Funding you earn now, next payment 04:00 UTC−0.0276%/8h= −30.2% APRpaid last 24h −0.033%
Price spread now: Phemex against Kraken Futures−0.070%7-day average −0.030% · you buy dearer than you sell
Net, funding: paid 7d − costs−$64as in the Funding arb table
Net, price: spread back to 7d avg − costs−$58as in the Price arb table
costs, in and out, $10k−$530.535% of the position
Funding, last 7 days−0.105%−$11 on $10k
+Price spread, last 4 days (all we have)+0.050%+$5 · spread now −0.070%, 7d avg −0.030%
=Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Phemex is 0.040% cheaper against Kraken Futures than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.030%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.105% in total (about -5.5% 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 | 92.360 | 0.0333 | pay 0.0042% / 1h | 38m 54s | $20.5M | $30.5M | 50x |
| Short | Phemex HYPEUSDT | 92.295 | 0.0057 | get 0.0057% / 8h | 4h 38m | $12.5M | $2.7M | 50x |
Kraken Futures PF_HYPEUSD
Phemex HYPEUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$57.95
- Price spread: −0.070% → −0.030%
- −$4.04
- Slippage, 4 orders
- −$31.46
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$115.46
- Costs to cover
- 0.535%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 5 min ago; Phemex: live order book, 5 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 | 1.79 bp | 9.6 bp −$10 | 12.7 bp −$127 | 19.5 bp −$1,948 | 71.4 bp −$35.7K |
| Sell Phemex live order book, 5 min ago | 3.68 bp | 21.1 bp −$21 | 43.0 bp −$430 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Arcus HYPE-USD | −0.0948% | 1h | 92.225 | −0.146% | $1.2M | $3.8M | 10x | as long as short |
| Hibachi HYPE/USDT-P | −0.0448% | 1h | 92.400 | +0.043% | $193K | $229K | 7x | as long as short |
| Aftermath Perps HYPEUSD | −0.0171% | 1h | 92.348 | −0.012% | $22K | $21K | 10x | as long as short |
| 01 Exchange HYPEUSD | −0.0112% | 1h | 92.357 | −0.003% | $87K | $356K | 20x | as long as short |
| Hotstuff HYPE-PERP | −0.0080% | 1h | 92.370 | +0.011% | $3K | $331 | 25x | as long as short |
| Orderly PERP_HYPE_USDC | −0.0070% | 4h | 92.278 | −0.089% | $157K | $663K | 20x | as long as short |
| Bullet HYPE-USD | −0.0049% | 1h | 92.331 | −0.031% | $110K | $580K | 20x | as long as short |
| dYdX HYPE-USD | 0.0000% | 1h | 92.401 | +0.045% | $127K | $31K | 5x | as long as short |
| Perpl HYPE | 0.0000% | 43m | 92.381 | +0.023% | $22K | $309K | 10x | as long as short |
| gTrade (Gains Network) HYPE/USD | L +0.0002% / S −0.0002% | 1h | 92.360 | 0.000% | $61K | — | 150x | as long as short |
Arcus HYPE-USD
Hibachi HYPE/USDT-P
Aftermath Perps HYPEUSD
01 Exchange HYPEUSD
Hotstuff HYPE-PERP
Orderly PERP_HYPE_USDC
Bullet HYPE-USD
dYdX HYPE-USD
Perpl HYPE
gTrade (Gains Network) HYPE/USDShow all 55 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aster HYPEUSDT | +0.0003% | 4h | 92.288 | −0.078% | $8.7M | $36.4M | 300x | as long as short |
| Ondo Perps HYPE-USD.P | +0.0008% | 1h | 92.300 | −0.065% | $695K | $1.1M | 10x | as long as short |
| BingX HYPE-USDT | +0.0030% | 4h | 92.277 | −0.090% | — | $53.3M | — | as long as short |
| Phoenix HYPE | +0.0043% | 1h | 92.379 | +0.021% | $209K | $1.2M | 10x | as long as short |
| Bybit HYPEUSDT | +0.0054% | 8h | 92.253 | −0.116% | $315.5M | $281.3M | 75x | as long as short |
| Phemex HYPEUSDTshort | +0.0057% | 8h | 92.295 | −0.070% | $12.5M | $2.7M | 50x | |
| Gate HYPE_USDT | +0.0060% | 4h | 92.266 | −0.102% | $44.3M | $55.0M | 75x | as long as short |
| OKX HYPE-USDT-SWAP | +0.0079% | 8h | 92.264 | −0.104% | $112.9M | $302.1M | 50x | as long as short |
| MEXC HYPE_USDT | +0.0080% | 4h | 92.269 | −0.098% | $87.0M | $80.5M | 100x | as long as short |
| Derive HYPE-PERP | +0.0084% | 1h | 92.265 | −0.103% | $16.0M | $7.5M | 10x | as long as short |
| Binance HYPEUSDT | +0.0085% | 4h | 92.265 | −0.102% | $369.8M | $900.8M | 75x | as long as short |
| edgeX HYPEUSDC | +0.0089% | 4h | 92.287 | −0.079% | $4.9M | $29.5M | 30x | as long as short |
