Funding arb · Price arb /

SUSHI

all SUSHI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against KuCoin−0.004%7-day average +0.036% · you buy dearer than you sell

Net, funding: paid 7d − costs−$75as in the Funding arb table

Net, price: spread back to 7d avg − costs−$87as in the Price arb table

costs, in and out, $10k−$830.827% of the position

Long on KuCoin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.073%+$7 on $10k

Price spread, last 4 days (all we have)+0.002%$0 · spread now −0.004%, 7d avg +0.036%

Together, before fees+0.075%+ Points / potential airdropHyperliquid: Season 2 · farm board+$8 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 0.040% cheaper against KuCoin than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.036%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin SUSHIUSDTM	0.2556	0.0100	pay 0.0100% / 8h	7h 38m	$1.2M	$231K	50x
Short	Hyperliquid SUSHI	0.2556	0.0100	get 0.0013% / 1h	38m 57s	$359K	$396K	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 −0.004%Rate

Funding earned: $0
Price spread: −0.004% → +0.036%: −$3.99
Slippage, 4 orders: −$61.71
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$86.7
Costs to cover: 0.827%
Break-even: never at this rate

Slippage from KuCoin: live order book, 6 min ago; Hyperliquid: live order book, 11 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, 6 min ago	7.82 bp	25.1 bp −$25	159.9 bp −$1,599	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 11 min ago	1.37 bp	18.9 bp −$19	doesn't fit	doesn't fit	doesn't fit

SUSHI 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
Bitget SUSHIUSDT	+0.0024%	8h	0.2556	0.000%	$1.0M	$681K	50x	as long as short
Injective SUSHI/USDC PERP	+0.0033%	1h	0.2545	−0.430%	$16	$18K	5.5x	as long as short
Variational Omni SUSHI	+0.0071%	8h	0.2555	−0.055%	$41K	$14K	—	as long as short
BloFin SUSHI-USDT	+0.0074%	8h	0.2554	−0.078%	$217K	$62K	75x	as long as short
Kraken Futures PF_SUSHIUSD	+0.0089%	1h	0.2556	−0.011%	$768K	$67K	20x	as long as short
Hyperliquid SUSHIshort	+0.0100%	1h	0.2556	−0.004%	$359K	$396K	3x
Aster SUSHIUSDT	+0.0100%	8h	0.2557	+0.026%	$23K	$17K	5x	as long as short
Binance SUSHIUSDT	+0.0100%	8h	0.2554	−0.097%	$3.9M	$9.0M	75x	as long as short
Bybit SUSHIUSDT	+0.0100%	8h	0.2555	−0.055%	$2.6M	$2.4M	75x	as long as short
OKX SUSHI-USDT-SWAP	+0.0100%	8h	0.2555	−0.039%	$1.7M	$3.1M	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate SUSHI_USDT	+0.0100%	8h	0.2557	+0.039%	$566K	$291K	50x	as long as short
MEXC SUSHI_USDT	+0.0100%	8h	0.2554	−0.078%	$1.3M	$294K	75x	as long as short
KuCoin SUSHIUSDTMlong	+0.0100%	8h	0.2556	long leg	$1.2M	$231K	50x
BingX SUSHI-USDT	+0.0100%	8h	0.2556	0.000%	—	$2.5M	—	as long as short
HTX SUSHI-USDT	+0.0100%	8h	0.2557	+0.039%	$89K	$58K	75x	as long as short