Funding arb · Price arb /

HMSTR

all HMSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0760%/8h= −83.3% APRpaid last 24h −0.475%

Price spread now: KuCoin against Hyperliquid−0.562%7-day average −0.360% · you buy dearer than you sell

Net, funding: paid 7d − costs−$1,160as in the Funding arb table

Net, price: spread back to 7d avg − costs−$1,122as in the Price arb table

costs, in and out, $10k−$1,10111.014% of the position

Long on Hyperliquid Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.582%−$58 on $10k

Price spread, last 4 days (all we have)+0.362%+$36 · spread now −0.562%, 7d avg −0.360%

Together, before fees−0.220%+ Points / potential airdropHyperliquid: Season 2 · farm board−$22 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$23 a day on $10k at the current rate, and KuCoin is 0.202% cheaper against Hyperliquid than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of −0.360%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid HMSTR	0.0001780	0.0860	pay 0.0108% / 1h	40m 05s	$2.0M	$199K	3x
Short	KuCoin HMSTRUSDTM	0.0001770	0.0100	get 0.0050% / 4h	1h 40m	$248K	$59K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Hyperliquid. 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 HyperliquidbpFee KuCoinbpOrdersPrice spread, now −0.562%Rate

Funding earned: −$159.66
Price spread: −0.562% → −0.360%: −$20.17
Slippage, 4 orders: −$1,080.38
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$1,281.21
Costs to cover: 11.014%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 11 min ago; KuCoin: live order book, 30 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 Hyperliquid live order book, 11 min ago	28.17 bp	69.5 bp −$70	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 30 min ago	8.51 bp	566.4 bp −$566	doesn't fit	doesn't fit	doesn't fit

HMSTR on 13 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
Kraken Futures PF_HMSTRUSD	−0.0892%	1h	0.0001773	−0.385%	$10K	$11K	10x	as long as short
BingX HMSTR-USDT	+0.0070%	4h	0.0001770	−0.562%	—	$1.3M	—	as long as short
Aster HMSTRUSDT	+0.0100%	4h	0.0001771	−0.517%	$33K	$7K	5x	as long as short
Binance HMSTRUSDT	+0.0100%	4h	0.0001771	−0.506%	$2.2M	$2.2M	10x	as long as short
Bybit HMSTRUSDT	+0.0100%	4h	0.0001770	−0.562%	$1.4M	$573K	25x	as long as short
OKX HMSTR-USDT-SWAP	+0.0100%	4h	0.0001770	−0.562%	$589K	$906K	10x	as long as short
Gate HMSTR_USDT	+0.0100%	4h	0.0001770	−0.562%	$391K	$139K	25x	as long as short
MEXC HMSTR_USDT	+0.0100%	4h	0.0001771	−0.506%	$387K	$114K	50x	as long as short
KuCoin HMSTRUSDTMshort	+0.0100%	4h	0.0001770	−0.562%	$248K	$59K	10x
Variational Omni HMSTR	+0.0100%	4h	0.0001770	−0.545%	$2K	$833	—	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni HMSTRUSDT	+0.0100%	1h	0.0001765	−0.843%	$13K	$614K	50x	as long as short
Extended kHMSTR-USD	+0.0104%	1h	0.0001771	−0.526%	$923	—	5x	as long as short
Hyperliquid HMSTRlong	+0.0860%	1h	0.0001780	long leg	$2.0M	$199K	3x