Funding you earn now, next payment 01:00 UTC+0.0192%/8h= +21.1% APRnext payment +$0.24 per $10,000 · paid last 24h +0.039%
Price spread now: Hyperliquid against Kraken Futures+0.288%50s7-day average +0.070% · you sell dearer than you buy
Net, funding: paid 7d − costs−$34as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$390.388% of the position
Funding, last 7 days+0.043%+$4 on $10k
+Price spread, last 3 days (all we have)−0.284%−$28 · spread now +0.288%, 7d avg +0.070%
=Together, before fees−0.240%+ Points / potential airdropHyperliquid: Season 2 · farm board−$24 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Hyperliquid is 0.217% dearer against Kraken Futures than usual: you sell high and buy low: +$22 more if the spread goes back to its 7-day average of +0.070%. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.043% in total (about 2.3% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.24 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_LINKUSD | 13.181 | 0.0364 | pay 0.0046% / 1h | 10m 32s | $6.9M | $8.0M | 50x |
| Short | Hyperliquid LINK | 13.219 | 0.0557 | get 0.0070% / 1h | 10m 32s | $81.6M | $25.1M | 10x |
Kraken Futures PF_LINKUSD
Hyperliquid LINKFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hyperliquid 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $40.4
- Price spread: +0.288% → +0.070%
- $21.74
- Slippage, 4 orders
- −$19.82
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- $23.32
- Costs to cover
- 0.388%
- Break-even
- 3.0 days
Slippage from Kraken Futures: live order book, 3 min ago; Hyperliquid: live order book, 3 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, 3 min ago | 4.17 bp | 13.7 bp −$14 | 18.0 bp −$180 | 51.6 bp −$5,158 | doesn't fit |
| Sell Hyperliquid live order book, 3 min ago | 0.76 bp | 7.6 bp −$8 | 10.9 bp −$109 | doesn't fit | doesn't fit |
LINK on 40 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 | |
|---|---|---|---|---|---|---|---|---|
| GMX LINK/USD [LINK-USDC] | L −0.0091% / S +0.0167% | 1h | 13.175 | −0.044% | $1.8M | — | 200x | as long as short |
| Kalshi KXLINKPERP | 0.0000% | 8h | 13.182 | +0.011% | $465K | $2.2M | 3.7x | as long as short |
| gTrade (Gains Network) LINK/USD | L +0.0004% / S −0.0007% | 1h | 13.176 | −0.038% | $133K | — | 150x | as long as short |
| Injective LINK/USDC PERP | +0.0033% | 1h | 12.400 | −5.926% | $4K | $48K | 12x | as long as short |
| Phoenix LINK | +0.0036% | 1h | 13.187 | +0.042% | $4K | $89K | 10x | as long as short |
| Deribit LINK_USDC-PERPETUAL | +0.0054% | 1h | 13.177 | −0.028% | $783K | $212K | 50x | as long as short |
| Orderly PERP_LINK_USDC | +0.0069% | 8h | 13.170 | −0.084% | $133K | $1.5M | 20x | as long as short |
| Lighter LINK | +0.0096% | 1h | 13.210 | +0.220% | $2.0M | $2.8M | 10x | as long as short |
| Paradex LINK-USD-PERP | +0.0099% | 8h | 13.257 | +0.576% | $32K | $2K | 20x | as long as short |
| Nado LINK-PERP | +0.0100% | 1h | 13.200 | +0.140% | $405K | $307K | 10x | as long as short |
GMX LINK/USD [LINK-USDC]
Kalshi KXLINKPERP
gTrade (Gains Network) LINK/USD
Injective LINK/USDC PERP
Phoenix LINK
Deribit LINK_USDC-PERPETUAL
Orderly PERP_LINK_USDC
Lighter LINK
Paradex LINK-USD-PERP
Nado LINK-PERPShow all 40 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aster LINKUSDT | +0.0100% | 8h | 13.206 | +0.189% | $1.4M | $3.0M | 50x | as long as short |
