ETHFI arbitrage between HyperLiquid and Kraken: we compare the price of ETHFI on HyperLiquid (futures) and Kraken (spot) in real time — the executable spread (buy at the ask, sell at the bid), basis, volume and deposit/withdrawal status. You can see whether the gap holds or is a one-second blip you would never get into.

About Ether.fi

Decentralized Finance (DeFi), Binance Launchpool, Arbitrum Ecosystem, Ethereum Ecosystem

Over the past 24 hours the spread between HyperLiquid and Kraken stayed between 0.60% and 0.84%, median 0.83% across 45 samples (funding divergence).

Open interest in ETHFI right now — $81.0M: Binance $23.2M, BingX $23.1M, Bybit $13.8M, HyperLiquid $11.4M, OKX $4.1M. See OI ETHFI.

News about ETHFI

About ETHFI arbitrage

How do I read the ETHFI spread?

The spread is how many percent higher ETHFI trades on one exchange than on the other. We measure it at tradeable prices (ask/bid) net of fees; “net” is closer to what you actually keep.

Is this arbitrage worth taking?

Look past the spread: check volume, order-book depth and the deposit/withdrawal status on HyperLiquid and Kraken. If deposits or withdrawals are shut, or the book is thin, the spread exists on paper but you cannot trade into it.

How do I get ETHFI alerts?

Build a rule in the the builder with the spread threshold you want — the notification arrives as a Telegram direct message within seconds.