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: Hyperliquid against KuCoin+0.066%7-day average +0.130% · you sell dearer than you buy

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

Long on KuCoin Short on Hyperliquid

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+0.048%+$5 · spread now +0.066%, 7d avg +0.130%

Together, before fees+0.228%+ Points / potential airdropHyperliquid: Season 2 · farm board+$23 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 0.064% cheaper against KuCoin than usual: you would sell low and buy high, −$6 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	KuCoin SPXUSDTM	0.4999	0.0100	pay 0.0050% / 4h	2h 39m	$3.8M	$5.2M	50x
Short	Hyperliquid SPX	0.5002	0.0100	get 0.0013% / 1h	39m 06s	$9.8M	$7.2M	5x

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

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 KuCoinbpFee HyperliquidbpOrdersPrice spread, now +0.066%Rate

Funding earned: $0
Price spread: +0.066% → +0.130%: −$6.36
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$27.36
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 4 min ago; Hyperliquid: live order book, 3 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 KuCoin live order book, 4 min ago	2.00 bp	58.9 bp −$59	411.0 bp −$4,110	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 3 min ago	2.79 bp	14.1 bp −$14	doesn't fit	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	−0.117%	$229K	$560K	20x	as long as short
Variational Omni SPX	−0.0029%	4h	0.5004	+0.101%	$843K	$1.3M	—	as long as short
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−0.400%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5001	+0.036%	$115K	$319K	5x	as long as short
Hyperliquid SPXshort	+0.0100%	1h	0.5002	+0.066%	$9.8M	$7.2M	5x
Aster SPXUSDT	+0.0100%	4h	0.5008	+0.180%	$123K	$97K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.4999	0.000%	$4.9M	$19.5M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.4991	−0.160%	$11.5M	$15.4M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.4992	−0.140%	$972K	$2.6M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.4999	0.000%	$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	−0.040%	$11.5M	$4.5M	100x	as long as short
KuCoin SPXUSDTMlong	+0.0100%	4h	0.4999	long leg	$3.8M	$5.2M	50x
Bitget SPXUSDT	+0.0100%	4h	0.5002	+0.060%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.4997	−0.040%	—	$6.9M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5011	+0.240%	$45K	$248K	25x	as long as short
Orderly PERP_SPX_USDC	+0.0100%	4h	0.5005	+0.120%	$20K	$711	10x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.4987	−0.240%	$8K	$1.6M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.4997	−0.042%	$34K	$226K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5000	+0.020%	$252K	$910K	75x	as long as short