HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0231%/8h= −25.3% APRnext payment −$0.29 per $10,000 · paid last 24h −0.025%

Price spread now: Bulk against Kraken Futures−0.153%7-day average +0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$290.287% of the position

Long on Kraken Futures Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.058%−$6 on $10k

Price spread, last 4 days (all we have)+0.236%+$24 · spread now −0.153%, 7d avg +0.005%

Together, before fees+0.178%+$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Bulk is 0.158% cheaper against Kraken Futures than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of +0.005%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.058% in total (about -5.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.29 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	92.843	0.0331	pay 0.0041% / 1h	18m 20s	$20.6M	$30.5M	50x
Short	Bulk HYPE-USD	92.701	0.0100	get 0.0013% / 1h	18m 20s	$202K	$13K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now −0.153%Rate

Funding earned: −$48.61
Price spread: −0.153% → +0.005%: −$15.84
Slippage, 4 orders: −$11.65
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$93.1
Costs to cover: 0.287%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 6 min ago; Bulk: live order book, 41 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, 6 min ago	1.13 bp	9.1 bp −$9	12.4 bp −$124	19.0 bp −$1,899	67.6 bp −$33.8K
Sell Bulk live order book, 41 min ago	1.08 bp	4.9 bp −$5	6.3 bp −$63	12.0 bp −$1,198	35.1 bp −$17.5K

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
Arcus HYPE-USD	−0.0948%	1h	92.651	−0.207%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0256%	1h	92.721	−0.132%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0242%	1h	92.680	−0.175%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.706	−0.148%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	92.654	−0.204%	$157K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	92.711	−0.142%	$86K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.770	−0.078%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.686	−0.169%	$22K	$304K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.707	−0.147%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0022%	8h	92.726	−0.126%	$12.5M	$2.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0034%	1h	92.700	−0.154%	$697K	$1.1M	10x	as long as short
Bullet HYPE-USD	+0.0039%	1h	92.688	−0.168%	$111K	$578K	20x	as long as short
BingX HYPE-USDT	+0.0040%	4h	92.674	−0.182%	—	$53.4M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.817	−0.028%	$210K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0044%	4h	92.721	−0.132%	$8.7M	$36.2M	300x	as long as short
Bybit HYPEUSDT	+0.0048%	8h	92.660	−0.197%	$316.4M	$281.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0088%	8h	92.677	−0.179%	$113.6M	$303.7M	50x	as long as short
Gate HYPE_USDT	+0.0090%	4h	92.682	−0.174%	$44.5M	$55.3M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	92.729	−0.123%	$338K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.715	−0.139%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.713	−0.140%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.686	−0.169%	$69K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.690	−0.165%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.694	−0.161%	$7.1M	$45.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.735	−0.117%	$2.02B	$663.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.726	−0.126%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.676	−0.180%	$372.2M	$903.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.676	−0.180%	$87.3M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.726	−0.126%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.673	−0.183%	$224.3M	$98.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.760	−0.090%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.688	−0.167%	$28.6M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.707	−0.146%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.749	−0.102%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.784	−0.064%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.759	−0.091%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.708	−0.146%	$465K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.655	−0.203%	$78K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.762	−0.088%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.798	−0.049%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.771	−0.078%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.915	+0.077%	$1.4M	$6.2M	75x	as long as short
Bulk HYPE-USDshort	+0.0100%	1h	92.701	−0.153%	$202K	$13K	10x
Extended HYPE-USD	+0.0104%	1h	92.679	−0.177%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.775	−0.073%	$392K	$164K	20x	as long as short
edgeX HYPEUSDC	+0.0116%	4h	92.666	−0.191%	$5.0M	$29.5M	30x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.169%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.810	−0.036%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0239%	8h	92.825	−0.020%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0262%	1h	92.669	−0.187%	$79K	$132K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.696	−0.159%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0331%	1h	92.843	long leg	$20.6M	$30.5M	50x
BloFin HYPE-USDT	+0.0340%	4h	92.775	−0.074%	$16.7M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0429%	1h	92.869	+0.028%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.754	−0.096%	$3.2M	$6.4M	20x	as long as short