Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: KuCoin against Hyperliquid−0.112%7-day average +0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs−$204as in the Funding arb table

Net, price: spread back to 7d avg − costs−$238as in the Price arb table

costs, in and out, $10k−$2242.237% of the position

Long on Hyperliquid Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.194%+$19 on $10k

Price spread, last 4 days (all we have)+0.188%+$19 · spread now −0.112%, 7d avg +0.035%

Together, before fees+0.382%+ Points / potential airdropHyperliquid: Season 2 · farm board+$38 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 0.147% cheaper against Hyperliquid than usual: you would sell low and buy high, −$15 on $10k if it goes back to its 7-day average of +0.035%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid IO	0.1514	0.0100	pay 0.0013% / 1h	22m 55s	$1.0M	$386K	3x
Short	KuCoin IOUSDTM	0.1512	0.0100	get 0.0050% / 4h	1h 22m	$399K	$658K	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 −0.112%Rate

Funding earned: $0
Price spread: −0.112% → +0.035%: −$14.75
Slippage, 4 orders: −$202.69
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$238.44
Costs to cover: 2.237%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 7 min ago; KuCoin: live order book, 50 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, 7 min ago	0.99 bp	18.6 bp −$19	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 50 min ago	6.63 bp	83.2 bp −$83	393.5 bp −$3,935	doesn't fit	doesn't fit

IO on 14 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_IOUSD	−0.0639%	1h	0.1516	+0.180%	$39K	$21K	10x	as long as short
Hyperliquid IOlong	+0.0100%	1h	0.1514	long leg	$1.0M	$386K	3x
Aster IOUSDT	+0.0100%	4h	0.1514	+0.042%	$6K	$32K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1514	+0.020%	$3.0M	$6.5M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1511	−0.178%	$1.1M	$880K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1514	−0.013%	$250K	$547K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1512	−0.112%	$1.2M	$229K	125x	as long as short
KuCoin IOUSDTMshort	+0.0100%	4h	0.1512	−0.112%	$399K	$658K	50x
Bitget IOUSDT	+0.0100%	4h	0.1514	+0.020%	$1.3M	$1.2M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1513	−0.046%	—	$1.3M	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni IO	+0.0100%	4h	0.1512	−0.125%	$30K	$5K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1514	0.000%	$5K	$171K	5x	as long as short
BloFin IO-USDT	+0.0159%	4h	0.1516	+0.152%	$194K	$31K	50x	as long as short
Injective IO/USDC PERP	+0.0163%	1h	0.1518	+0.284%	$2K	$103	5.5x	as long as short