| Paradex HYPE-USD-PERP | +0.0092% | 8h | 92.406 | +0.050% | $338K | $163K | 20x | as long as short |
| Lighter HYPE | +0.0096% | 1h | 92.297 | −0.067% | $16.0M | $62.4M | 20x | as long as short |
| Lighter RH HYPE | +0.0096% | 1h | 92.300 | −0.065% | $3.1M | $11.7M | 20x | as long as short |
| Popdex HYPEUSDT | +0.0096% | 1h | 92.327 | −0.035% | $68K | $1.2M | 50x | as long as short |
| Katana Perps HYPE-USD | +0.0099% | 8h | 92.340 | −0.021% | $39K | $1.7M | 10x | as long as short |
| Nado HYPE-PERP | +0.0100% | 1h | 92.328 | −0.034% | $6.8M | $44.1M | 10x | as long as short |
| Hyperliquid HYPE | +0.0100% | 1h | 92.326 | −0.037% | $2.01B | $663.2M | 10x | as long as short |
| Pacifica HYPE | +0.0100% | 1h | 92.387 | +0.029% | $10.0M | $15.0M | 20x | as long as short |
| Bulk HYPE-USD | +0.0100% | 1h | 92.245 | −0.124% | $201K | $13K | 10x | as long as short |
| KuCoin HYPEUSDTM | +0.0100% | 4h | 92.282 | −0.084% | $45.8M | $18.3M | 75x | as long as short |
| Bitget HYPEUSDT | +0.0100% | 4h | 92.262 | −0.106% | $223.8M | $98.4M | 75x | as long as short |
| Backpack HYPE_USDC_PERP | +0.0100% | 1h | 92.273 | −0.094% | $7.3M | $10.7M | 20x | as long as short |
| Variational Omni HYPE | +0.0100% | 8h | 92.258 | −0.110% | $28.3M | $57.4M | — | as long as short |
| GRVT HYPE_USDT_Perp | +0.0100% | 4h | 92.315 | −0.049% | $7.5M | $46.0M | 10x | as long as short |
| ApeX Omni HYPEUSDT | +0.0100% | 1h | 92.289 | −0.077% | $337K | $1.0M | 50x | as long as short |
| StandX HYPE-USD | +0.0100% | 1h | 92.275 | −0.092% | $662K | $2.7M | 20x | as long as short |
| Vest HYPE-PERP | +0.0100% | 1h | 92.390 | +0.032% | — | $243K | 5x | as long as short |
| Polymarket Perps HYPE-USD | +0.0100% | 1h | 92.357 | −0.003% | $475K | $2.6M | 20x | as long as short |
| Bluefin HYPE-PERP | +0.0100% | 1h | 92.277 | −0.090% | $78K | $170K | 20x | as long as short |
| SunX HYPE-USDT | +0.0100% | 4h | 92.361 | +0.001% | $32K | $1.6M | 20x | as long as short |
| SoDEX HYPE-USD | +0.0100% | 1h | 92.280 | −0.086% | $2.0M | $2.0M | 10x | as long as short |
| HTX HYPE-USDT | +0.0100% | 4h | 92.535 | +0.190% | $1.4M | $6.2M | 75x | as long as short |
| Extended HYPE-USD | +0.0104% | 1h | 92.252 | −0.117% | $18.1M | $43.5M | 50x | as long as short |
| Aevo HYPE-PERP | +0.0104% | 1h | 92.310 | −0.054% | $390K | $164K | 20x | as long as short |
| Injective HYPE/USDC PERP | +0.0150% | 1h | 93.000 | +0.693% | $30K | $339K | 12x | as long as short |
| Coinbase International HYPE-PERP-INTX | +0.0160% | 1h | 92.420 | +0.065% | $4.7M | $5.5M | 50x | as long as short |
| Kalshi KXHYPEPERP | +0.0255% | 8h | 92.395 | +0.038% | $1.8M | $5.4M | 2.3x | as long as short |
| Reya HYPERUSDPERP | +0.0261% | 1h | 92.335 | −0.026% | $79K | $138K | 15x | as long as short |
| BloFin HYPE-USDT | +0.0325% | 4h | 92.277 | −0.090% | $16.7M | $11.5M | 75x | as long as short |
| GMX HYPE/USD [WBTC.b-USDC] | L +0.0330% / S −0.0154% | 1h | 92.354 | −0.007% | $1.4M | — | 100x | as long as short |
| Kraken Futures PF_HYPEUSDlong | +0.0333% | 1h | 92.360 | long leg | $20.5M | $30.5M | 50x | |
| Deribit HYPE_USDC-PERPETUAL | +0.0465% | 1h | 92.382 | +0.024% | $7.5M | $4.4M | 50x | as long as short |
| RISEx HYPE/USDC | +0.0687% | 1h | 92.412 | +0.057% | $3.1M | $6.4M | 20x | as long as short |
Aster HYPEUSDT
Ondo Perps HYPE-USD.P
BingX HYPE-USDT
Phoenix HYPE
Bybit HYPEUSDT
Gate HYPE_USDT
OKX HYPE-USDT-SWAP
MEXC HYPE_USDT
Derive HYPE-PERP
Binance HYPEUSDT
edgeX HYPEUSDC
Paradex HYPE-USD-PERP
Lighter HYPE
Lighter RH HYPE
Popdex HYPEUSDT
Katana Perps HYPE-USD
Nado HYPE-PERP
Hyperliquid HYPE
Pacifica HYPE
Bulk HYPE-USD
KuCoin HYPEUSDTM
Bitget HYPEUSDT
Backpack HYPE_USDC_PERP
Variational Omni HYPE
GRVT HYPE_USDT_Perp
ApeX Omni HYPEUSDT
StandX HYPE-USD
Vest HYPE-PERP
Polymarket Perps HYPE-USD
Bluefin HYPE-PERP
SunX HYPE-USDT
SoDEX HYPE-USD
HTX HYPE-USDT
Extended HYPE-USD
Aevo HYPE-PERP
Injective HYPE/USDC PERP
Coinbase International HYPE-PERP-INTX
Kalshi KXHYPEPERP
Reya HYPERUSDPERP
BloFin HYPE-USDT
GMX HYPE/USD [WBTC.b-USDC]
Deribit HYPE_USDC-PERPETUAL
RISEx HYPE/USDC