Funding arb · Price arb /

MEGA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0651%/8h= −71.3% APRpaid last 24h −0.130%

Price spread now: KuCoin against Hyperliquid−0.251%7-day average −0.147% · you buy dearer than you sell

Net, funding: paid 7d − costs−$610as in the Funding arb table

Net, price: spread back to 7d avg − costs−$588as in the Price arb table

costs, in and out, $10k−$5775.772% of the position

Long on Hyperliquid Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.332%−$33 on $10k

Price spread, last 4 days (all we have)+0.094%+$9 · spread now −0.251%, 7d avg −0.147%

Together, before fees−0.238%+ Points / potential airdropHyperliquid: Season 2 · farm board−$24 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$20 a day on $10k at the current rate, and KuCoin is 0.103% cheaper against Hyperliquid than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.147%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.332% in total (about -17.3% 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 MEGA	0.04468	0.0751	pay 0.0094% / 1h	29m 21s	$7.6M	$2.5M	3x
Short	KuCoin MEGAUSDTM	0.04457	0.0100	get 0.0050% / 4h	3h 29m	$230K	$112K	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 −0.251%Rate

Funding earned: −$136.67
Price spread: −0.251% → −0.147%: −$10.34
Slippage, 4 orders: −$556.16
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$724.18
Costs to cover: 5.772%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 3 min ago; KuCoin: live order book, 11 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, 3 min ago	2.11 bp	16.5 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 11 min ago	10.01 bp	270.0 bp −$270	doesn't fit	doesn't fit	doesn't fit

MEGA on 28 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
gTrade (Gains Network) MEGA/USD	L −0.0018% / S +0.0023%	1h	0.04455	−0.301%	$12K	—	150x	as long as short
Phoenix MEGA	0.0000%	1h	0.04484	+0.354%	$20K	$7K	5x	as long as short
Nado MEGA-PERP	+0.0052%	1h	0.04455	−0.295%	$192K	$159K	2x	as long as short
Backpack MEGA_USDC_PERP	+0.0093%	1h	0.04473	+0.107%	$14K	$41K	5x	as long as short
Orderly PERP_MEGA_USDC	+0.0096%	4h	0.04453	−0.340%	$3K	$2K	10x	as long as short
Aster MEGAUSDT	+0.0100%	4h	0.04464	−0.086%	$21K	$80K	5x	as long as short
Pacifica MEGA	+0.0100%	1h	0.04464	−0.083%	$14K	$10K	3x	as long as short
Binance MEGAUSDT	+0.0100%	4h	0.04454	−0.311%	$4.0M	$12.9M	50x	as long as short
Bybit MEGAUSDT	+0.0100%	4h	0.04453	−0.340%	$3.4M	$4.9M	20x	as long as short
OKX MEGA-USDT-SWAP	+0.0100%	4h	0.04450	−0.407%	$910K	$2.9M	20x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bulk MEGA-USD	+0.0100%	1h	0.04480	+0.265%	$132K	$5K	10x	as long as short
Gate MEGA_USDT	+0.0100%	4h	0.04457	−0.251%	$211K	$287K	20x	as long as short
MEXC MEGA_USDT	+0.0100%	4h	0.04453	−0.340%	$771K	$357K	50x	as long as short
KuCoin MEGAUSDTMshort	+0.0100%	4h	0.04457	−0.251%	$230K	$112K	50x
Bitget MEGAUSDT	+0.0100%	4h	0.04453	−0.340%	$1.1M	$1.4M	50x	as long as short
BingX MEGA-USDT	+0.0100%	4h	0.04452	−0.363%	—	$1.7M	—	as long as short
Variational Omni MEGA	+0.0100%	4h	0.04479	+0.251%	$242K	$107K	—	as long as short
GRVT MEGA_USDT_Perp	+0.0100%	4h	0.04483	+0.331%	$19K	$1.7M	10x	as long as short
ApeX Omni MEGAUSDT	+0.0100%	1h	0.04487	+0.421%	$25K	$228K	50x	as long as short
SunX MEGA-USDT	+0.0100%	4h	0.04476	+0.175%	$2K	$1.9M	10x	as long as short
BloFin MEGA-USDT	+0.0101%	4h	0.04488	+0.443%	$200K	$77K	50x	as long as short
Extended MEGA-USD	+0.0104%	1h	0.04452	−0.361%	$126K	$613K	5x	as long as short
Reya MEGARUSDPERP	+0.0159%	1h	0.04454	−0.329%	$3	—	3x	as long as short
GMX MEGA/USD [ETH-USDC]	L +0.0235% / S −0.5353%	1h	0.04453	−0.345%	$3K	—	45x	as long as short
Coinbase International MEGA-PERP-INTX	+0.0384%	1h	0.04400	−1.520%	$5K	$11K	50x	as long as short
Lighter MEGA	+0.0704%	1h	0.04485	+0.376%	$603K	$301K	3x	as long as short
Hyperliquid MEGAlong	+0.0751%	1h	0.04468	long leg	$7.6M	$2.5M	3x
Deribit MEGA_USDC-PERPETUAL	+0.1627%	1h	0.04483	+0.325%	$108	$15	25x	as long as short