| Pacifica LINK | +0.0100% | 1h | 13.209 | +0.210% | $277K | $154K | 10x | as long as short |
| Binance LINKUSDT | +0.0100% | 8h | 13.205 | +0.179% | $122.6M | $298.6M | 75x | as long as short |
| Bybit LINKUSDT | +0.0100% | 8h | 13.199 | +0.136% | $85.1M | $70.6M | 75x | as long as short |
| OKX LINK-USDT-SWAP | +0.0100% | 8h | 13.198 | +0.129% | $27.6M | $84.1M | 50x | as long as short |
| Arcus LINK-USD | +0.0100% | 1h | 13.218 | +0.280% | $185K | $167K | 10x | as long as short |
| Gate LINK_USDT | +0.0100% | 8h | 13.206 | +0.189% | $130.7M | $12.5M | 75x | as long as short |
| MEXC LINK_USDT | +0.0100% | 8h | 13.201 | +0.151% | $36.7M | $59.2M | 300x | as long as short |
| KuCoin LINKUSDTM | +0.0100% | 8h | 13.211 | +0.227% | $23.1M | $14.4M | 75x | as long as short |
| Bitget LINKUSDT | +0.0100% | 8h | 13.203 | +0.167% | $54.7M | $30.1M | 75x | as long as short |
| BingX LINK-USDT | +0.0100% | 8h | 13.203 | +0.167% | — | $22.4M | — | as long as short |
| Variational Omni LINK | +0.0100% | 8h | 13.169 | −0.089% | $3.4M | $1.5M | — | as long as short |
| edgeX LINKUSDC | +0.0100% | 4h | 13.176 | −0.042% | $44K | $311K | 20x | as long as short |
| GRVT LINK_USDT_Perp | +0.0100% | 8h | 13.184 | +0.021% | $591K | $2.7M | 10x | as long as short |
| ApeX Omni LINKUSDT | +0.0100% | 1h | 13.180 | −0.008% | $153K | $669K | 50x | as long as short |
| Polymarket Perps LINK-USD | +0.0100% | 1h | 13.206 | +0.189% | $82K | $69K | 10x | as long as short |
| Derive LINK-PERP | +0.0100% | 1h | 13.168 | −0.099% | $16K | $22K | 10x | as long as short |
| SunX LINK-USDT | +0.0100% | 8h | 13.189 | +0.063% | $34K | $1.5M | 30x | as long as short |
| SoDEX LINK-USD | +0.0100% | 1h | 13.171 | −0.076% | $14K | $32K | 10x | as long as short |
| HTX LINK-USDT | +0.0100% | 8h | 13.163 | −0.137% | $649K | $867K | 75x | as long as short |
| Extended LINK-USD | +0.0104% | 1h | 13.195 | +0.102% | $670K | $1.9M | 25x | as long as short |
| Aevo LINK-PERP | +0.0104% | 1h | 13.172 | −0.065% | $552K | $2K | 3x | as long as short |
| Coinbase International LINK-PERP-INTX | +0.0120% | 1h | 13.180 | −0.008% | $1.0M | $2.7M | 50x | as long as short |
| Backpack LINK_USDC_PERP | +0.0173% | 1h | 13.181 | 0.000% | $365K | $361K | 15x | as long as short |
| BloFin LINK-USDT | +0.0220% | 8h | 13.176 | −0.038% | $5.2M | $15.4M | 75x | as long as short |
| Kraken Futures PF_LINKUSDlong | +0.0364% | 1h | 13.181 | long leg | $6.9M | $8.0M | 50x | |
| Reya LINKRUSDPERP | +0.0382% | 1h | 13.196 | +0.114% | $5K | — | 20x | as long as short |
| dYdX LINK-USD | +0.0433% | 1h | 13.210 | +0.220% | $350K | $48K | 10x | as long as short |
| Hyperliquid LINKshort | +0.0557% | 1h | 13.219 | +0.288% | $81.6M | $25.1M | 10x | |
| Phemex LINKUSDT | +0.0599% | 8h | 13.193 | +0.091% | $20.4M | $11.5M | 50x | as long as short |
Aster LINKUSDT
Pacifica LINK
Binance LINKUSDT
Bybit LINKUSDT
OKX LINK-USDT-SWAP
Arcus LINK-USD
Gate LINK_USDT
MEXC LINK_USDT
KuCoin LINKUSDTM
Bitget LINKUSDT
BingX LINK-USDT
Variational Omni LINK
edgeX LINKUSDC
GRVT LINK_USDT_Perp
ApeX Omni LINKUSDT
Polymarket Perps LINK-USD
Derive LINK-PERP
SunX LINK-USDT
SoDEX LINK-USD
HTX LINK-USDT
Extended LINK-USD
Aevo LINK-PERP
Coinbase International LINK-PERP-INTX
Backpack LINK_USDC_PERP
BloFin LINK-USDT
Reya LINKRUSDPERP
dYdX LINK-USD
Phemex LINKUSDT