Funding you earn now, next payment 01:00 UTC+0.1215%/8h= +133.0% APRnext payment +$1.52 per $10,000 · paid last 24h +0.009%
Price spread now: Kraken Futures against Hyperliquid+0.244%7-day average +0.096% · you sell dearer than you buy
Net, funding: paid 7d − costs−$217as in the Funding arb table
Net, price: spread back to 7d avg − costs−$214as in the Price arb table
costs, in and out, $10k−$2292.293% of the position
Funding, last 7 days+0.125%+$12 on $10k
+Price spread, last 3 days (all we have)−0.417%−$42 · spread now +0.244%, 7d avg +0.096%
=Together, before fees−0.292%+ Points / potential airdropHyperliquid: Season 2 · farm board−$29 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$36 a day on $10k at the current rate, and Kraken Futures is 0.148% dearer against Hyperliquid than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of +0.096%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.125% in total (about 6.5% a year). A funding rate is set anew for every payment; at this rate the next one is about +$1.52 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 W | 0.01193 | 0.0100 | pay 0.0013% / 1h | 5m 38s | $2.0M | $405K | 5x |
| Short | Kraken Futures PF_WUSD | 0.01196 | 0.1315 | get 0.0164% / 1h | 5m 38s | $148K | $181K | 20x |
Hyperliquid W
Kraken Futures PF_WUSDFunding 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
- $255.15
- Price spread: +0.244% → +0.096%
- $14.76
- Slippage, 4 orders
- −$210.26
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- $40.65
- Costs to cover
- 2.293%
- Break-even
- 5.9 days
Slippage from Hyperliquid: live order book, 5 min ago; Kraken Futures: live order book, 2 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, 5 min ago | 4.18 bp | 23.8 bp −$24 | doesn't fit | doesn't fit | doesn't fit |
| Sell Kraken Futures live order book, 2 min ago | 22.60 bp | 35.6 bp −$36 | doesn't fit | doesn't fit | doesn't fit |
W on 17 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 | |
|---|---|---|---|---|---|---|---|---|
| Deribit W_USDC-PERPETUAL | −0.0420% | 1h | 0.01193 | +0.017% | $16K | $2K | 10x | as long as short |
| Injective W/USDC PERP | +0.0033% | 1h | 0.01209 | +1.341% | $1K | $1K | 12x | as long as short |
| Hyperliquid Wlong | +0.0100% | 1h | 0.01193 | long leg | $2.0M | $405K | 5x | |
| Binance WUSDT | +0.0100% | 4h | 0.01193 | +0.025% | $3.0M | $6.7M | 50x | as long as short |
| Bybit WUSDT | +0.0100% | 4h | 0.01192 | −0.109% | $4.2M | $1.9M | 50x | as long as short |
| OKX W-USDT-SWAP | +0.0100% | 4h | 0.01193 | −0.025% | $1.3M | $2.0M | 20x | as long as short |
| Gate W_USDT | +0.0100% | 4h | 0.01193 | −0.008% | $450K | $284K | 75x | as long as short |
| MEXC W_USDT | +0.0100% | 4h | 0.01193 | +0.017% | $12.9M | $1.5M | 50x | as long as short |
| KuCoin WUSDTM | +0.0100% | 4h | 0.01195 | +0.168% | $454K | $219K | 50x | as long as short |
| Bitget WUSDT | +0.0100% | 4h | 0.01195 | +0.168% | $1.3M | $569K | 50x | as long as short |
Deribit W_USDC-PERPETUAL
Injective W/USDC PERP
Binance WUSDT
Bybit WUSDT
OKX W-USDT-SWAP
Gate W_USDT
MEXC W_USDT
KuCoin WUSDTM
Bitget WUSDTShow all 17 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX W-USDT | +0.0100% | 4h | 0.01193 | +0.008% | — | $6.9M | — | as long as short |
| Variational Omni W | +0.0100% | 4h | 0.01191 | −0.199% | $72K | $41K | — | as long as short |
| GRVT W_USDT_Perp | +0.0100% | 4h | 0.01195 | +0.168% | $132K | $377K | 10x | as long as short |
| Extended W-USD | +0.0104% | 1h | 0.01193 | −0.002% | $60K | $240K | 5x | as long as short |
| Coinbase International W-PERP-INTX | +0.0280% | 1h | 0.01197 | +0.344% | $14K | $16K | 50x | as long as short |
| Kraken Futures PF_WUSDshort | +0.1315% | 1h | 0.01196 | +0.244% | $148K | $181K | 20x | |
| Backpack W_USDC_PERP | +0.1355% | 1h | 0.01195 | +0.168% | $45K | $47K | 15x | as long as short |
BingX W-USDT
Variational Omni W
GRVT W_USDT_Perp
Extended W-USD
Coinbase International W-PERP-INTX
Backpack W_USDC_PERP