Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0362%/8h= −39.6% APRpaid last 24h −0.052%

Price spread now: KuCoin against Hyperliquid−0.085%7-day average −0.062% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$350.346% of the position

Long on Hyperliquid Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.104%−$10 on $10k

Price spread, last 7 days+0.046%+$5 · spread now −0.085%, 7d avg −0.062%

Together, before fees−0.059%+ Points / potential airdropHyperliquid: Season 2 · farm board−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and KuCoin is 0.022% cheaper against Hyperliquid than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.062%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.104% in total (about -5.4% 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	Hyperliquid LINK	12.972	0.0462	pay 0.0058% / 1h	9m 22s	$80.6M	$26.2M	10x
Short	KuCoin LINKUSDTM	12.961	0.0100	get 0.0100% / 8h	6h 09m	$23.0M	$14.2M	75x

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 −0.085%Rate

Funding earned: −$75.93
Price spread: −0.085% → −0.062%: −$2.24
Slippage, 4 orders: −$13.65
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$112.82
Costs to cover: 0.346%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 4 min ago; KuCoin: live order book, 4 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, 4 min ago	0.38 bp	5.6 bp −$6	13.0 bp −$130	doesn't fit	doesn't fit
Sell KuCoin live order book, 4 min ago	1.92 bp	10.0 bp −$10	15.9 bp −$159	55.6 bp −$5,560	doesn't fit

LINK on 39 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
GMX LINK/USD [LINK-USDC]	L −0.0090% / S +0.0167%	1h	12.955	−0.132%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.963	−0.069%	$469K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.955	−0.133%	$159K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.409%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0049%	1h	12.992	+0.156%	$3K	$86K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0068%	8h	12.957	−0.116%	$117K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0072%	1h	12.993	+0.162%	$952K	$2.7M	50x	as long as short
Lighter LINK	+0.0096%	1h	12.959	−0.099%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.962	−0.075%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.959	−0.104%	$394K	$319K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	12.958	−0.108%	$1.3M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.961	−0.085%	$275K	$171K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.959	−0.100%	$119.2M	$302.2M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.953	−0.146%	$83.5M	$72.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.961	−0.085%	$27.3M	$83.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.976	+0.031%	$182K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.953	−0.146%	$127.7M	$12.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.958	−0.108%	$33.0M	$59.4M	300x	as long as short
KuCoin LINKUSDTMshort	+0.0100%	8h	12.961	−0.085%	$23.0M	$14.2M	75x
Bitget LINKUSDT	+0.0100%	8h	12.958	−0.108%	$53.8M	$30.8M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.955	−0.131%	—	$23.0M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.979	+0.056%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.985	+0.099%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.990	+0.139%	$586K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.985	+0.100%	$133K	$674K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.963	−0.069%	$80K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.957	−0.118%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.969	−0.020%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.961	−0.085%	$14K	$41K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.959	−0.104%	$639K	$857K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.956	−0.123%	$703K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.963	−0.073%	$544K	$2K	3x	as long as short
Backpack LINK_USDC_PERP	+0.0127%	1h	12.969	−0.023%	$337K	$383K	15x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0136%	1h	12.965	−0.052%	$770K	$212K	50x	as long as short
Reya LINKRUSDPERP	+0.0385%	1h	12.954	−0.138%	$4K	—	20x	as long as short
dYdX LINK-USD	+0.0432%	1h	12.961	−0.086%	$343K	$34K	10x	as long as short
Hyperliquid LINKlong	+0.0462%	1h	12.972	long leg	$80.6M	$26.2M	10x
Kraken Futures PF_LINKUSD	+0.0503%	1h	12.966	−0.047%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDT	+0.0635%	8h	12.976	+0.031%	$20.0M	$11.5M	50x	as long as short