Funding arb · Price arb /

2Z

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against KuCoin+0.208%7-day average +0.009% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on KuCoin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.525%−$53 on $10k

Price spread, last 4 days (all we have)−0.243%−$24 · spread now +0.208%, 7d avg +0.009%

Together, before fees−0.768%+ Points / potential airdropHyperliquid: Season 2 · farm board−$77 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.200% dearer against KuCoin than usual: you sell high and buy low, +$20 on $10k if it goes back to its 7-day average of +0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin 2ZUSDTM	0.05231	0.0100	pay 0.0050% / 4h	3h 31m	$178K	$55K	50x
Short	Hyperliquid 2Z	0.05242	0.0100	get 0.0013% / 1h	31m 35s	$676K	$353K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against KuCoin. 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 KuCoinbpFee HyperliquidbpOrdersPrice spread, now +0.208%Rate

Funding earned: $0
Price spread: +0.208% → +0.009%: $19.97
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$1.03
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 39 min ago; Hyperliquid: live order book, 58 min ago. Net counts fees only.

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 KuCoin live order book, 39 min ago	12.35 bp	57.8 bp −$58	685.1 bp −$6,851	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 58 min ago	0.29 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

2Z 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
Backpack 2Z_USDC_PERP	−0.0664%	1h	0.05230	−0.021%	$45K	$22K	5x	as long as short
Injective 2Z/USDC PERP	+0.0033%	1h	0.04980	−4.800%	$867	$213	5.5x	as long as short
Lighter 2Z	+0.0096%	1h	0.05238	+0.132%	$17K	$6K	3x	as long as short
Hyperliquid 2Zshort	+0.0100%	1h	0.05242	+0.208%	$676K	$353K	3x
Aster 2ZUSDT	+0.0100%	4h	0.05237	+0.117%	$12K	$57K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05234	+0.055%	$75K	$15K	3x	as long as short
Binance 2ZUSDT	+0.0100%	4h	0.05238	+0.132%	$2.1M	$2.2M	50x	as long as short
Bybit 2ZUSDT	+0.0100%	4h	0.05242	+0.208%	$722K	$964K	50x	as long as short
OKX 2Z-USDT-SWAP	+0.0100%	4h	0.05239	+0.151%	$449K	$714K	20x	as long as short
Gate 2Z_USDT	+0.0100%	4h	0.05240	+0.170%	$91K	$61K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC 2Z_USDT	+0.0100%	4h	0.05238	+0.132%	$328K	$131K	50x	as long as short
KuCoin 2ZUSDTMlong	+0.0100%	4h	0.05231	long leg	$178K	$55K	50x
Bitget 2ZUSDT	+0.0100%	4h	0.05240	+0.170%	$162K	$625K	50x	as long as short
BingX 2Z-USDT	+0.0100%	4h	0.05238	+0.132%	—	$6.5M	—	as long as short
Variational Omni 2Z	+0.0100%	4h	0.05239	+0.143%	$33K	$23K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05237	+0.113%	$2K	$1.2M	20x	as long as short
Kraken Futures PF_2ZUSD	+0.0568%	1h	0.05240	+0.171%	$5K	$3K	10x	as long as short