0.0576	pay 0.0072% / 1h	38m 56s	$21.1M	$29.2M	50x
Short	Bluefin HYPE-PERP	94.084	0.0100	get 0.0013% / 1h	38m 56s	$76K	$168K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin 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 BluefinbpOrdersPrice spread, now −0.115%Rate

Funding earned: −$99.98
Price spread: −0.115% → −0.042%: −$7.32
Slippage, 4 orders: −$23.26
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$147.56
Costs to cover: 0.403%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 5 min ago; Bluefin: live order book, 40 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, 5 min ago	1.01 bp	9.0 bp −$9	13.6 bp −$136	21.9 bp −$2,188	70.7 bp −$35.3K
Sell Bluefin live order book, 40 min ago	2.73 bp	12.0 bp −$12	doesn't fit	doesn't fit	doesn't fit

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	−0.0632%	1h	94.113	−0.084%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0410%	1h	94.095	−0.103%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.976	−0.230%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.098	−0.100%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0010%	1h	94.020	−0.183%	$704K	$909K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.120	−0.076%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.061	−0.140%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.100	−0.098%	$27K	—	150x	as long as short
01 Exchange HYPEUSD	+0.0008%	1h	94.057	−0.144%	$87K	$365K	20x	as long as short
Orderly PERP_HYPE_USDC	+0.0008%	4h	94.079	−0.120%	$164K	$579K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPE	+0.0009%	1h	94.116	−0.081%	$215K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0021%	8h	94.053	−0.148%	$323.8M	$282.7M	75x	as long as short
Aster HYPEUSDT	+0.0037%	4h	94.063	−0.137%	$8.9M	$35.9M	300x	as long as short
Derive HYPE-PERP	+0.0052%	1h	94.024	−0.179%	$16.5M	$7.1M	10x	as long as short
Phemex HYPEUSDT	+0.0059%	8h	94.071	−0.129%	$12.8M	$2.6M	50x	as long as short
MEXC HYPE_USDT	+0.0070%	4h	94.061	−0.139%	$88.8M	$81.2M	100x	as long as short
Binance HYPEUSDT	+0.0071%	4h	94.067	−0.133%	$385.1M	$891.4M	75x	as long as short
edgeX HYPEUSDC	+0.0076%	4h	94.051	−0.150%	$5.1M	$29.8M	30x	as long as short
Gate HYPE_USDT	+0.0078%	4h	94.071	−0.129%	$44.6M	$58.7M	75x	as long as short
Lighter HYPE	+0.0096%	1h	94.108	−0.089%	$19.0M	$59.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.100	−0.098%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.062	−0.138%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.089	−0.110%	$400K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.087	−0.112%	$342K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.090	−0.109%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.064	−0.137%	$5.7M	$44.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.099	−0.099%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.075	−0.124%	$116.0M	$320.0M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.084	−0.115%	$47.2M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.069	−0.131%	$227.8M	$102.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.061	−0.139%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.099	−0.099%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.033	−0.169%	$31.4M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.098	−0.100%	$7.6M	$45.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.049	−0.152%	$335K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.077	−0.122%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.118	−0.078%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.106	−0.092%	$492K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	94.061	−0.139%	$112K	$579K	20x	as long as short
Bluefin HYPE-PERPshort	+0.0100%	1h	94.084	−0.115%	$76K	$168K	20x
SunX HYPE-USDT	+0.0100%	4h	94.093	−0.105%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.076	−0.123%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.120	−0.077%	$205K	$7K	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.000	−0.204%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.048	−0.154%	$18.4M	$42.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0134%	8h	94.120	−0.077%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.150	−0.045%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0225%	4h	94.257	+0.069%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	94.089	−0.110%	$77K	$142K	15x	as long as short
BloFin HYPE-USDT	+0.0283%	4h	94.068	−0.132%	$17.0M	$12.6M	75x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.118	−0.079%	$2.8M	$6.9M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	94.094	−0.104%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0345%	1h	94.179	−0.014%	$7.4M	$4.6M	50x	as long as short
Hyperliquid HYPE	+0.0429%	1h	94.152	−0.043%	$2.05B	$667.1M	10x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0576%	1h	94.192	long leg	$21.1M	$29.2M	50x