Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against KuCoin+0.119%7-day average +0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs−$226as in the Funding arb table

Net, price: spread back to 7d avg − costs−$201as in the Price arb table

costs, in and out, $10k−$2082.084% of the position

Long on KuCoin Short on Hyperliquid

What this pair did over the last

the charts below follow

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

Price spread, last 4 days (all we have)−0.088%−$9 · spread now +0.119%, 7d avg +0.046%

Together, before fees−0.264%+ Points / potential airdropHyperliquid: Season 2 · farm board−$26 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 0.074% dearer against KuCoin than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.046%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin NOTUSDTM	0.0005024	0.0100	pay 0.0050% / 4h	2h 38m	$488K	$116K	50x
Short	Hyperliquid NOT	0.0005030	0.0100	get 0.0013% / 1h	38m 45s	$367K	$50K	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 +0.119%Rate

Funding earned: $0
Price spread: +0.119% → +0.046%: $7.36
Slippage, 4 orders: −$187.36
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$201
Costs to cover: 2.084%
Break-even: never at this rate

Slippage from KuCoin: live order book, 43 min ago; Hyperliquid: live order book, 45 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, 43 min ago	8.91 bp	62.9 bp −$63	318.8 bp −$3,188	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 45 min ago	9.89 bp	33.0 bp −$33	doesn't fit	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
Variational Omni NOT	0.0000%	4h	0.0005031	+0.130%	$66K	$34K	—	as long as short
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−2.986%	$1K	$13K	5.5x	as long as short
BloFin NOT-USDT	+0.0060%	4h	0.0005034	+0.199%	$112K	$17K	50x	as long as short
Lighter 1000NOT	+0.0096%	1h	0.0005031	+0.141%	$11K	$5K	3x	as long as short
Hyperliquid NOTshort	+0.0100%	1h	0.0005030	+0.119%	$367K	$50K	3x
Aster NOTUSDT	+0.0100%	4h	0.0005029	+0.094%	$14K	$13K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005025	+0.018%	$2.1M	$3.0M	50x	as long as short
Bybit NOTUSDT	+0.0100%	4h	0.0005023	−0.020%	$2.1M	$802K	25x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005018	−0.119%	$610K	$577K	20x	as long as short
Gate NOT_USDT	+0.0100%	4h	0.0005030	+0.119%	$140K	$76K	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC NOT_USDT	+0.0100%	4h	0.0005025	+0.020%	$1.4M	$485K	200x	as long as short
KuCoin NOTUSDTMlong	+0.0100%	4h	0.0005024	long leg	$488K	$116K	50x
Bitget NOTUSDT	+0.0100%	4h	0.0005030	+0.119%	$661K	$381K	50x	as long as short
BingX NOT-USDT	+0.0100%	4h	0.0005025	+0.020%	—	$7.5M	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005024	+0.007%	$4K	$1K	5x	as long as short
Kraken Futures PF_NOTUSD	+0.7096%	1h	0.0005063	+0.773%	$48K	$9K	10x	as long as short