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Funding arb · Price arb /

HYPE

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 01:00 UTC+0.0608%/8h= +66.6% APRnext payment +$0.76 per $10,000 · paid last 24h +0.012%
Price spread now: Kraken Futures against Popdex+0.091%7-day average +0.033% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$18as in the Price arb table
costs, in and out, $10k−$240.241% of the position
Long on PopdexShort on Kraken Futures
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)+0.044%+$4 on $10k
Price spread, last 3 days (all we have)−0.100%−$10 · spread now +0.091%, 7d avg +0.033%
Together, before fees−0.055%−$6 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$18 a day on $10k at the current rate, and Kraken Futures is 0.058% dearer against Popdex than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.033%.
The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.044% in total (about 4.7% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.76 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPopdex HYPEUSDT93.8540.0064pay 0.0008% / 1h49m 05s$61K$1.2M50x
ShortKraken Futures PF_HYPEUSD93.9390.0672get 0.0084% / 1h49m 05s$21.0M$29.8M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Kraken Futures against Popdex. 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

Funding earned
$127.72
Price spread: +0.091% → +0.033%
$5.79
Slippage, 4 orders
−$7.69
Fee Popdex: 3.2 bp × 2 orders
−$6.4
Fee Kraken Futures: 5 bp × 2 orders
−$10
Net
$109.42
Costs to cover
0.241%
Break-even
1.0 days
Slippage from Popdex: 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
LegHalf-spread$10k$100k$1M$5M
Buy Popdex live order book, 5 min ago0.21 bp3.4 bp −$33.9 bp −$3922.9 bp −$2,291doesn't fit
Sell Kraken Futures live order book, 5 min ago1.12 bp7.2 bp −$78.9 bp −$8915.1 bp −$1,51152.5 bp −$26.3K

