HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0728%/8h= −79.7% APRnext payment −$0.91 per $10,000 · paid last 24h −0.040%

Price spread now: 01 Exchange against Kraken Futures−0.178%7-day average −0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$320.321% of the position

Long on Kraken Futures Short on 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.080%−$8 on $10k

Price spread, last 3 days (all we have)+0.238%+$24 · spread now −0.178%, 7d avg −0.010%

Together, before fees+0.158%+$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$22 a day on $10k at the current rate, and 01 Exchange is 0.168% cheaper against Kraken Futures than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.010%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.080% in total (about -8.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.91 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	93.821	0.0680	pay 0.0085% / 1h	16m 56s	$21.0M	$29.8M	50x
Short	01 Exchange HYPEUSD	93.654	−0.0048	pay 0.0006% / 1h	16m 56s	$85K	$349K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now −0.178%Rate

Funding earned: −$152.83
Price spread: −0.178% → −0.010%: −$16.78
Slippage, 4 orders: −$15.09
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$201.69
Costs to cover: 0.321%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 2 min ago; 01 Exchange: live order book, 52 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	2.13 bp	11.5 bp −$12	14.0 bp −$140	21.0 bp −$2,104	64.1 bp −$32.0K
Sell 01 Exchange live order book, 52 min ago	0.16 bp	6.1 bp −$6	11.0 bp −$110	doesn't fit	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	−0.1040%	1h	93.615	−0.219%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.537	−0.303%	$1.2M	$3.8M	10x	as long as short
Phemex HYPEUSDT	−0.0106%	8h	93.687	−0.143%	$12.7M	$2.7M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0084%	1h	93.779	−0.045%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.666	−0.165%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0066%	1h	93.710	−0.118%	$702K	$922K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0056%	4h	93.688	−0.142%	$156K	$646K	20x	as long as short
01 Exchange HYPEUSDshort	−0.0048%	1h	93.654	−0.178%	$85K	$349K	20x
Backpack HYPE_USDC_PERP	−0.0031%	1h	93.664	−0.167%	$7.8M	$10.3M	20x	as long as short
Gate HYPE_USDT	−0.0010%	4h	93.726	−0.101%	$44.4M	$55.2M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0004%	4h	93.721	−0.106%	$8.8M	$35.8M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.671	−0.160%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.707	−0.121%	$22K	$325K	10x	as long as short
BingX HYPE-USDT	+0.0002%	4h	93.739	−0.087%	—	$53.6M	—	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.726	−0.102%	$26K	—	150x	as long as short
Bybit HYPEUSDT	+0.0013%	8h	93.746	−0.080%	$321.8M	$280.6M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.766	−0.059%	$213K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0066%	4h	93.737	−0.089%	$88.9M	$83.3M	100x	as long as short
Binance HYPEUSDT	+0.0068%	4h	93.749	−0.076%	$381.2M	$889.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0071%	8h	93.715	−0.113%	$115.2M	$307.5M	50x	as long as short
Bullet HYPE-USD	+0.0073%	1h	93.711	−0.117%	$111K	$577K	20x	as long as short
edgeX HYPEUSDC	+0.0085%	4h	93.690	−0.139%	$5.1M	$30.0M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	93.720	−0.107%	$340K	$164K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.747	−0.079%	$16.4M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.737	−0.089%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.662	−0.169%	$67K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.713	−0.115%	$399K	$175K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.660	−0.171%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.638	−0.194%	$5.7M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.826	+0.005%	$2.05B	$666.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.703	−0.126%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.752	−0.073%	$46.4M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.735	−0.092%	$227.1M	$98.3M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.748	−0.078%	$31.1M	$54.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.737	−0.090%	$7.6M	$47.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.706	−0.122%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.758	−0.067%	$669K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.723	−0.105%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.730	−0.097%	$473K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.682	−0.148%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.688	−0.142%	$16.3M	$7.7M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.728	−0.099%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.718	−0.110%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.880	+0.063%	$204K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.721	−0.107%	$18.3M	$44.0M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.730	−0.097%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.610	−0.225%	$30K	$339K	12x	as long as short
HTX HYPE-USDT	+0.0195%	4h	93.862	+0.044%	$1.4M	$5.9M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.734	−0.092%	$3.2M	$7.0M	20x	as long as short
Reya HYPERUSDPERP	+0.0255%	1h	93.658	−0.174%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0280%	8h	93.777	−0.047%	$1.9M	$4.9M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0156%	1h	93.730	−0.097%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0401%	1h	93.812	−0.009%	$7.4M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0680%	1h	93.821	long leg	$21.0M	$29.8M	50x