Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0097%/8h= −10.6% APRpaid last 24h −0.031%

Price spread now: Variational Omni against Kraken Futures−0.037%7-day average −0.066% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Kraken Futures Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.064%−$6 on $10k

Price spread, last 4 days (all we have)−0.034%−$3 · spread now −0.037%, 7d avg −0.066%

Together, before fees−0.099%+ Points / potential airdropVariational Omni: Active · farm board−$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.029% dearer against Kraken Futures than usual: you sell high and buy low (spread −0.037% now, against its 7-day average of −0.066%): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 24 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_HYPEUSD	92.802	0.0197	pay 0.0025% / 1h	23m 35s	$20.6M	$30.5M	50x
Short	Variational Omni HYPE	92.768	0.0100	get 0.0100% / 8h	3h 23m	$28.5M	$57.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.037%Rate

Funding earned: −$20.4
Price spread: −0.037% → −0.066%: $2.88
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$27.51
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 5 min ago; Variational Omni: RFQ quote, 1 min ago. Net counts fees only.

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	1.08 bp	8.2 bp −$8	10.7 bp −$107	16.1 bp −$1,609	66.0 bp −$33.0K
Sell Variational Omni RFQ quote, 1 min ago	0.43 bp	doesn't fit	4.4 bp −$44	19.3 bp −$1,934	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
Hibachi HYPE/USDT-P	−0.1656%	1h	92.636	−0.179%	$193K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0313%	1h	92.829	+0.029%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.682	−0.130%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.789	−0.014%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0061%	4h	92.729	−0.079%	$145K	$681K	20x	as long as short
Bullet HYPE-USD	−0.0001%	1h	92.745	−0.062%	$112K	$577K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.736	−0.071%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.772	−0.033%	$22K	$293K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.770	−0.035%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0009%	1h	92.670	−0.143%	$698K	$1.1M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange HYPEUSD	+0.0024%	1h	92.721	−0.088%	$87K	$364K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	92.921	+0.128%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.715	−0.094%	$315.2M	$282.8M	75x	as long as short
Popdex HYPEUSDT	+0.0048%	1h	92.711	−0.098%	$70K	$1.1M	50x	as long as short
Bitget HYPEUSDT	+0.0048%	4h	92.718	−0.091%	$224.5M	$98.8M	75x	as long as short
Phemex HYPEUSDT	+0.0053%	8h	92.740	−0.067%	$12.5M	$2.7M	50x	as long as short
Gate HYPE_USDT	+0.0078%	4h	92.700	−0.110%	$45.1M	$54.3M	75x	as long as short
edgeX HYPEUSDC	+0.0092%	4h	92.837	+0.037%	$4.9M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.739	−0.068%	$16.0M	$62.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.740	−0.067%	$3.1M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	92.752	−0.054%	$338K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.690	−0.121%	$34K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.735	−0.073%	$7.4M	$46.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.766	−0.039%	$2.02B	$665.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	92.720	−0.089%	$8.7M	$36.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	92.740	−0.067%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.711	−0.098%	$372.8M	$905.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.710	−0.100%	$113.8M	$303.1M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.709	−0.101%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.720	−0.089%	$91.3M	$81.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.719	−0.090%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.716	−0.093%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.754	−0.052%	$7.2M	$11.2M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	92.768	−0.037%	$28.5M	$57.3M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.886	+0.090%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.846	+0.047%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.813	+0.011%	$667K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.801	−0.002%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.780	−0.024%	$482K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.737	−0.070%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.734	−0.074%	$16.0M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.786	−0.018%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.728	−0.080%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.900	+0.105%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.686	−0.125%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.724	−0.085%	$392K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.780	−0.024%	$4.7M	$5.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0145%	8h	92.798	−0.005%	$1.8M	$5.4M	2.3x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0197%	1h	92.802	long leg	$20.6M	$30.5M	50x
Injective HYPE/USDC PERP	+0.0242%	1h	92.750	−0.056%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0266%	1h	92.737	−0.071%	$79K	$131K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0310%	1h	92.829	+0.029%	$7.5M	$4.5M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.770	−0.034%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.759	−0.047%	$16.7M	$11.6M	75x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.790	−0.014%	$3.1M	$6.4M	20x	as long as short