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: Hyperliquid against Kraken Futures+0.083%7-day average +0.046% · you sell dearer than you buy
Net, funding: paid 7d − costs−$208as 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)+0.060%+$6 · spread now +0.083%, 7d avg +0.046%
=Together, before fees−0.386%+ Points / potential airdropHyperliquid: Season 2 · farm board−$39 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Hyperliquid is 0.036% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.083% now, against its 7-day average of +0.046%): +$4 on $10k if it goes back. Holding the pair costs −$26 a day in funding at the current rate, which eats that in about 3 hours. At the pace of the last 7 days (−0.446% in total) that is about 14 hours.
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 | Kraken Futures PF_SPXUSD | 0.5138 | 0.0953 | pay 0.0119% / 1h | 7m 54s | $249K | $550K | 20x |
| Short | Hyperliquid SPX | 0.5142 | 0.0100 | get 0.0013% / 1h | 7m 54s | $10.1M | $7.6M | 5x |
Kraken Futures PF_SPXUSD
Hyperliquid SPXFunding 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
- −$179.2
- Price spread: +0.083% → +0.046%
- $3.62
- Slippage, 4 orders
- −$143.96
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- −$338.54
- Costs to cover
- 1.630%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 65 min ago; Hyperliquid: 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 Kraken Futures live order book, 65 min ago | 30.70 bp | 81.6 bp −$82 | doesn't fit | doesn't fit | doesn't fit |
| Sell Hyperliquid live order book, 5 min ago | 1.96 bp | 17.6 bp −$18 | doesn't fit | 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 | −1.008% | $851K | $1.3M | — | as long as short |
| Injective SPX/USDC PERP | +0.0033% | 1h | 0.4979 | −3.094% | $9 | $4K | 5.5x | as long as short |
| Lighter SPX | +0.0096% | 1h | 0.5133 | −0.091% | $118K | $324K | 5x | as long as short |
| Hyperliquid SPXshort | +0.0100% | 1h | 0.5142 | +0.083% | $10.1M | $7.6M | 5x | |
| Aster SPXUSDT | +0.0100% | 4h | 0.5127 | −0.222% | $130K | $110K | 10x | as long as short |
| Binance SPXUSDT | +0.0100% | 4h | 0.5136 | −0.038% | $5.1M | $21.1M | 75x | as long as short |
| Bybit SPXUSDT | +0.0100% | 4h | 0.5131 | −0.135% | $11.7M | $16.0M | 50x | as long as short |
| OKX SPX-USDT-SWAP | +0.0100% | 4h | 0.5133 | −0.096% | $971K | $2.9M | 20x | as long as short |
| Gate SPX_USDT | +0.0100% | 4h | 0.5130 | −0.155% | $1.1M | $521K | 50x | as long as short |
| MEXC SPX_USDT | +0.0100% | 4h | 0.5140 | +0.040% | $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 | 0.5130 | −0.155% | $3.8M | $5.4M | 50x | as long as short |
| Bitget SPXUSDT | +0.0100% | 4h | 0.5133 | −0.096% | $2.7M | $1.4M | 50x | as long as short |
| BingX SPX-USDT | +0.0100% | 4h | 0.5136 | −0.038% | — | $6.8M | — | as long as short |
| ApeX Omni SPXUSDT | +0.0100% | 1h | 0.5097 | −0.797% | $46K | $246K | 25x | as long as short |
| Orderly PERP_SPX_USDC | +0.0100% | 4h | 0.5136 | −0.038% | $20K | $599 | 10x | as long as short |
| SunX SPX-USDT | +0.0100% | 4h | 0.5123 | −0.291% | $8K | $1.7M | 20x | as long as short |
| Extended SPX-USD | +0.0104% | 1h | 0.5136 | −0.031% | $33K | $264K | 10x | as long as short |
| BloFin SPX-USDT | +0.0340% | 4h | 0.5116 | −0.427% | $253K | $1.1M | 75x | as long as short |
| Kraken Futures PF_SPXUSDlong | +0.0953% | 1h | 0.5138 | long leg | $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