Funding arb · Price arb /

MET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against KuCoin−0.116%7-day average +0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs−$237as in the Funding arb table

Net, price: spread back to 7d avg − costs−$270as in the Price arb table

costs, in and out, $10k−$2552.545% of the position

Long on KuCoin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.179%+$18 on $10k

Price spread, last 7 days+0.134%+$13 · spread now −0.116%, 7d avg +0.035%

Together, before fees+0.313%+ Points / potential airdropHyperliquid: Season 2 · farm board+$31 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: Hyperliquid is 0.150% cheaper against KuCoin 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	KuCoin METUSDTM	0.2794	0.0100	pay 0.0050% / 4h	1h 15m	$1.3M	$2.6M	50x
Short	Hyperliquid MET	0.2791	0.0100	get 0.0013% / 1h	15m 22s	$3.8M	$1.7M	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

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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 −0.116%Rate

Funding earned: $0
Price spread: −0.116% → +0.035%: −$15.02
Slippage, 4 orders: −$233.54
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$269.56
Costs to cover: 2.545%
Break-even: never at this rate

Slippage from KuCoin: live order book, 2 min ago; Hyperliquid: live order book, 6 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, 2 min ago	5.36 bp	100.9 bp −$101	409.3 bp −$4,093	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 6 min ago	0.71 bp	22.6 bp −$23	doesn't fit	doesn't fit	doesn't fit

MET on 16 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 MET/USD [WBTC.b-USDC]	L −0.0599% / S +0.0206%	1h	0.2791	−0.116%	$4K	—	50x	as long as short
BloFin MET-USDT	+0.0060%	4h	0.2795	+0.036%	$285K	$90K	50x	as long as short
Lighter MET	+0.0096%	1h	0.2793	−0.036%	$169K	$423K	5x	as long as short
Hyperliquid METshort	+0.0100%	1h	0.2791	−0.116%	$3.8M	$1.7M	3x
Aster METUSDT	+0.0100%	4h	0.2793	−0.043%	$53K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2790	−0.139%	$4.8M	$12.2M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2792	−0.082%	$4.8M	$3.2M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2791	−0.107%	$1.2M	$3.4M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2794	0.000%	$180K	$175K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2791	−0.107%	$939K	$284K	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin METUSDTMlong	+0.0100%	4h	0.2794	long leg	$1.3M	$2.6M	50x
Bitget METUSDT	+0.0100%	4h	0.2794	0.000%	$654K	$888K	25x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2789	−0.179%	$36K	$117K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2790	−0.143%	$1K	$1.6M	20x	as long as short
Phoenix MET	+0.0173%	1h	0.2804	+0.354%	$14K	$15K	5x	as long as short
Backpack MET_USDC_PERP	+0.0399%	1h	0.2798	+0.147%	$316K	$310K	5x	as long as short