Funding you earn now, next payment 22:00 UTC−0.0662%/8h= −72.5% APRnext payment −$0.83 per $10,000 · paid last 24h −0.022%
Price spread now: Hyperliquid against Kraken Futures−0.217%7-day average +0.129% · you buy dearer than you sell
Net, funding: paid 7d − costs−$15as in the Funding arb table
Net, price: spread back to 7d avg − costs−$82as in the Price arb table
costs, in and out, $10k−$470.475% of the position
Funding, last 7 days+0.325%+$32 on $10k
+Price spread, last 3 days (all we have)+0.194%+$19 · spread now −0.217%, 7d avg +0.129%
=Together, before fees+0.519%+ Points / potential airdropHyperliquid: Season 2 · farm board+$52 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$20 a day on $10k at the current rate, and Hyperliquid is 0.346% cheaper against Kraken Futures than usual: you would sell low and buy high (−$35 if the spread goes back to its 7-day average of +0.129%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.325%, 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 0.325% in total (about 16.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.83 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_PEPEUSD | 0.000004806 | 0.0762 | pay 0.0095% / 1h | 6m 46s | $3.9M | $13.1M | 50x |
| Short | Hyperliquid kPEPE | 0.000004796 | 0.0100 | get 0.0013% / 1h | 6m 46s | $58.3M | $72.7M | 10x |
Kraken Futures PF_PEPEUSD
Hyperliquid kPEPEFunding 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
- −$138.99
- Price spread: −0.217% → +0.129%
- −$34.6
- Slippage, 4 orders
- −$28.49
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- −$221.08
- Costs to cover
- 0.475%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 2 min ago; Hyperliquid: live order book, 7 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 | 7.59 bp | 21.6 bp −$22 | 31.3 bp −$313 | 99.7 bp −$9,974 | doesn't fit |
| Sell Hyperliquid live order book, 7 min ago | 1.04 bp | 7.4 bp −$7 | 10.6 bp −$106 | doesn't fit | doesn't fit |
PEPE on 35 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 | |
|---|---|---|---|---|---|---|---|---|
| dYdX PEPE-USD | 0.0000% | 1h | 0.000004797 | −0.202% | $18K | $95 | 10x | as long as short |
| gTrade (Gains Network) PEPE/USD | L +0.0006% / S −0.0006% | 1h | 0.000004800 | −0.129% | $14K | — | 150x | as long as short |
| Hyperliquid kPEPEshort | +0.0100% | 1h | 0.000004796 | −0.217% | $58.3M | $72.7M | 10x | |
| Pacifica kPEPE | +0.0100% | 1h | 0.000004806 | −0.009% | $59K | $113K | 10x | as long as short |
| Bybit 1000PEPEUSDT | +0.0100% | 8h | 0.000004796 | −0.208% | $87.3M | $275.5M | 50x | as long as short |
| Gate PEPE_USDT | +0.0100% | 8h | 0.000004796 | −0.217% | $149.9M | $62.3M | 75x | as long as short |
| KuCoin PEPEUSDTM | +0.0100% | 8h | 0.000004801 | −0.104% | $24.9M | $53.3M | 75x | as long as short |
| Variational Omni 1000PEPE | +0.0100% | 8h | 0.000004820 | +0.290% | $577K | $3.8M | — | as long as short |
| edgeX 1000PEPEUSDC | +0.0100% | 4h | 0.000004830 | +0.485% | $27K | $340K | 20x | as long as short |
| SunX 1000PEPE-USDT | +0.0100% | 8h | 0.000004811 | +0.104% | $1K | $2.4M | 20x | as long as short |
dYdX PEPE-USD
gTrade (Gains Network) PEPE/USD
Pacifica kPEPE
Bybit 1000PEPEUSDT
Gate PEPE_USDT
KuCoin PEPEUSDTM
Variational Omni 1000PEPE
edgeX 1000PEPEUSDC
