Funding arb · Price arb /

HMSTR

all HMSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.2199%/8h= +240.8% APRpaid last 24h +0.396%

Price spread now: Hyperliquid against KuCoin+0.565%7-day average +0.362% · you sell dearer than you buy

Net, funding: paid 7d − costs−$771as in the Funding arb table

Net, price: spread back to 7d avg − costs−$810as in the Price arb table

costs, in and out, $10k−$8308.301% of the position

Long on KuCoin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.593%+$59 on $10k

Price spread, last 4 days (all we have)−0.445%−$45 · spread now +0.565%, 7d avg +0.362%

Together, before fees+0.148%+ Points / potential airdropHyperliquid: Season 2 · farm board+$15 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$66 a day on $10k at the current rate, and Hyperliquid is 0.203% dearer against KuCoin than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of +0.362%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.593% in total (about 30.9% 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 HMSTRUSDTM	0.0001770	0.0100	pay 0.0050% / 4h	32m 11s	$246K	$49K	10x
Short	Hyperliquid HMSTR	0.0001780	0.2299	get 0.0287% / 1h	32m 11s	$2.0M	$125K	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 +0.565%Rate

Funding earned: $461.81
Price spread: +0.565% → +0.362%: $20.31
Slippage, 4 orders: −$809.14
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$348.01
Costs to cover: 8.301%
Break-even: 12.3 days

Slippage from KuCoin: live order book, 28 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, 28 min ago	8.45 bp	498.3 bp −$498	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 9 min ago	28.01 bp	32.5 bp −$33	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
BingX HMSTR-USDT	+0.0070%	4h	0.0001770	0.000%	—	$1.3M	—	as long as short
Aster HMSTRUSDT	+0.0100%	4h	0.0001771	+0.034%	$33K	$7K	5x	as long as short
Binance HMSTRUSDT	+0.0100%	4h	0.0001771	+0.051%	$2.2M	$2.1M	10x	as long as short
Bybit HMSTRUSDT	+0.0100%	4h	0.0001771	+0.056%	$1.5M	$580K	25x	as long as short
OKX HMSTR-USDT-SWAP	+0.0100%	4h	0.0001771	+0.056%	$592K	$890K	10x	as long as short
Gate HMSTR_USDT	+0.0100%	4h	0.0001769	−0.056%	$392K	$132K	25x	as long as short
MEXC HMSTR_USDT	+0.0100%	4h	0.0001771	+0.056%	$389K	$117K	50x	as long as short
KuCoin HMSTRUSDTMlong	+0.0100%	4h	0.0001770	long leg	$246K	$49K	10x
Variational Omni HMSTR	+0.0100%	4h	0.0001768	−0.096%	$2K	$920	—	as long as short
ApeX Omni HMSTRUSDT	+0.0100%	1h	0.0001769	−0.056%	$13K	$611K	50x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended kHMSTR-USD	+0.0104%	1h	0.0001771	+0.037%	$923	—	5x	as long as short
Kraken Futures PF_HMSTRUSD	+0.0383%	1h	0.0001772	+0.129%	$10K	$11K	10x	as long as short
Hyperliquid HMSTRshort	+0.2299%	1h	0.0001780	+0.565%	$2.0M	$125K	3x