Funding arb · Price arb /

IMX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.006%

Price spread now: KuCoin against Hyperliquid−0.115%7-day average −0.174% · you buy dearer than you sell

Net, funding: paid 7d − costs−$208as in the Funding arb table

Net, price: spread back to 7d avg − costs−$201as in the Price arb table

costs, in and out, $10k−$2072.073% of the position

Long on Hyperliquid Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.007%−$1 on $10k

Price spread, last 4 days (all we have)−0.061%−$6 · spread now −0.115%, 7d avg −0.174%

Together, before fees−0.068%+ Points / potential airdropHyperliquid: Season 2 · farm board−$7 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: KuCoin is 0.059% dearer against Hyperliquid than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.174%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid IMX	0.1485	0.0100	pay 0.0013% / 1h	41m 32s	$3.4M	$316K	5x
Short	KuCoin IMXUSDTM	0.1483	0.0100	get 0.0050% / 4h	2h 41m	$373K	$165K	50x

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 −0.115%Rate

Funding earned: $0
Price spread: −0.115% → −0.174%: $5.94
Slippage, 4 orders: −$186.32
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$201.38
Costs to cover: 2.073%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 min ago; KuCoin: live order book, 16 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, 10 min ago	0.34 bp	14.6 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 16 min ago	10.08 bp	81.3 bp −$81	262.3 bp −$2,623	doesn't fit	doesn't fit

IMX on 15 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
Variational Omni IMX	−0.0201%	4h	0.1483	−0.098%	$93K	$131K	—	as long as short
gTrade (Gains Network) IMX/USD	L +0.0001% / S +0.0004%	1h	0.1483	−0.141%	$2K	—	150x	as long as short
dYdX IMX-USD	+0.0023%	1h	0.1483	−0.115%	$26K	$4K	5x	as long as short
Injective IMX/USDC PERP	+0.0033%	1h	0.1515	+2.041%	$559	$28K	5.5x	as long as short
Hyperliquid IMXlong	+0.0100%	1h	0.1485	long leg	$3.4M	$316K	5x
Binance IMXUSDT	+0.0100%	4h	0.1482	−0.182%	$3.5M	$5.8M	75x	as long as short
Bybit IMXUSDT	+0.0100%	4h	0.1479	−0.384%	$3.8M	$2.1M	75x	as long as short
OKX IMX-USDT-SWAP	+0.0100%	4h	0.1480	−0.310%	$929K	$1.5M	20x	as long as short
Gate IMX_USDT	+0.0100%	4h	0.1481	−0.249%	$633K	$76K	50x	as long as short
MEXC IMX_USDT	+0.0100%	4h	0.1481	−0.249%	$2.5M	$587K	125x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin IMXUSDTMshort	+0.0100%	4h	0.1483	−0.115%	$373K	$165K	50x
Bitget IMXUSDT	+0.0100%	4h	0.1482	−0.182%	$1.3M	$402K	75x	as long as short
BingX IMX-USDT	+0.0100%	4h	0.1480	−0.317%	—	$2.9M	—	as long as short
BloFin IMX-USDT	+0.0340%	4h	0.1483	−0.115%	$183K	$123K	75x	as long as short
Kraken Futures PF_IMXUSD	+0.2056%	1h	0.1488	+0.223%	$113K	$10K	20x	as long as short