SunX 1000PEPE-USDTShow all 35 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| HTX PEPE-USDT | +0.0100% | 8h | 0.000004804 | −0.044% | $553K | $3.4M | 75x | as long as short |
| OKX PEPE-USDT-SWAP | +0.0182% | 8h | 0.000004801 | −0.113% | $41.4M | $484.7M | 50x | as long as short |
| Bitget PEPEUSDT | +0.0184% | 8h | 0.000004795 | −0.233% | $42.3M | $150.9M | 75x | as long as short |
| Reya kPEPERUSDPERP | +0.0189% | 1h | 0.000004802 | −0.084% | $7K | — | 15x | as long as short |
| BloFin PEPE-USDT | +0.0299% | 8h | 0.000004803 | −0.071% | $3.9M | $21.8M | 75x | as long as short |
| GMX PEPE/USD [ETH-USDC] | L +0.0318% / S −0.0217% | 1h | 0.000004000 | −16.778% | $52K | — | 100x | as long as short |
| Orderly PERP_1000PEPE_USDC | +0.0420% | 8h | 0.000004810 | +0.070% | $29K | $11K | 20x | as long as short |
| Coinbase International 1000PEPE-PERP-INTX | +0.0464% | 1h | 0.000004808 | +0.033% | $578K | $25.1M | 50x | as long as short |
| Phemex u1000PEPEUSDT | +0.0496% | 8h | 0.000004809 | +0.056% | $2.3M | $6.4M | 50x | as long as short |
| Paradex kPEPE-USD-PERP | +0.0530% | 8h | 0.000004802 | −0.085% | $5K | $16 | 20x | as long as short |
| Injective PEPE/USDC PERP | +0.0555% | 1h | 0.000004824 | +0.366% | $4K | $110K | 12x | as long as short |
| Deribit 1000PEPE_USDC-PERPETUAL | +0.0583% | 1h | 0.000004807 | +0.012% | $81K | $94K | 25x | as long as short |
| Backpack kPEPE_USDC_PERP | +0.0713% | 1h | 0.000004806 | −0.015% | $92K | $624K | 15x | as long as short |
| Lighter 1000PEPE | +0.0744% | 1h | 0.000004806 | −0.009% | $599K | $5.3M | 10x | as long as short |
| Nado kPEPE-PERP | +0.0745% | 1h | 0.000004805 | −0.038% | $188K | $848K | 10x | as long as short |
| SoDEX 1000PEPE-USD | +0.0756% | 1h | 0.000004809 | +0.054% | $2K | $9K | 10x | as long as short |
| ApeX Omni 1000PEPEUSDT | +0.0759% | 1h | 0.000004830 | +0.491% | $103K | $762K | 25x | as long as short |
| Kraken Futures PF_PEPEUSDlong | +0.0762% | 1h | 0.000004806 | long leg | $3.9M | $13.1M | 50x | |
| BingX 1000PEPE-USDT | +0.0827% | 8h | 0.000004803 | −0.065% | — | $254.7M | — | as long as short |
| Extended 1000PEPE-USD | +0.0872% | 1h | 0.000004799 | −0.161% | $529K | $147K | 25x | as long as short |
| MEXC PEPE_USDT | +0.0872% | 8h | 0.000004804 | −0.050% | $91.3M | $292.4M | 300x | as long as short |
| Aevo 1000PEPE-PERP | +0.0872% | 1h | 0.000004813 | +0.137% | $136K | — | 3x | as long as short |
| Binance 1000PEPEUSDT | +0.0873% | 8h | 0.000004803 | −0.064% | $128.0M | $1.02B | 75x | as long as short |
| Aster 1000PEPEUSDT | +0.0900% | 8h | 0.000004803 | −0.069% | $1.5M | $6.9M | 50x | as long as short |
| 01 Exchange kPEPEUSD | +0.1200% | 1h | 0.000004809 | +0.054% | $551 | $2K | 10x | as long as short |
HTX PEPE-USDT
OKX PEPE-USDT-SWAP
Bitget PEPEUSDT
Reya kPEPERUSDPERP
BloFin PEPE-USDT
GMX PEPE/USD [ETH-USDC]
Orderly PERP_1000PEPE_USDC
Coinbase International 1000PEPE-PERP-INTX
Phemex u1000PEPEUSDT
Paradex kPEPE-USD-PERP
Injective PEPE/USDC PERP
Deribit 1000PEPE_USDC-PERPETUAL
Backpack kPEPE_USDC_PERP
Lighter 1000PEPE
Nado kPEPE-PERP
SoDEX 1000PEPE-USD
ApeX Omni 1000PEPEUSDT
BingX 1000PEPE-USDT
Extended 1000PEPE-USD
MEXC PEPE_USDT
Aevo 1000PEPE-PERP
Binance 1000PEPEUSDT
Aster 1000PEPEUSDT
01 Exchange kPEPEUSD