HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0351%/8h= +38.4% APRnext payment +$0.44 per $10,000 · paid last 24h −0.034%

Price spread now: Polymarket Perps against Kraken Futures−0.006%48s7-day average −0.037% · you buy dearer than you sell

Net, funding: paid 7d − costs−$47as 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−$300.295% of the position

Long on Kraken Futures Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.170%−$17 on $10k

Price spread, last 4 days (all we have)+0.051%+$5 · spread now −0.006%, 7d avg −0.037%

Together, before fees−0.119%−$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Polymarket Perps is 0.031% dearer against Kraken Futures than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.037%. Mind the row above: over the last 7 days funding on this pair cost −0.170%, so the current rate has only just turned in your favour. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.170% in total (about -8.9% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.44 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_HYPEUSD	95.271	−0.0251	get 0.0031% / 1h	5m 30s	$18.5M	$34.6M	50x
Short	Polymarket Perps HYPE-USD	95.265	0.0100	get 0.0013% / 1h	5m 30s	$499K	$2.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.006%Rate

Funding earned: $73.72
Price spread: −0.006% → −0.037%: $3.12
Slippage, 4 orders: −$11.53
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: $47.31
Costs to cover: 0.295%
Break-even: 2.5 days

Slippage from Kraken Futures: live order book, 2 min ago; Polymarket Perps: live order book, 1 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	1.99 bp	8.5 bp −$9	9.1 bp −$91	18.2 bp −$1,816	52.9 bp −$26.4K
Sell Polymarket Perps live order book, 1 min ago	1.10 bp	5.5 bp −$5	6.1 bp −$61	12.0 bp −$1,204	doesn't fit

HYPE on 55 exchanges

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
Phemex HYPEUSDT	−0.0292%	8h	95.248	−0.024%	$13.0M	$2.3M	50x	as long as short
Kraken Futures PF_HYPEUSDlong	−0.0251%	1h	95.271	long leg	$18.5M	$34.6M	50x
Arcus HYPE-USD	−0.0130%	1h	95.275	+0.004%	$1.1M	$2.7M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0111%	1h	95.191	−0.084%	$22K	$17K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0102%	1h	95.220	−0.053%	$678K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	95.302	+0.033%	$101K	$349K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.249	−0.023%	$3K	$421	25x	as long as short
Aster HYPEUSDT	−0.0075%	4h	95.262	−0.009%	$9.1M	$34.3M	300x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	95.231	−0.042%	$148K	$642K	20x	as long as short
Gate HYPE_USDT	−0.0062%	4h	95.248	−0.024%	$55.8M	$54.1M	75x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin HYPE-PERP	−0.0059%	1h	95.238	−0.034%	$79K	$132K	20x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.280	+0.010%	$4.8M	$5.5M	50x	as long as short
Bullet HYPE-USD	−0.0048%	1h	95.257	−0.014%	$113K	$583K	20x	as long as short
OKX HYPE-USDT-SWAP	−0.0033%	8h	95.240	−0.032%	$119.4M	$304.0M	50x	as long as short
Bitget HYPEUSDT	−0.0024%	4h	95.251	−0.021%	$230.6M	$86.3M	75x	as long as short
Phoenix HYPE	−0.0008%	1h	95.181	−0.094%	$200K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	95.273	+0.003%	$24K	$251K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.295	+0.025%	$100K	—	150x	as long as short
Derive HYPE-PERP	+0.0014%	1h	95.000	−0.284%	$16.4M	$7.0M	10x	as long as short
Lighter HYPE	+0.0016%	1h	95.254	−0.018%	$16.7M	$59.0M	20x	as long as short
edgeX HYPEUSDC	+0.0028%	4h	95.020	−0.264%	$5.1M	$28.0M	30x	as long as short
Bybit HYPEUSDT	+0.0036%	8h	95.260	−0.011%	$321.5M	$263.1M	75x	as long as short
MEXC HYPE_USDT	+0.0046%	4h	95.258	−0.013%	$90.4M	$85.0M	100x	as long as short
Binance HYPEUSDT	+0.0052%	4h	95.246	−0.026%	$383.3M	$850.6M	75x	as long as short
BingX HYPE-USDT	+0.0052%	4h	95.244	−0.028%	—	$49.3M	—	as long as short
Popdex HYPEUSDT	+0.0056%	1h	95.272	+0.001%	$275K	$999K	50x	as long as short
dYdX HYPE-USD	+0.0063%	1h	95.285	+0.015%	$128K	$96K	5x	as long as short
ApeX Omni HYPEUSDT	+0.0089%	1h	95.028	−0.255%	$323K	$926K	50x	as long as short
Paradex HYPE-USD-PERP	+0.0090%	8h	95.249	−0.023%	$340K	$30K	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.266	−0.005%	$3.2M	$10.4M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	95.246	−0.026%	$403K	$125K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.200	−0.074%	$40K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.263	−0.008%	$7.3M	$50.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.274	+0.003%	$10.3M	$13.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.260	−0.011%	$229K	$20K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.247	−0.025%	$47.7M	$17.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.242	−0.030%	$6.9M	$12.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.230	−0.043%	$29.7M	$52.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.044	−0.238%	$7.7M	$40.7M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.077	−0.203%	$691K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	95.309	+0.040%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USDshort	+0.0100%	1h	95.265	−0.006%	$499K	$2.4M	20x
SunX HYPE-USDT	+0.0100%	4h	95.338	+0.071%	$33K	$1.4M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	95.256	−0.016%	$2.1M	$335K	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.394	+0.129%	$1.4M	$5.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.221	−0.052%	$18.3M	$38.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0121%	8h	95.278	+0.008%	$1.8M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.284	+0.013%	$3.1M	$5.2M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0138%	1h	95.341	+0.074%	$7.5M	$4.2M	50x	as long as short
Hyperliquid HYPE	+0.0155%	1h	95.361	+0.095%	$2.11B	$643.9M	10x	as long as short
BloFin HYPE-USDT	+0.0181%	4h	95.018	−0.265%	$17.4M	$11.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0268%	1h	95.226	−0.047%	$85K	$90K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0155%	1h	95.292	+0.022%	$1.4M	—	100x	as long as short
Hibachi HYPE/USDT-P	+0.0808%	1h	95.368	+0.102%	$215K	$279K	7x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.600	+0.346%	$31K	$334K	12x	as long as short