Funding you earn now, next payment 01:00 UTC+0.0853%/8h= +93.4% APRnext payment +$1.07 per $10,000 · paid last 24h +0.073%
Price spread now: Kraken Futures against Hyperliquid−0.003%7-day average −0.046% · you buy dearer than you sell
Net, funding: paid 7d − costs−$118as in the Funding arb table
Net, price: spread back to 7d avg − costs−$159as in the Price arb table
costs, in and out, $10k−$1631.630% of the position
Funding, last 7 days+0.446%+$45 on $10k
+Price spread, last 3 days (all we have)−0.139%−$14 · spread now −0.003%, 7d avg −0.046%
=Together, before fees+0.306%+ Points / potential airdropHyperliquid: Season 2 · farm board+$31 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$26 a day on $10k at the current rate, and Kraken Futures is 0.044% dearer against Hyperliquid than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.046%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.446% in total (about 23.2% a year). A funding rate is set anew for every payment; at this rate the next one is about +$1.07 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 | Hyperliquid SPX | 0.5138 | 0.0100 | pay 0.0013% / 1h | 8m 05s | $10.1M | $7.6M | 5x |
| Short | Kraken Futures PF_SPXUSD | 0.5138 | 0.0953 | get 0.0119% / 1h | 8m 05s | $249K | $550K | 20x |
Hyperliquid SPX
Kraken Futures PF_SPXUSDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kraken Futures against Hyperliquid. 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
- $179.2
- Price spread: −0.003% → −0.046%
- $4.36
- Slippage, 4 orders
- −$143.96
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- $20.6
- Costs to cover
- 1.630%
- Break-even
- 6.2 days
Slippage from Hyperliquid: live order book, 4 min ago; Kraken Futures: live order book, 65 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 Hyperliquid live order book, 4 min ago | 1.96 bp | 16.0 bp −$16 | doesn't fit | doesn't fit | doesn't fit |
| Sell Kraken Futures live order book, 65 min ago | 30.70 bp | 47.7 bp −$48 | 142.9 bp −$1,429 | doesn't fit | doesn't fit |
SPX on 19 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 | |
|---|---|---|---|---|---|---|---|---|
| Variational Omni SPX | +0.0022% | 4h | 0.5086 | −1.011% | $851K | $1.3M | — | as long as short |
| Injective SPX/USDC PERP | +0.0033% | 1h | 0.4979 | −3.096% | $9 | $4K | 5.5x | as long as short |
| Lighter SPX | +0.0096% | 1h | 0.5133 | −0.093% | $118K | $324K | 5x | as long as short |
| Hyperliquid SPXlong | +0.0100% | 1h | 0.5138 | long leg | $10.1M | $7.6M | 5x | |
| Aster SPXUSDT | +0.0100% | 4h | 0.5122 | −0.314% | $129K | $110K | 10x | as long as short |
| Binance SPXUSDT | +0.0100% | 4h | 0.5135 | −0.060% | $5.1M | $21.1M | 75x | as long as short |
| Bybit SPXUSDT | +0.0100% | 4h | 0.5130 | −0.158% | $11.7M | $16.0M | 50x | as long as short |
| OKX SPX-USDT-SWAP | +0.0100% | 4h | 0.5133 | −0.099% | $972K | $2.9M | 20x | as long as short |
| Gate SPX_USDT | +0.0100% | 4h | 0.5122 | −0.313% | $1.1M | $520K | 50x | as long as short |
| MEXC SPX_USDT | +0.0100% | 4h | 0.5140 | +0.037% | $11.3M | $4.8M | 100x | as long as short |
Variational Omni SPX
Injective SPX/USDC PERP
Lighter SPX
Aster SPXUSDT
Binance SPXUSDT
Bybit SPXUSDT
OKX SPX-USDT-SWAP
Gate SPX_USDT
MEXC SPX_USDTShow all 19 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| KuCoin SPXUSDTM | +0.0100% | 4h | 0.5127 | −0.216% | $3.8M | $5.4M | 50x | as long as short |
| Bitget SPXUSDT | +0.0100% | 4h | 0.5133 | −0.099% | $2.7M | $1.4M | 50x | as long as short |
| BingX SPX-USDT | +0.0100% | 4h | 0.5132 | −0.119% | — | $6.8M | — | as long as short |
| ApeX Omni SPXUSDT | +0.0100% | 1h | 0.5097 | −0.800% | $46K | $246K | 25x | as long as short |
| Orderly PERP_SPX_USDC | +0.0100% | 4h | 0.5136 | −0.041% | $20K | $599 | 10x | as long as short |
| SunX SPX-USDT | +0.0100% | 4h | 0.5123 | −0.294% | $8K | $1.7M | 20x | as long as short |
| Extended SPX-USD | +0.0104% | 1h | 0.5136 | −0.034% | $33K | $264K | 10x | as long as short |
| BloFin SPX-USDT | +0.0340% | 4h | 0.5116 | −0.430% | $253K | $1.1M | 75x | as long as short |
| Kraken Futures PF_SPXUSDshort | +0.0953% | 1h | 0.5138 | −0.003% | $249K | $550K | 20x |
KuCoin SPXUSDTM
Bitget SPXUSDT
BingX SPX-USDT
ApeX Omni SPXUSDT
Orderly PERP_SPX_USDC
SunX SPX-USDT
Extended SPX-USD
BloFin SPX-USDT