TRUMP

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0677%/8h= −74.1% APRnext payment −$0.85 per $10,000 · paid last 24h +0.023%

Price spread now: Hyperliquid against Kraken Futures+0.036%7-day average −0.031% · you sell dearer than you buy

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$630.631% of the position

Long on Kraken Futures Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.110%+$11 on $10k

Price spread, last 3 days (all we have)−0.069%−$7 · spread now +0.036%, 7d avg −0.031%

Together, before fees+0.041%+ Points / potential airdropHyperliquid: Season 2 · farm board+$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hyperliquid is 0.067% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.036% now, against its 7-day average of −0.031%): +$7 on $10k if it goes back. Holding the pair costs −$20 a day in funding at the current rate, which eats that in about 8 hours. Mind the row above: over the last 7 days funding on this pair paid +0.110%, 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 0.110% in total (about 5.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.85 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_TRUMPUSD	2.2182	0.0777	pay 0.0097% / 1h	2m 15s	$1.3M	$2.6M	50x
Short	Hyperliquid TRUMP	2.2190	0.0100	get 0.0013% / 1h	2m 15s	$14.4M	$6.6M	10x

Funding 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 it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee Kraken FuturesbpFee HyperliquidbpOrdersPrice spread, now +0.036%Rate

Funding earned: −$142.13
Price spread: +0.036% → −0.031%: $6.69
Slippage, 4 orders: −$44.06
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$198.5
Costs to cover: 0.631%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 1 min ago; Hyperliquid: live order book, 10 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, 1 min ago	4.51 bp	26.4 bp −$26	48.4 bp −$484	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 10 min ago	2.22 bp	8.1 bp −$8	doesn't fit	doesn't fit	doesn't fit

TRUMP on 31 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
Injective TRUMP/USDC PERP	−0.1608%	1h	2.2180	−0.009%	$13K	$157K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.2161	−0.093%	$5	—	10x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.2216	+0.154%	$28K	$512	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.2185	+0.014%	$416K	$78K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.2195	+0.058%	$42K	—	150x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.2432	+1.127%	$109K	$263K	20x	as long as short
Paradex TRUMP-USD-PERP	+0.0083%	8h	2.2167	−0.069%	$5K	$175	5x	as long as short
Orderly PERP_TRUMP_USDC	+0.0093%	4h	2.2180	−0.009%	$3K	$249K	10x	as long as short
Lighter TRUMP	+0.0096%	1h	2.2235	+0.239%	$986K	$783K	10x	as long as short
Hyperliquid TRUMPshort	+0.0100%	1h	2.2190	+0.036%	$14.4M	$6.6M	10x

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster TRUMPUSDT	+0.0100%	4h	2.2158	−0.110%	$462K	$837K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.2231	+0.221%	$193K	$55K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.2190	+0.036%	$64.2M	$229.9M	75x	as long as short
Bybit TRUMPUSDT	+0.0100%	4h	2.2180	−0.009%	$31.5M	$46.3M	50x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.2180	−0.009%	$28.8M	$163.7M	50x	as long as short
Gate TRUMP_USDT	+0.0100%	4h	2.2170	−0.054%	$7.9M	$49.3M	75x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.2170	−0.054%	$478K	$134K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.2170	−0.054%	$4.2M	$10.8M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.2160	−0.099%	$16.0M	$23.0M	75x	as long as short
Variational Omni TRUMP	+0.0100%	4h	2.2321	+0.626%	$710K	$441K	—	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.2373	+0.862%	$184K	$4.4M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.2180	−0.009%	$2K	$1.6M	50x	as long as short
SoDEX TRUMP-USD	+0.0100%	1h	2.2155	−0.121%	$82	$6K	5x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.2220	+0.172%	$576K	$1.9M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.2165	−0.077%	$79K	$600K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.2237	+0.249%	$19K	—	3x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0217% / S −0.0188%	1h	2.2195	+0.058%	$10K	—	100x	as long as short
BloFin TRUMP-USDT	+0.0340%	4h	2.2210	+0.127%	$4.3M	$675K	75x	as long as short
Backpack TRUMP_USDC_PERP	+0.0448%	1h	2.2234	+0.235%	$260K	$302K	10x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0624%	1h	2.2230	+0.217%	$292K	$286K	50x	as long as short
Kraken Futures PF_TRUMPUSDlong	+0.0777%	1h	2.2182	long leg	$1.3M	$2.6M	50x