Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0505%/8h= +55.3% APRpaid last 24h +0.077%

Price spread now: Hyperliquid against KuCoin+0.405%7-day average +0.065% · you sell dearer than you buy

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$670.673% of the position

Long on KuCoin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.219%+$22 on $10k

Price spread, last 7 days−0.350%−$35 · spread now +0.405%, 7d avg +0.065%

Together, before fees−0.131%+ Points / potential airdropHyperliquid: Season 2 · farm board−$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$15 a day on $10k at the current rate, and Hyperliquid is 0.340% dearer against KuCoin than usual: you sell high and buy low: +$34 more if the spread goes back to its 7-day average of +0.065%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.219% in total (about 11.4% a year). A funding rate is set anew for every payment. 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	KuCoin 1000BONKUSDTM	0.000003407	0.0100	pay 0.0050% / 4h	3h 13m	$2.7M	$9.8M	75x
Short	Hyperliquid kBONK	0.000003421	0.0605	get 0.0076% / 1h	13m 52s	$9.7M	$7.4M	10x

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 +0.405%Rate

Funding earned: $106.09
Price spread: +0.405% → +0.065%: $34.02
Slippage, 4 orders: −$46.29
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $72.81
Costs to cover: 0.673%
Break-even: 2.2 days

Slippage from KuCoin: live order book, 4 min ago; Hyperliquid: live order book, 9 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 KuCoin live order book, 4 min ago	2.95 bp	19.6 bp −$20	398.6 bp −$3,986	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 9 min ago	1.47 bp	14.7 bp −$15	28.4 bp −$284	doesn't fit	doesn't fit

BONK on 31 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
Coinbase International 1000BONK-PERP-INTX	−0.0376%	1h	0.000003371	−1.062%	$43K	$25K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003413	+0.170%	$1.0M	$14.5M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0040%	4h	0.000003415	+0.229%	$29K	$39K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003415	+0.235%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003415	+0.242%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−3.909%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003413	+0.184%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003415	+0.244%	$18K	$101K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003418	+0.312%	$66K	$253K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003417	+0.288%	$115K	$122K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance 1000BONKUSDT	+0.0100%	4h	0.000003412	+0.146%	$15.5M	$53.2M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003412	+0.150%	$10.8M	$17.1M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003414	+0.200%	$2.5M	$7.9M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003413	+0.170%	$734K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003410	+0.082%	$10.0M	$6.8M	125x	as long as short
KuCoin 1000BONKUSDTMlong	+0.0100%	4h	0.000003407	long leg	$2.7M	$9.8M	75x
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003407	−0.006%	$4.3M	$3.0M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003412	+0.141%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003401	−0.183%	$305K	$119K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003389	−0.534%	$57K	$709K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003420	+0.376%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003415	+0.229%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003416	+0.258%	$94K	$153K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003412	+0.134%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003417	+0.288%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−11.951%	$571	—	100x	as long as short
Lighter 1000BONK	+0.0328%	1h	0.000003421	+0.405%	$354K	$474K	10x	as long as short
Backpack kBONK_USDC_PERP	+0.0359%	1h	0.000003418	+0.317%	$30K	$7K	10x	as long as short
Hyperliquid kBONKshort	+0.0605%	1h	0.000003421	+0.405%	$9.7M	$7.4M	10x
Deribit 1000BONK_USDC-PERPETUAL	+0.0921%	1h	0.000003420	+0.376%	$2K	$110K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.1454%	1h	0.000003426	+0.559%	$214K	$165K	50x	as long as short