Funding you earn now, next payment 23:00 UTC−0.1788%/8h= −195.8% APRnext payment −$2.23 per $10,000 · paid last 24h −0.309%
Price spread now: Hyperliquid against Kraken Futures−0.117%50s7-day average −0.048% · you buy dearer than you sell
Net, funding: paid 7d − costs−$266as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$1541.542% of the position
Funding, last 7 days−1.122%−$112 on $10k
+Price spread, last 3 days (all we have)+0.030%+$3 · spread now −0.117%, 7d avg −0.048%
=Together, before fees−1.092%+ Points / potential airdropHyperliquid: Season 2 · farm board−$109 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$54 a day on $10k at the current rate, and Hyperliquid is 0.070% cheaper against Kraken Futures than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.048%). Swap the legs. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -1.122% in total (about -58.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.23 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_ZENUSD | 7.7172 | 0.1888 | pay 0.0236% / 1h | 26m 25s | $505K | $1.1M | 25x |
| Short | Hyperliquid ZEN | 7.7081 | 0.0100 | get 0.0013% / 1h | 26m 25s | $2.4M | $1.8M | 5x |
Kraken Futures PF_ZENUSD
Hyperliquid ZENFunding 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
- −$375.42
- Price spread: −0.117% → −0.048%
- −$6.95
- Slippage, 4 orders
- −$135.21
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- −$536.58
- Costs to cover
- 1.542%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 2 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, 2 min ago | 21.43 bp | 67.3 bp −$67 | 145.8 bp −$1,458 | doesn't fit | doesn't fit |
| Sell Hyperliquid live order book, 5 min ago | 1.30 bp | 15.2 bp −$15 | doesn't fit | doesn't fit | doesn't fit |
ZEN 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 | |
|---|---|---|---|---|---|---|---|---|
| OKX ZEN-USDT-SWAP | −0.0108% | 4h | 7.6930 | −0.313% | $2.3M | $5.8M | 50x | as long as short |
| Variational Omni ZEN | −0.0053% | 8h | 7.6615 | −0.721% | $51K | $150K | — | as long as short |
| KuCoin ZENUSDTM | −0.0045% | 8h | 7.6850 | −0.417% | $4.3M | $5.0M | 50x | as long as short |
| Binance ZENUSDT | −0.0003% | 8h | 7.6910 | −0.339% | $11.1M | $31.8M | 75x | as long as short |
| MEXC ZEN_USDT | −0.0001% | 8h | 7.6910 | −0.339% | $12.2M | $5.6M | 200x | as long as short |
| dYdX ZEN-USD | 0.0000% | 1h | 7.6890 | −0.365% | $9K | — | 5x | as long as short |
| Extended ZEN-USD | 0.0000% | 1h | 7.6865 | −0.397% | $25K | $110K | 5x | as long as short |
| Bitget ZENUSDT | +0.0042% | 8h | 7.6870 | −0.391% | $2.8M | $3.5M | 50x | as long as short |
| Aster ZENUSDT | +0.0063% | 8h | 7.6838 | −0.432% | $53K | $380K | 10x | as long as short |
| Bybit ZENUSDT | +0.0098% | 8h | 7.6820 | −0.456% | $4.7M | $6.6M | 75x | as long as short |
OKX ZEN-USDT-SWAP
Variational Omni ZEN
KuCoin ZENUSDTM
Binance ZENUSDT
MEXC ZEN_USDT
dYdX ZEN-USD
Extended ZEN-USD
Bitget ZENUSDT
Aster ZENUSDT
Bybit ZENUSDTShow all 17 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Hyperliquid ZENshort | +0.0100% | 1h | 7.7081 | −0.117% | $2.4M | $1.8M | 5x | |
| BingX ZEN-USDT | +0.0100% | 8h | 7.6910 | −0.339% | — | $3.4M | — | as long as short |
| GRVT ZEN_USDT_Perp | +0.0100% | 8h | 7.6760 | −0.533% | $581K | $1.6M | 10x | as long as short |
| ApeX Omni ZENUSDT | +0.0100% | 1h | 7.6720 | −0.585% | $27K | $682K | 50x | as long as short |
| SunX ZEN-USDT | +0.0100% | 8h | 7.6750 | −0.546% | $1K | $1.4M | 20x | as long as short |
| BloFin ZEN-USDT | +0.0119% | 8h | 7.6820 | −0.456% | $842K | $1.9M | 75x | as long as short |
| Kraken Futures PF_ZENUSDlong | +0.1888% | 1h | 7.7172 | long leg | $505K | $1.1M | 25x |
BingX ZEN-USDT
GRVT ZEN_USDT_Perp
ApeX Omni ZENUSDT
SunX ZEN-USDT
BloFin ZEN-USDT