HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0267%/8h= −29.2% APRnext payment −$0.33 per $10,000 · paid last 24h +0.033%

Price spread now: Kraken Futures against Lighter+0.010%7-day average +0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs−$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$210.208% of the position

Long on Lighter Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.146%+$15 on $10k

Price spread, last 4 days (all we have)−0.080%−$8 · spread now +0.010%, 7d avg +0.002%

Together, before fees+0.067%+ Points / potential airdropLighter: Season 3 · farm board+$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.002%, so right now this pair is about funding alone: −$8 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.146%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.146% in total (about 7.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.33 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	Lighter HYPE	95.243	0.0016	pay 0.0002% / 1h	5m 11s	$16.7M	$59.0M	20x
Short	Kraken Futures PF_HYPEUSD	95.252	−0.0251	pay 0.0031% / 1h	5m 11s	$18.5M	$34.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Lighter. 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 LighterbpFee Kraken FuturesbpOrdersPrice spread, now +0.010%Rate

Funding earned: −$56.09
Price spread: +0.010% → +0.002%: $0.75
Slippage, 4 orders: −$10.83
Fee Lighter: 0 bp × 2 orders: $0
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$76.16
Costs to cover: 0.208%
Break-even: never at this rate

Slippage from Lighter: live order book, 7 min ago; Kraken Futures: live order book, 2 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 Lighter live order book, 7 min ago	0.00 bp	0.2 bp $0	1.2 bp −$12	11.5 bp −$1,152	43.0 bp −$21.5K
Sell Kraken Futures live order book, 2 min ago	1.99 bp	10.4 bp −$10	13.6 bp −$136	19.8 bp −$1,979	219.9 bp −$109.9K

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	−0.0291%	8h	95.248	+0.005%	$13.0M	$2.3M	50x	as long as short
Kraken Futures PF_HYPEUSDshort	−0.0251%	1h	95.252	+0.010%	$18.5M	$34.6M	50x
Arcus HYPE-USD	−0.0130%	1h	95.275	+0.034%	$1.1M	$2.7M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0111%	1h	95.191	−0.054%	$22K	$17K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0102%	1h	95.220	−0.024%	$678K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	95.302	+0.062%	$101K	$349K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.249	+0.007%	$3K	$421	25x	as long as short
Aster HYPEUSDT	−0.0075%	4h	95.249	+0.006%	$9.1M	$34.3M	300x	as long as short
Orderly PERP_HYPE_USDC	−0.0064%	4h	95.225	−0.019%	$148K	$642K	20x	as long as short
Gate HYPE_USDT	−0.0062%	4h	95.237	−0.006%	$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	−0.0060%	1h	95.209	−0.035%	$79K	$132K	20x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.240	−0.003%	$4.8M	$5.5M	50x	as long as short
Bullet HYPE-USD	−0.0048%	1h	95.257	+0.015%	$113K	$583K	20x	as long as short
OKX HYPE-USDT-SWAP	−0.0033%	8h	95.195	−0.050%	$119.4M	$303.8M	50x	as long as short
Bitget HYPEUSDT	−0.0024%	4h	95.232	−0.011%	$230.6M	$86.3M	75x	as long as short
Phoenix HYPE	−0.0008%	1h	95.181	−0.065%	$200K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	95.273	+0.032%	$24K	$251K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.295	+0.055%	$100K	—	150x	as long as short
Derive HYPE-PERP	+0.0014%	1h	95.000	−0.255%	$16.4M	$7.0M	10x	as long as short
Lighter HYPElong	+0.0016%	1h	95.243	long leg	$16.7M	$59.0M	20x
edgeX HYPEUSDC	+0.0028%	4h	95.020	−0.234%	$5.1M	$28.0M	30x	as long as short
Bybit HYPEUSDT	+0.0036%	8h	95.236	−0.007%	$321.5M	$263.0M	75x	as long as short
MEXC HYPE_USDT	+0.0046%	4h	95.248	+0.005%	$90.4M	$85.0M	100x	as long as short
Binance HYPEUSDT	+0.0052%	4h	95.240	−0.003%	$383.3M	$850.7M	75x	as long as short
BingX HYPE-USDT	+0.0052%	4h	95.228	−0.016%	—	$49.3M	—	as long as short
Popdex HYPEUSDT	+0.0056%	1h	95.272	+0.031%	$275K	$999K	50x	as long as short
dYdX HYPE-USD	+0.0063%	1h	95.285	+0.045%	$128K	$96K	5x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0086%	1h	95.318	+0.079%	$7.5M	$4.2M	50x	as long as short
ApeX Omni HYPEUSDT	+0.0089%	1h	95.028	−0.226%	$323K	$926K	50x	as long as short
Paradex HYPE-USD-PERP	+0.0090%	8h	95.249	+0.006%	$340K	$30K	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.249	+0.007%	$3.2M	$10.4M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	95.230	−0.013%	$403K	$125K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.200	−0.045%	$40K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.263	+0.022%	$7.3M	$50.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.274	+0.033%	$10.3M	$13.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.260	+0.018%	$229K	$20K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.233	−0.010%	$47.7M	$17.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.208	−0.037%	$6.9M	$12.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.230	−0.014%	$29.7M	$52.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.044	−0.208%	$7.7M	$40.7M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.077	−0.174%	$691K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	95.309	+0.069%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.265	+0.023%	$499K	$2.4M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.328	+0.089%	$33K	$1.4M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	95.240	−0.003%	$2.1M	$335K	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.367	+0.130%	$1.4M	$5.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.204	−0.041%	$18.3M	$38.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0121%	8h	95.328	+0.089%	$1.8M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.284	+0.043%	$3.1M	$5.2M	20x	as long as short
Hyperliquid HYPE	+0.0154%	1h	95.334	+0.096%	$2.11B	$643.9M	10x	as long as short
BloFin HYPE-USDT	+0.0185%	4h	95.264	+0.022%	$17.4M	$11.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0268%	1h	95.226	−0.018%	$85K	$90K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0155%	1h	95.292	+0.051%	$1.4M	—	100x	as long as short
Hibachi HYPE/USDT-P	+0.0808%	1h	95.368	+0.131%	$215K	$279K	7x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.600	+0.375%	$31K	$334K	12x	as long as short