HYPE on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Hibachi HYPE/USDT-P−0.1400%1h93.851−0.004%$199K$228K7xas long as short
Arcus HYPE-USD−0.0625%1h93.744−0.117%$1.2M$3.8M10xas long as short
Aftermath Perps HYPEUSD−0.0287%1h93.941+0.092%$22K$23K10xas long as short
Ondo Perps HYPE-USD.P−0.0165%1h93.850−0.004%$705K$928K10xas long as short
Gate HYPE_USDT−0.0118%4h93.827−0.029%$44.3M$59.2M75xas long as short
01 Exchange HYPEUSD−0.0104%1h93.845−0.010%$85K$364K20xas long as short
dYdX HYPE-USD−0.0092%1h93.917+0.067%$128K$29K5xas long as short
Bullet HYPE-USD−0.0091%1h93.832−0.023%$113K$580K20xas long as short
Hotstuff HYPE-PERP−0.0080%1h93.841−0.014%$3K$33125xas long as short
Orderly PERP_HYPE_USDC−0.0010%4h93.840−0.015%$169K$594K20xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Phemex HYPEUSDT−0.0007%8h93.860+0.006%$12.8M$2.6M50xas long as short
Derive HYPE-PERP−0.0004%1h93.782−0.077%$16.4M$7.2M10xas long as short
Bybit HYPEUSDT−0.0003%8h93.830−0.026%$322.6M$282.8M75xas long as short
Perpl HYPE0.0000%43m93.843−0.012%$23K$327K10xas long as short
gTrade (Gains Network) HYPE/USDL +0.0002% / S −0.0003%1h93.860+0.006%$27K—150xas long as short
Aster HYPEUSDT+0.0014%4h93.834−0.021%$8.9M$36.1M300xas long as short
Phoenix HYPE+0.0034%1h93.829−0.027%$218K$1.2M10xas long as short
edgeX HYPEUSDC+0.0042%4h93.948+0.100%$5.1M$29.8M30xas long as short
Binance HYPEUSDT+0.0042%4h93.845−0.010%$383.2M$896.2M75xas long as short
MEXC HYPE_USDT+0.0044%4h93.835−0.020%$88.2M$82.0M100xas long as short
Bluefin HYPE-PERP+0.0054%1h93.819−0.037%$76K$171K20xas long as short
Popdex HYPEUSDTlong+0.0064%1h93.854long leg$61K$1.2M50x
OKX HYPE-USDT-SWAP+0.0082%8h93.829−0.027%$115.8M$320.7M50xas long as short
Lighter HYPE+0.0096%1h93.899+0.048%$18.8M$58.3M20xas long as short
Lighter RH HYPE+0.0096%1h93.869+0.016%$3.0M$12.0M20xas long as short
Aevo HYPE-PERP+0.0096%1h93.853−0.001%$399K$191K20xas long as short
Paradex HYPE-USD-PERP+0.0099%8h93.892+0.041%$341K$171K20xas long as short
Katana Perps HYPE-USD+0.0100%8h93.860+0.006%$39K$1.6M10xas long as short
Nado HYPE-PERP+0.0100%1h93.834−0.022%$6.6M$44.9M10xas long as short
Hyperliquid HYPE+0.0100%1h93.925+0.076%$2.04B$675.9M10xas long as short
Pacifica HYPE+0.0100%1h93.868+0.015%$10.1M$14.6M20xas long as short
KuCoin HYPEUSDTM+0.0100%4h93.845−0.010%$46.5M$18.3M75xas long as short
Bitget HYPEUSDT+0.0100%4h93.852−0.002%$227.6M$101.9M75xas long as short
BingX HYPE-USDT+0.0100%4h93.832−0.023%—$54.0M—as long as short
Backpack HYPE_USDC_PERP+0.0100%1h93.875+0.022%$7.7M$10.5M20xas long as short
Variational Omni HYPE+0.0100%8h93.890+0.039%$31.3M$54.1M—as long as short
GRVT HYPE_USDT_Perp+0.0100%4h93.981+0.135%$7.6M$45.4M10xas long as short
ApeX Omni HYPEUSDT+0.0100%1h93.927+0.078%$340K$1.1M50xas long as short
StandX HYPE-USD+0.0100%1h93.887+0.035%$679K$2.5M20xas long as short
Polymarket Perps HYPE-USD+0.0100%1h93.861+0.007%$479K$2.6M20xas long as short
SunX HYPE-USDT+0.0100%4h93.912+0.062%$32K$1.6M20xas long as short
SoDEX HYPE-USD+0.0100%1h93.850−0.004%$2.0M$2.0M10xas long as short
Bulk HYPE-USD+0.0100%1h93.944+0.096%$205K$6K10xas long as short
Vest HYPE-PERP+0.0100%1h93.880+0.028%—$454K5xas long as short
Extended HYPE-USD+0.0104%1h93.830−0.026%$18.4M$42.5M50xas long as short
Coinbase International HYPE-PERP-INTX+0.0144%1h93.860+0.006%$4.9M$5.5M50xas long as short
BloFin HYPE-USDT+0.0170%4h93.848−0.006%$17.0M$12.3M75xas long as short
Kalshi KXHYPEPERP+0.0171%8h93.930+0.081%$1.9M$5.1M2.3xas long as short
Injective HYPE/USDC PERP+0.0205%1h93.760−0.100%$30K$338K12xas long as short
RISEx HYPE/USDC+0.0222%1h93.893+0.041%$2.8M$6.8M20xas long as short
Reya HYPERUSDPERP+0.0250%1h93.838−0.018%$79K$146K15xas long as short
HTX HYPE-USDT+0.0330%4h94.050+0.209%$1.5M$6.7M75xas long as short
GMX HYPE/USD [WBTC.b-USDC]L +0.0338% / S −0.0157%1h93.867+0.013%$1.4M—100xas long as short
Deribit HYPE_USDC-PERPETUAL+0.0357%1h93.940+0.092%$7.5M$4.7M50xas long as short
Kraken Futures PF_HYPEUSDshort+0.0672%1h93.939+0.091%$21.0M$29.8M50x