Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0312%/8h= −34.2% APRpaid last 24h −0.061%

Price spread now: OKX against Kraken Futures−0.088%7-day average −0.057% · you buy dearer than you sell

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$300.296% of the position

Long on Kraken Futures Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.182%−$18 on $10k

Price spread, last 4 days (all we have)+0.070%+$7 · spread now −0.088%, 7d avg −0.057%

Together, before fees−0.113%−$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and OKX is 0.031% 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 −0.057%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.182% in total (about -9.5% 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	94.403	0.0412	pay 0.0051% / 1h	14m 47s	$20.2M	$30.4M	50x
Short	OKX HYPE-USDT-SWAP	94.320	0.0100	get 0.0100% / 8h	1h 14m	$116.1M	$319.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.088%Rate

Funding earned: −$65.51
Price spread: −0.088% → −0.057%: −$3.07
Slippage, 4 orders: −$9.56
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$98.15
Costs to cover: 0.296%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 4 min ago; OKX: live order book, 4 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, 4 min ago	2.38 bp	9.0 bp −$9	10.2 bp −$102	18.0 bp −$1,802	53.5 bp −$26.7K
Sell OKX live order book, 4 min ago	0.05 bp	5.2 bp −$5	8.1 bp −$81	18.3 bp −$1,831	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-P	−0.1112%	1h	94.144	−0.274%	$200K	$236K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0181%	1h	94.241	−0.171%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.262	−0.149%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0059%	1h	94.341	−0.065%	$112K	$579K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0054%	1h	94.230	−0.183%	$709K	$1.2M	10x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	94.319	−0.089%	$86K	$368K	20x	as long as short
Bluefin HYPE-PERP	−0.0018%	1h	94.319	−0.089%	$80K	$155K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0012%	4h	94.299	−0.110%	$146K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.284	−0.126%	$129K	$26K	5x	as long as short
Bybit HYPEUSDT	0.0000%	8h	94.300	−0.109%	$317.4M	$289.4M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kalshi KXHYPEPERP	0.0000%	8h	94.399	−0.004%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.359	−0.046%	$19K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.343	−0.064%	$84K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	94.307	−0.102%	$209K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0054%	4h	94.315	−0.093%	$227.3M	$99.4M	75x	as long as short
Phemex HYPEUSDT	+0.0054%	8h	94.271	−0.140%	$12.9M	$2.8M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0079%	8h	94.334	−0.073%	$337K	$156K	20x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.277	−0.133%	$1.0M	$3.5M	10x	as long as short
edgeX HYPEUSDC	+0.0084%	4h	94.260	−0.151%	$5.0M	$30.7M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.327	−0.080%	$16.3M	$64.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.344	−0.062%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.298	−0.111%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.320	−0.088%	$17K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.355	−0.051%	$7.6M	$50.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.406	+0.003%	$2.08B	$688.2M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.337	−0.070%	$8.8M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.322	−0.086%	$10.2M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.325	−0.082%	$377.3M	$932.4M	75x	as long as short
OKX HYPE-USDT-SWAPshort	+0.0100%	8h	94.320	−0.088%	$116.1M	$319.1M	50x
Gate HYPE_USDT	+0.0100%	4h	94.310	−0.098%	$49.3M	$56.9M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.311	−0.097%	$90.2M	$85.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.314	−0.094%	$47.0M	$18.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.290	−0.120%	—	$53.6M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.340	−0.067%	$7.2M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.209	−0.206%	$29.1M	$55.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.298	−0.112%	$7.6M	$47.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.261	−0.150%	$363K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.278	−0.132%	$681K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.388	−0.016%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.357	−0.049%	$496K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.388	−0.016%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.332	−0.075%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.500	+0.103%	$1.4M	$6.8M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.275	−0.136%	$218K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.286	−0.124%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.412	+0.010%	$399K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.410	+0.007%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	94.369	−0.036%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.440	+0.039%	$31K	$339K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0248%	1h	94.424	+0.022%	$7.5M	$4.3M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.326	−0.082%	$78K	$129K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.317	−0.091%	$16.9M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0412%	1h	94.403	long leg	$20.2M	$30.4M	50x
RISEx HYPE/USDC	+0.0559%	1h	94.359	−0.047%	$3.2M	$6.4M	20x	as long as short