HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0370%/8h= −40.5% APRnext payment −$0.46 per $10,000 · paid last 24h +0.003%

Price spread now: Lighter against Kraken Futures−0.029%7-day average +0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$170.169% of the position

Long on Kraken Futures Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.069%−$7 on $10k

Price spread, last 3 days (all we have)+0.099%+$10 · spread now −0.029%, 7d avg +0.004%

Together, before fees+0.030%+ Points / potential airdropLighter: Season 3 · farm board+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Lighter is 0.033% cheaper against Kraken Futures than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.004%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.069% in total (about -3.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.46 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	93.304	0.0466	pay 0.0058% / 1h	46m 33s	$20.8M	$28.6M	50x
Short	Lighter HYPE	93.277	0.0096	get 0.0012% / 1h	46m 33s	$18.5M	$58.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.029%Rate

Funding earned: −$77.6
Price spread: −0.029% → +0.004%: −$3.29
Slippage, 4 orders: −$6.89
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$97.78
Costs to cover: 0.169%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; Lighter: 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, 3 min ago	0.05 bp	6.6 bp −$7	15.4 bp −$154	26.7 bp −$2,667	141.2 bp −$70.6K
Sell Lighter live order book, 7 min ago	0.00 bp	3.7 bp −$4	5.2 bp −$52	11.8 bp −$1,179	41.9 bp −$21.0K

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	−0.0320%	1h	93.105	−0.214%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.200	−0.111%	$1.2M	$4.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.221	−0.089%	$3K	$331	25x	as long as short
Hibachi HYPE/USDT-P	−0.0080%	1h	93.088	−0.232%	$197K	$231K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0027%	1h	93.120	−0.197%	$699K	$925K	10x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	93.260	−0.047%	$90K	$362K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.264	−0.043%	$127K	$32K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.266	−0.041%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.203	−0.109%	$23K	$331K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.200	−0.111%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0011%	4h	93.269	−0.038%	$8.9M	$36.0M	300x	as long as short
Derive HYPE-PERP	+0.0016%	1h	93.141	−0.175%	$16.3M	$7.1M	10x	as long as short
Popdex HYPEUSDT	+0.0016%	1h	93.227	−0.083%	$57K	$1.2M	50x	as long as short
Bybit HYPEUSDT	+0.0031%	8h	93.224	−0.086%	$324.0M	$286.8M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.178	−0.135%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0039%	4h	93.189	−0.123%	$169K	$520K	20x	as long as short
Gate HYPE_USDT	+0.0064%	4h	93.245	−0.063%	$43.7M	$57.6M	75x	as long as short
Bullet HYPE-USD	+0.0083%	1h	93.144	−0.171%	$112K	$579K	20x	as long as short
Lighter HYPEshort	+0.0096%	1h	93.277	−0.029%	$18.5M	$58.6M	20x
Lighter RH HYPE	+0.0096%	1h	93.262	−0.045%	$3.0M	$12.1M	20x	as long as short
MEXC HYPE_USDT	+0.0098%	4h	93.235	−0.074%	$90.4M	$81.5M	100x	as long as short
Binance HYPEUSDT	+0.0098%	4h	93.246	−0.062%	$383.7M	$892.2M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.259	−0.048%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.230	−0.079%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.189	−0.123%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.285	−0.020%	$2.03B	$671.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.252	−0.056%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.221	−0.089%	$114.1M	$314.4M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.884	−0.450%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.256	−0.051%	$47.2M	$19.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.238	−0.071%	$226.0M	$102.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.221	−0.089%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.259	−0.048%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.887	−0.447%	$28.9M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.983	−0.344%	$7.5M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.003	−0.323%	$411K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.000	−0.326%	$673K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.205	−0.106%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.245	−0.063%	$493K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.248	−0.060%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.189	−0.123%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.211	−0.100%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.211	−0.100%	$18.3M	$42.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.190	−0.122%	$396K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0108%	4h	92.923	−0.408%	$5.0M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.170	−0.144%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.170	−0.144%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.183	−0.130%	$78K	$158K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.295	−0.010%	$2.8M	$6.8M	20x	as long as short
HTX HYPE-USDT	+0.0285%	4h	93.308	+0.004%	$1.5M	$7.7M	75x	as long as short
Bluefin HYPE-PERP	+0.0304%	1h	93.207	−0.104%	$76K	$168K	20x	as long as short
BloFin HYPE-USDT	+0.0338%	4h	93.191	−0.121%	$17.0M	$12.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0159%	1h	93.193	−0.119%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0394%	1h	93.291	−0.014%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0466%	1h	93.304	long leg	$20.8M	$28.6M	50x