Funding arb · Price arb /

STABLE

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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: Hyperliquid against KuCoin−0.258%7-day average −0.134% · you buy dearer than you sell

Net, funding: paid 7d − costs−$1,053as in the Funding arb table

Net, price: spread back to 7d avg − costs−$1,027as in the Price arb table

costs, in and out, $10k−$1,01410.143% of the position

Long on KuCoin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.389%−$39 on $10k

Price spread, last 4 days (all we have)+0.093%+$9 · spread now −0.258%, 7d avg −0.134%

Together, before fees−0.296%+ Points / potential airdropHyperliquid: Season 2 · farm board−$30 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 0.124% cheaper against KuCoin than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of −0.134%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin STABLEUSDTM	0.02477	0.0100	pay 0.0050% / 4h	1h 55m	$174K	$27K	30x
Short	Hyperliquid STABLE	0.02471	0.0100	get 0.0013% / 1h	55m 38s	$871K	$234K	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 −0.258%Rate

Funding earned: $0
Price spread: −0.258% → −0.134%: −$12.4
Slippage, 4 orders: −$993.28
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$1,026.67
Costs to cover: 10.143%
Break-even: never at this rate

Slippage from KuCoin: live order book, 9 min ago; Hyperliquid: live order book, 25 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, 9 min ago	28.26 bp	322.6 bp −$323	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 25 min ago	2.02 bp	21.3 bp −$21	doesn't fit	doesn't fit	doesn't fit

STABLE on 15 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
Aster STABLEUSDT	−0.0325%	4h	0.02471	−0.237%	$19K	$7K	20x	as long as short
BloFin STABLE-USDT	+0.0083%	4h	0.02469	−0.323%	$114K	$7K	75x	as long as short
Lighter STABLE	+0.0096%	1h	0.02484	+0.295%	$114K	$3K	3x	as long as short
Hyperliquid STABLEshort	+0.0100%	1h	0.02471	−0.258%	$871K	$234K	3x
Binance STABLEUSDT	+0.0100%	4h	0.02471	−0.260%	$2.4M	$2.7M	75x	as long as short
Bybit STABLEUSDT	+0.0100%	4h	0.02473	−0.174%	$1.5M	$799K	25x	as long as short
OKX STABLE-USDT-SWAP	+0.0100%	4h	0.02470	−0.283%	$204K	$415K	20x	as long as short
Gate STABLE_USDT	+0.0100%	4h	0.02470	−0.283%	$171K	$86K	50x	as long as short
MEXC STABLE_USDT	+0.0100%	4h	0.02471	−0.242%	$659K	$154K	20x	as long as short
KuCoin STABLEUSDTMlong	+0.0100%	4h	0.02477	long leg	$174K	$27K	30x

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget STABLEUSDT	+0.0100%	4h	0.02470	−0.283%	$291K	$116K	25x	as long as short
BingX STABLE-USDT	+0.0100%	4h	0.02471	−0.242%	—	$6.6M	—	as long as short
Variational Omni STABLE	+0.0100%	4h	0.02471	−0.246%	$145K	$50K	—	as long as short
SunX STABLE-USDT	+0.0100%	4h	0.02474	−0.105%	$2K	$651K	20x	as long as short
Extended STABLE-USD	+0.0104%	1h	0.02470	−0.278%	$12K	$175K	10x	as long as short