Funding arb · Price arb /

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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 −0.095%

Price spread now: KuCoin against Hyperliquid−0.046%7-day average −0.130% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.180%−$18 on $10k

Price spread, last 7 days−0.068%−$7 · spread now −0.046%, 7d avg −0.130%

Together, before fees−0.248%+ Points / potential airdropHyperliquid: Season 2 · farm board−$25 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 0.084% dearer against Hyperliquid than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of −0.130%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid SPX	0.5002	0.0100	pay 0.0013% / 1h	38m 57s	$9.8M	$7.2M	5x
Short	KuCoin SPXUSDTM	0.5000	0.0100	get 0.0050% / 4h	2h 38m	$3.8M	$5.2M	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 −0.046%Rate

Funding earned: $0
Price spread: −0.046% → −0.130%: $8.37
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$12.63
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 3 min ago; KuCoin: live order book, 4 min ago. Net counts fees only.

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	2.79 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 4 min ago	2.00 bp	55.2 bp −$55	286.4 bp −$2,864	doesn't fit	doesn't fit

SPX on 19 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_SPXUSD	−0.0416%	1h	0.4993	−0.182%	$229K	$560K	20x	as long as short
Variational Omni SPX	−0.0029%	4h	0.5004	+0.034%	$843K	$1.3M	—	as long as short
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−0.466%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5001	−0.030%	$115K	$319K	5x	as long as short
Hyperliquid SPXlong	+0.0100%	1h	0.5002	long leg	$9.8M	$7.2M	5x
Aster SPXUSDT	+0.0100%	4h	0.5007	+0.102%	$123K	$97K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5000	−0.046%	$4.9M	$19.5M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.4992	−0.206%	$11.5M	$15.4M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.4997	−0.106%	$972K	$2.6M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5000	−0.046%	$1.0M	$476K	50x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC SPX_USDT	+0.0100%	4h	0.4997	−0.106%	$11.5M	$4.5M	100x	as long as short
KuCoin SPXUSDTMshort	+0.0100%	4h	0.5000	−0.046%	$3.8M	$5.2M	50x
Bitget SPXUSDT	+0.0100%	4h	0.5002	−0.006%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.4999	−0.066%	—	$6.9M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5011	+0.174%	$45K	$248K	25x	as long as short
Orderly PERP_SPX_USDC	+0.0100%	4h	0.5005	+0.054%	$20K	$711	10x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.4987	−0.306%	$8K	$1.6M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.4996	−0.117%	$34K	$226K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5000	−0.046%	$252K	$910K	75x	as long as short