Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0304%/8h= +33.3% APRpaid last 24h +0.019%

Price spread now: Hyperliquid against KuCoin+0.231%7-day average +0.054% · you sell dearer than you buy

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$740.740% of the position

Long on KuCoin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.140%+$14 on $10k

Price spread, last 7 days−0.276%−$28 · spread now +0.231%, 7d avg +0.054%

Together, before fees−0.135%+ Points / potential airdropHyperliquid: Season 2 · farm board−$14 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Hyperliquid is 0.177% dearer against KuCoin than usual: you sell high and buy low: +$18 more if the spread goes back to its 7-day average of +0.054%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.140% in total (about 7.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin WIFUSDTM	0.2376	−0.0204	get 0.0102% / 4h	2h 35m	$4.2M	$11.1M	75x
Short	Hyperliquid WIF	0.2382	0.0100	get 0.0013% / 1h	35m 25s	$7.4M	$4.0M	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 +0.231%Rate

Funding earned: $63.84
Price spread: +0.231% → +0.054%: $17.72
Slippage, 4 orders: −$53.04
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $7.53
Costs to cover: 0.740%
Break-even: 6.2 days

Slippage from KuCoin: live order book, 3 min ago; Hyperliquid: live order book, 7 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, 3 min ago	2.11 bp	27.2 bp −$27	64.2 bp −$642	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 7 min ago	1.26 bp	13.4 bp −$13	doesn't fit	doesn't fit	doesn't fit

WIF on 32 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
Backpack WIF_USDC_PERP	−0.0739%	1h	0.2376	−0.021%	$73K	$234K	10x	as long as short
Injective WIF/USDC PERP	−0.0321%	1h	0.2395	+0.800%	$10K	$10K	12x	as long as short
KuCoin WIFUSDTMlong	−0.0204%	4h	0.2376	long leg	$4.2M	$11.1M	75x
Deribit WIF_USDC-PERPETUAL	−0.0170%	1h	0.2379	+0.126%	$47K	$289K	25x	as long as short
Kraken Futures PF_WIFUSD	−0.0076%	1h	0.2378	+0.100%	$625K	$2.1M	50x	as long as short
Variational Omni WIF	−0.0058%	4h	0.2374	−0.067%	$67K	$47K	—	as long as short
Gate WIF_USDT	−0.0028%	4h	0.2378	+0.084%	$1.2M	$6.9M	50x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2377	+0.042%	$18K	$582	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0002%	1h	0.2380	+0.158%	$15K	—	150x	as long as short
Aster WIFUSDT	+0.0012%	4h	0.2377	+0.028%	$23K	$254K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT WIF_USDT_Perp	+0.0032%	4h	0.2375	−0.043%	$265K	$1.8M	10x	as long as short
Orderly PERP_WIF_USDC	+0.0090%	4h	0.2378	+0.084%	$4K	$1.3M	10x	as long as short
Lighter WIF	+0.0096%	1h	0.2377	+0.059%	$132K	$540K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2379	+0.126%	$53K	$482K	20x	as long as short
Hyperliquid WIFshort	+0.0100%	1h	0.2382	+0.231%	$7.4M	$4.0M	5x
Pacifica WIF	+0.0100%	1h	0.2378	+0.072%	$75K	$48K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2378	+0.077%	$17.6M	$99.1M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2377	+0.042%	$16.6M	$34.6M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2378	+0.084%	$6.1M	$30.0M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2379	+0.126%	$21.3M	$10.8M	50x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2378	+0.084%	$7.2M	$11.5M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2377	+0.042%	—	$65.0M	—	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2379	+0.126%	$42K	$618K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2375	−0.042%	$1K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2377	+0.063%	$540	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2374	−0.084%	$164K	$719K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2378	+0.073%	$10K	$153K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2378	+0.070%	$79K	$85	3x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0131% / S −0.0613%	1h	0.2379	+0.141%	$4K	—	100x	as long as short
Coinbase International WIF-PERP-INTX	+0.0272%	1h	0.2381	+0.210%	$311K	$2.3M	50x	as long as short
BloFin WIF-USDT	+0.0340%	4h	0.2374	−0.084%	$968K	$689K	75x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2378	+0.081%	$0	—	15x	as long as short