Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.005%

Price spread now: KuCoin against Hyperliquid−0.015%7-day average −0.080% · you buy dearer than you sell

Net, funding: paid 7d − costs−$195as in the Funding arb table

Net, price: spread back to 7d avg − costs−$207as in the Price arb table

costs, in and out, $10k−$2142.138% of the position

Long on Hyperliquid Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.183%+$18 on $10k

Price spread, last 4 days (all we have)−0.247%−$25 · spread now −0.015%, 7d avg −0.080%

Together, before fees−0.064%+ Points / potential airdropHyperliquid: Season 2 · farm board−$6 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 0.065% dearer against Hyperliquid than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.080%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid S	0.03920	0.0100	pay 0.0013% / 1h	51m 00s	$984K	$787K	5x
Short	KuCoin SUSDTM	0.03919	0.0100	get 0.0050% / 4h	1h 51m	$1.8M	$3.1M	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 −0.015%Rate

Funding earned: $0
Price spread: −0.015% → −0.080%: $6.47
Slippage, 4 orders: −$192.77
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$207.3
Costs to cover: 2.138%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 59 min ago; KuCoin: 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 Hyperliquid live order book, 59 min ago	1.40 bp	18.2 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 6 min ago	6.38 bp	106.5 bp −$107	220.5 bp −$2,205	doesn't fit	doesn't fit

S on 25 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_SUSD	−0.1595%	1h	0.03919	−0.020%	$33K	$30K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1576%	1h	0.03826	−2.388%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0793%	4h	0.03918	−0.037%	$609K	$34K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0193% / S +0.0187%	1h	0.03922	+0.054%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03918	−0.048%	$4	—	15x	as long as short
01 Exchange SUSD	−0.0064%	1h	0.03910	−0.245%	$24K	$3K	5x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03921	+0.047%	$604	—	150x	as long as short
Orderly PERP_S_USDC	+0.0025%	4h	0.03920	+0.010%	$100K	$349K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.603%	$2K	$37K	12x	as long as short
Aster SUSDT	+0.0038%	4h	0.03919	−0.023%	$43K	$212K	10x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter S	+0.0096%	1h	0.03922	+0.061%	$164K	$222K	5x	as long as short
Hyperliquid Slong	+0.0100%	1h	0.03920	long leg	$984K	$787K	5x
Binance SUSDT	+0.0100%	4h	0.03920	+0.010%	$5.3M	$21.8M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03912	−0.194%	$5.6M	$6.1M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03918	−0.041%	$977K	$6.9M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03912	−0.194%	$320K	$265K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03919	−0.015%	$3.6M	$2.3M	200x	as long as short
KuCoin SUSDTMshort	+0.0100%	4h	0.03919	−0.015%	$1.8M	$3.1M	50x
Bitget SUSDT	+0.0100%	4h	0.03920	+0.010%	$1.2M	$2.8M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03915	−0.117%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03920	+0.010%	$23K	$469K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03918	−0.037%	$221K	$883K	10x	as long as short
Backpack S_USDC_PERP	+0.0245%	1h	0.03930	+0.265%	$114K	$299K	5x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03920	+0.010%	$268K	$131K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0515%	1h	0.03925	+0.138%	$66K	$10K	10x	as long as short