HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0240%/8h= +26.3% APRnext payment +$0.30 per $10,000 · paid last 24h +0.035%

Price spread now: Kraken Futures against Polymarket Perps+0.091%7-day average +0.039% · you sell dearer than you buy

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$270.269% of the position

Long on Polymarket Perps Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.159%+$16 on $10k

Price spread, last 4 days (all we have)−0.096%−$10 · spread now +0.091%, 7d avg +0.039%

Together, before fees+0.063%+$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Kraken Futures is 0.052% dearer against Polymarket Perps than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.039%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.159% in total (about 8.3% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.30 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	Polymarket Perps HYPE-USD	93.527	0.0100	pay 0.0013% / 1h	49m 03s	$490K	$2.7M	20x
Short	Kraken Futures PF_HYPEUSD	93.613	0.0340	get 0.0043% / 1h	49m 03s	$20.9M	$29.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Polymarket Perps. 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 Polymarket PerpsbpFee Kraken FuturesbpOrdersPrice spread, now +0.091%Rate

Funding earned: $50.46
Price spread: +0.091% → +0.039%: $5.25
Slippage, 4 orders: −$8.85
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $28.86
Costs to cover: 0.269%
Break-even: 3.0 days

Slippage from Polymarket Perps: live order book, 5 min ago; Kraken Futures: 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 Polymarket Perps live order book, 5 min ago	0.48 bp	4.6 bp −$5	5.0 bp −$50	10.0 bp −$1,003	doesn't fit
Sell Kraken Futures live order book, 5 min ago	1.71 bp	8.7 bp −$9	12.7 bp −$127	22.2 bp −$2,225	62.3 bp −$31.2K

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	−0.1848%	1h	93.418	−0.116%	$196K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0365%	1h	93.494	−0.035%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.494	−0.035%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0046%	1h	93.542	+0.016%	$111K	$578K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0032%	4h	93.520	−0.007%	$146K	$663K	20x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	93.528	+0.001%	$88K	$365K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0011%	1h	93.580	+0.057%	$704K	$1.2M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.530	+0.003%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.508	−0.020%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.559	+0.034%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus HYPE-USD	+0.0011%	1h	93.473	−0.058%	$1.0M	$3.9M	10x	as long as short
Bitget HYPEUSDT	+0.0018%	4h	93.676	+0.159%	$226.7M	$99.1M	75x	as long as short
Phemex HYPEUSDT	+0.0024%	8h	93.557	+0.032%	$12.6M	$2.7M	50x	as long as short
Bybit HYPEUSDT	+0.0025%	8h	93.635	+0.115%	$318.5M	$283.7M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.701	+0.186%	$210K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0083%	4h	93.497	−0.032%	$5.0M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.552	+0.027%	$340K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.544	+0.019%	$16.2M	$63.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.539	+0.013%	$3.1M	$11.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.501	−0.028%	$77K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.500	−0.029%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.511	−0.017%	$7.6M	$48.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.585	+0.062%	$2.04B	$666.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.616	+0.095%	$8.7M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.547	+0.021%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.620	+0.099%	$375.4M	$911.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.648	+0.129%	$114.9M	$309.9M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.614	+0.093%	$204K	$3K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.561	+0.036%	$46.5M	$54.0M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.674	+0.157%	$92.2M	$80.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.545	+0.019%	$46.8M	$18.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.571	+0.047%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.582	+0.059%	$7.3M	$10.9M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.649	+0.130%	$28.7M	$56.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.675	+0.158%	$7.6M	$47.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.596	+0.074%	$343K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.626	+0.106%	$670K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.574	+0.050%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USDlong	+0.0100%	1h	93.527	long leg	$490K	$2.7M	20x
Bluefin HYPE-PERP	+0.0100%	1h	93.517	−0.011%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.521	−0.007%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.494	−0.035%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.530	+0.003%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.670	+0.153%	$1.4M	$6.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.654	+0.136%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.539	+0.013%	$395K	$161K	20x	as long as short
Kalshi KXHYPEPERP	+0.0120%	8h	93.569	+0.045%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.440	−0.093%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.560	+0.035%	$4.8M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0268%	1h	93.496	−0.033%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.554	+0.029%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.529	+0.002%	$16.9M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSDshort	+0.0340%	1h	93.613	+0.091%	$20.9M	$29.6M	50x
Deribit HYPE_USDC-PERPETUAL	+0.0434%	1h	93.635	+0.115%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.568	+0.044%	$3.2M	$6.3M	20x	as long as short