Funding you earn now, next payment 11:00 UTC−0.0785%/8h= −86.0% APRnext payment −$0.98 per $10,000 · paid last 24h −0.253%
Price spread now: Hyperliquid against Kraken Futures+0.001%7-day average −0.103% · you sell dearer than you buy
Net, funding: paid 7d − costs−$541as in the Funding arb table
Net, price: spread back to 7d avg − costs−$502as in the Price arb table
costs, in and out, $10k−$5125.122% of the position
Funding, last 7 days−0.284%−$28 on $10k
+Price spread, last 4 days (all we have)+0.331%+$33 · spread now +0.001%, 7d avg −0.103%
=Together, before fees+0.047%+ Points / potential airdropHyperliquid: Season 2 · farm board+$5 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Hyperliquid is 0.104% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.001% now, against its 7-day average of −0.103%): +$10 on $10k if it goes back. Holding the pair costs −$24 a day in funding at the current rate, which eats that in about 11 hours. At the pace of the last 7 days (−0.284% in total) that is about 2.6 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.284% in total (about -14.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.98 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kraken Futures PF_WUSD | 0.01176 | 0.0885 | pay 0.0111% / 1h | 29m 08s | $146K | $48K | 20x |
| Short | Hyperliquid W | 0.01176 | 0.0100 | get 0.0013% / 1h | 29m 08s | $2.0M | $257K | 5x |
Kraken Futures PF_WUSD
Hyperliquid WFunding 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
- −$164.94
- Price spread: +0.001% → −0.103%
- $10.39
- Slippage, 4 orders
- −$493.17
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- −$666.71
- Costs to cover
- 5.122%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 16 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, 16 min ago | 13.54 bp | 416.9 bp −$417 | doesn't fit | doesn't fit | doesn't fit |
| Sell Hyperliquid live order book, 5 min ago | 4.26 bp | 27.7 bp −$28 | doesn't fit | doesn't fit | doesn't fit |
W on 17 exchanges
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 | −0.0260% | 1h | 0.01175 | −0.101% | $14K | $4K | 10x | as long as short |
| Injective W/USDC PERP | +0.0033% | 1h | 0.01209 | +2.807% | $1K | $1K | 12x | as long as short |
| OKX W-USDT-SWAP | +0.0083% | 4h | 0.01172 | −0.305% | $1.3M | $1.3M | 20x | as long as short |
| Hyperliquid Wshort | +0.0100% | 1h | 0.01176 | +0.001% | $2.0M | $257K | 5x | |
| Binance WUSDT | +0.0100% | 4h | 0.01174 | −0.175% | $3.0M | $4.6M | 50x | as long as short |
| Bybit WUSDT | +0.0100% | 4h | 0.01172 | −0.322% | $4.1M | $1.5M | 50x | as long as short |
| Gate W_USDT | +0.0100% | 4h | 0.01175 | −0.126% | $434K | $171K | 75x | as long as short |
| MEXC W_USDT | +0.0100% | 4h | 0.01174 | −0.169% | $12.2M | $1.2M | 50x | as long as short |
| KuCoin WUSDTM | +0.0100% | 4h | 0.01175 | −0.084% | $383K | $177K | 50x | as long as short |
| Bitget WUSDT | +0.0100% | 4h | 0.01174 | −0.169% | $1.3M | $540K | 50x | as long as short |
Deribit W_USDC-PERPETUAL
Injective W/USDC PERP
OKX W-USDT-SWAP
Binance WUSDT
Bybit WUSDT
Gate W_USDT
MEXC W_USDT
KuCoin WUSDTM
Bitget WUSDTShow all 17 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX W-USDT | +0.0100% | 4h | 0.01173 | −0.279% | — | $6.7M | — | as long as short |
| Variational Omni W | +0.0100% | 4h | 0.01172 | −0.371% | $69K | $20K | — | as long as short |
| GRVT W_USDT_Perp | +0.0100% | 4h | 0.01174 | −0.169% | $126K | $375K | 10x | as long as short |
| Extended W-USD | +0.0104% | 1h | 0.01174 | −0.207% | $59K | $397K | 5x | as long as short |
| Backpack W_USDC_PERP | +0.0223% | 1h | 0.01175 | −0.050% | $42K | $48K | 15x | as long as short |
| Coinbase International W-PERP-INTX | +0.0640% | 1h | 0.01190 | +1.217% | $13K | $11K | 50x | as long as short |
| Kraken Futures PF_WUSDlong | +0.0885% | 1h | 0.01176 | long leg | $146K | $48K | 20x |
BingX W-USDT
Variational Omni W
GRVT W_USDT_Perp
Extended W-USD
Backpack W_USDC_PERP
Coinbase International W-PERP-INTX