Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0003%/8h= +0.3% APRpaid last 24h +0.019%

Price spread now: Hyperliquid against KuCoin+0.036%7-day average +0.045% · you sell dearer than you buy

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$630.633% of the position

Long on KuCoin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.066%+$7 on $10k

Price spread, last 7 days−0.007%−$1 · spread now +0.036%, 7d avg +0.045%

Together, before fees+0.059%+ Points / potential airdropHyperliquid: Season 2 · farm board+$6 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin VIRTUALUSDTM	0.7165	0.0100	pay 0.0050% / 4h	2h 00m	$3.0M	$4.4M	50x
Short	Hyperliquid VIRTUAL	0.7168	0.0103	get 0.0013% / 1h	0m 33s	$8.8M	$4.1M	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 +0.036%Rate

Funding earned: $0.55
Price spread: +0.036% → +0.045%: −$0.86
Slippage, 4 orders: −$42.31
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$63.62
Costs to cover: 0.633%
Break-even: 814.2 days

Slippage from KuCoin: live order book, 7 min ago; Hyperliquid: live order book, 2 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, 7 min ago	2.79 bp	19.5 bp −$20	52.6 bp −$526	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 2 min ago	0.07 bp	10.8 bp −$11	doesn't fit	doesn't fit	doesn't fit

VIRTUAL on 33 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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7157	−0.118%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0120%	1h	0.7158	−0.098%	$2K	$106	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7172	+0.095%	$11K	$36K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0029%	1h	0.7169	+0.056%	$15K	$40K	10x	as long as short
Lighter VIRTUAL	0.0000%	1h	0.7157	−0.109%	$325K	$403K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7168	+0.042%	$14K	—	150x	as long as short
Bybit VIRTUALUSDT	+0.0022%	4h	0.7155	−0.140%	$16.3M	$19.0M	50x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.670%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0074%	4h	0.7169	+0.056%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7162	−0.037%	$93K	$302K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7166	+0.009%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7158	−0.098%	$16.1M	$42.2M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7161	−0.056%	$2.9M	$10.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7165	0.000%	$1.5M	$3.5M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7158	−0.098%	$15.4M	$5.1M	100x	as long as short
KuCoin VIRTUALUSDTMlong	+0.0100%	4h	0.7165	long leg	$3.0M	$4.4M	50x
Bitget VIRTUALUSDT	+0.0100%	4h	0.7159	−0.084%	$6.0M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7160	−0.070%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7170	+0.070%	$238K	$206K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7162	−0.039%	$533K	$914K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7168	+0.040%	$19K	$262K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7168	+0.042%	$641K	$1.0M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7185	+0.279%	$40K	$237K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7159	−0.081%	$51K	$1.0M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7170	+0.070%	$2K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7166	+0.007%	$1K	$9K	5x	as long as short
Hyperliquid VIRTUALshort	+0.0103%	1h	0.7168	+0.036%	$8.8M	$4.1M	5x
Extended VIRTUAL-USD	+0.0104%	1h	0.7158	−0.097%	$54K	$303K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7167	+0.035%	$18K	—	3x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0278%	1h	0.7173	+0.109%	$527K	$764K	50x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0313% / S −0.0258%	1h	0.7168	+0.043%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7164	−0.014%	$782K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0432%	1h	0.7192	+0.377%	$200K	$102K	50x	as long as short