HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.1838%/8h= −201.2% APRnext payment −$2.30 per $10,000 · paid last 24h −0.246%

Price spread now: Hibachi against Kraken Futures−0.188%50s7-day average −0.118% · you buy dearer than you sell

Net, funding: paid 7d − costs−$254as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$790.786% of the position

Long on Kraken Futures Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days−1.752%−$175 on $10k

Price spread, last 3 days (all we have)+0.056%+$6 · spread now −0.188%, 7d avg −0.118%

Together, before fees−1.696%+ Points / potential airdropHibachi: Active · farm board−$170 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$55 a day on $10k at the current rate, and Hibachi is 0.070% 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 −0.118%). Swap the legs. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_HYPEUSD	93.300	0.0686	pay 0.0086% / 1h	52m 28s	$20.8M	$29.9M	50x
Short	Hibachi HYPE/USDT-P	93.125	−0.1152	pay 0.0144% / 1h	52m 28s	$196K	$226K	7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi 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 HibachibpOrdersPrice spread, now −0.188%Rate

Funding earned: −$385.94
Price spread: −0.188% → −0.118%: −$6.97
Slippage, 4 orders: −$59.62
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$471.53
Costs to cover: 0.786%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 2 min ago; Hibachi: live order book, 11 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	2.09 bp	12.0 bp −$12	13.9 bp −$139	23.0 bp −$2,304	66.4 bp −$33.2K
Sell Hibachi live order book, 11 min ago	12.16 bp	24.0 bp −$24	43.8 bp −$438	doesn't fit	doesn't fit

HYPE on 54 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-Pshort	−0.1152%	1h	93.125	−0.188%	$196K	$226K	7x
Arcus HYPE-USD	−0.0899%	1h	93.184	−0.124%	$1.2M	$3.8M	10x	as long as short
Bluefin HYPE-PERP	−0.0253%	1h	93.228	−0.077%	$79K	$170K	20x	as long as short
ApeX Omni HYPEUSDT	−0.0172%	1h	93.008	−0.313%	$336K	$1.0M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.079	−0.237%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0049%	4h	93.280	−0.021%	$156K	$639K	20x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.343	+0.046%	$85K	$346K	20x	as long as short
Phemex HYPEUSDT	−0.0021%	8h	93.228	−0.077%	$12.6M	$2.7M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0019%	1h	93.230	−0.075%	$696K	$908K	10x	as long as short
Aftermath Perps HYPEUSD	−0.0001%	1h	93.212	−0.094%	$22K	$21K	10x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	93.306	+0.006%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.289	−0.011%	$22K	$321K	10x	as long as short
Aster HYPEUSDT	+0.0001%	4h	93.323	+0.024%	$8.8M	$35.3M	300x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.307	+0.007%	$25K	—	150x	as long as short
BingX HYPE-USDT	+0.0008%	4h	93.315	+0.016%	—	$53.1M	—	as long as short
Bybit HYPEUSDT	+0.0018%	8h	93.290	−0.011%	$321.2M	$274.8M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.056	−0.261%	$210K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0036%	4h	93.326	+0.028%	$44.5M	$54.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0079%	8h	93.290	−0.011%	$114.6M	$300.6M	50x	as long as short
MEXC HYPE_USDT	+0.0080%	4h	93.326	+0.028%	$87.8M	$79.9M	100x	as long as short
Binance HYPEUSDT	+0.0080%	4h	93.335	+0.038%	$379.1M	$871.4M	75x	as long as short
edgeX HYPEUSDC	+0.0081%	4h	93.009	−0.312%	$5.0M	$29.8M	30x	as long as short
Bullet HYPE-USD	+0.0083%	1h	93.320	+0.021%	$111K	$577K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.324	+0.026%	$16.3M	$61.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.312	+0.013%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.323	+0.025%	$68K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.349	+0.053%	$339K	$162K	20x	as long as short
Derive HYPE-PERP	+0.0099%	1h	93.221	−0.084%	$16.2M	$7.6M	10x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.310	+0.011%	$38K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.296	−0.005%	$5.7M	$43.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.386	+0.092%	$2.04B	$652.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.318	+0.019%	$10.0M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.313	+0.014%	$46.1M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.290	−0.011%	$225.7M	$96.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.221	−0.085%	$7.4M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.170	−0.140%	$31.0M	$54.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.978	−0.345%	$7.5M	$46.3M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.195	−0.112%	$665K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.331	+0.033%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.322	+0.024%	$474K	$2.4M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.266	−0.036%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.247	−0.057%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.998	−0.324%	$202K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.272	−0.030%	$18.3M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.242	−0.062%	$397K	$170K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.300	0.000%	$4.9M	$5.4M	50x	as long as short
HTX HYPE-USDT	+0.0215%	4h	93.400	+0.107%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0257%	1h	93.302	+0.002%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0273%	8h	93.237	−0.067%	$1.9M	$4.8M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.221	−0.084%	$1.4M	—	100x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.403	+0.110%	$3.2M	$6.7M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.010	−0.311%	$30K	$338K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0522%	1h	93.345	+0.048%	$7.4M	$4.4M	50x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0686%	1h	93.300	long leg	$20.8M	$29.9M	50x