Funding arb · Price arb /

HEMI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0990%/8h= +108.4% APRpaid last 24h +0.011%

Price spread now: Hyperliquid against KuCoin0.000%7-day average +0.062% · you sell dearer than you buy

Net, funding: paid 7d − costs−$384as in the Funding arb table

Net, price: spread back to 7d avg − costs−$423as in the Price arb table

costs, in and out, $10k−$4174.172% of the position

Long on KuCoin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.334%+$33 on $10k

Price spread, last 7 days+0.115%+$11 · spread now 0.000%, 7d avg +0.062%

Together, before fees+0.449%+ Points / potential airdropHyperliquid: Season 2 · farm board+$45 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.062% cheaper against KuCoin than usual: you would sell low and buy high (spread 0.000% now, against its 7-day average of +0.062%). If the spread goes back, that is −$6 on $10k: about 5 hours of funding at the current rate (+$30 a day). At the pace of the last 7 days (+0.334% in total) that is about 31 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.334% in total (about 17.4% 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 HEMIUSDTM	0.006560	0.0100	pay 0.0050% / 4h	1m 16s	$845K	$1.7M	20x
Short	Hyperliquid HEMI	0.006560	0.1090	get 0.0136% / 1h	1m 16s	$1.1M	$342K	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

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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 0.000%Rate

Funding earned: $207.88
Price spread: 0.000% → +0.062%: −$6.25
Slippage, 4 orders: −$396.22
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$215.58
Costs to cover: 4.172%
Break-even: 14.3 days

Slippage from KuCoin: live order book, 5 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, 5 min ago	15.99 bp	179.9 bp −$180	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 9 min ago	0.76 bp	18.0 bp −$18	doesn't fit	doesn't fit	doesn't fit

HEMI on 12 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
Aster HEMIUSDT	+0.0100%	4h	0.006548	−0.176%	$75K	$48K	5x	as long as short
Bybit HEMIUSDT	+0.0100%	4h	0.006545	−0.229%	$1.7M	$1.5M	25x	as long as short
KuCoin HEMIUSDTMlong	+0.0100%	4h	0.006560	long leg	$845K	$1.7M	20x
Variational Omni HEMI	+0.0100%	4h	0.006564	+0.066%	$23K	$3K	—	as long as short
SunX HEMI-USDT	+0.0100%	4h	0.006708	+2.256%	$1K	$1.2M	20x	as long as short
MEXC HEMI_USDT	+0.0170%	4h	0.006554	−0.091%	$1.7M	$290K	50x	as long as short
Binance HEMIUSDT	+0.0174%	4h	0.006554	−0.091%	$6.6M	$10.6M	20x	as long as short
Extended HEMI-USD	+0.0176%	1h	0.006552	−0.120%	$17K	—	5x	as long as short
BingX HEMI-USDT	+0.0180%	4h	0.006552	−0.122%	—	$1.4M	—	as long as short
BloFin HEMI-USDT	+0.0216%	4h	0.006551	−0.137%	$366K	$52K	20x	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HEMI_USDT	+0.0234%	4h	0.006549	−0.168%	$513K	$286K	20x	as long as short
Hyperliquid HEMIshort	+0.1090%	1h	0.006560	0.000%	$1.1M	$342K	3x