Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: KuCoin against Hyperliquid−0.118%7-day average −0.044% · you buy dearer than you sell

Net, funding: paid 7d − costs−$188as in the Funding arb table

Net, price: spread back to 7d avg − costs−$213as in the Price arb table

costs, in and out, $10k−$2062.056% of the position

Long on Hyperliquid Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.176%+$18 on $10k

Price spread, last 4 days (all we have)+0.101%+$10 · spread now −0.118%, 7d avg −0.044%

Together, before fees+0.277%+ Points / potential airdropHyperliquid: Season 2 · farm board+$28 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 0.074% cheaper against Hyperliquid than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.044%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid NOT	0.0005100	0.0100	pay 0.0013% / 1h	41m 35s	$373K	$50K	3x
Short	KuCoin NOTUSDTM	0.0005094	0.0100	get 0.0050% / 4h	3h 41m	$465K	$136K	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 −0.118%Rate

Funding earned: $0
Price spread: −0.118% → −0.044%: −$7.37
Slippage, 4 orders: −$184.6
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$212.97
Costs to cover: 2.056%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 8 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, 8 min ago	9.81 bp	17.3 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 11 min ago	10.83 bp	91.4 bp −$91	386.2 bp −$3,862	doesn't fit	doesn't fit

NOT 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
Kraken Futures PF_NOTUSD	−0.0332%	1h	0.0005106	+0.120%	$50K	$10K	10x	as long as short
Gate NOT_USDT	−0.0118%	4h	0.0005096	−0.078%	$142K	$78K	50x	as long as short
Variational Omni NOT	−0.0097%	4h	0.0005078	−0.427%	$72K	$39K	—	as long as short
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−4.431%	$1K	$13K	5.5x	as long as short
BloFin NOT-USDT	+0.0075%	4h	0.0005087	−0.255%	$112K	$17K	50x	as long as short
Lighter 1000NOT	+0.0096%	1h	0.0005107	+0.145%	$11K	$5K	3x	as long as short
Hyperliquid NOTlong	+0.0100%	1h	0.0005100	long leg	$373K	$50K	3x
Aster NOTUSDT	+0.0100%	4h	0.0005104	+0.076%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005099	−0.027%	$2.1M	$3.1M	50x	as long as short
Bybit NOTUSDT	+0.0100%	4h	0.0005098	−0.039%	$2.2M	$829K	25x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005098	−0.039%	$633K	$614K	20x	as long as short
MEXC NOT_USDT	+0.0100%	4h	0.0005101	+0.020%	$1.4M	$461K	200x	as long as short
KuCoin NOTUSDTMshort	+0.0100%	4h	0.0005094	−0.118%	$465K	$136K	50x
Bitget NOTUSDT	+0.0100%	4h	0.0005105	+0.098%	$669K	$390K	50x	as long as short
BingX NOT-USDC	+0.0100%	4h	0.0005101	+0.020%	—	$721K	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005101	+0.014%	$4K	$491	5x	as long as short