Funding arb · Price arb /

XPL

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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 −0.048%

Price spread now: KuCoin against Hyperliquid−0.098%7-day average −0.077% · you buy dearer than you sell

Net, funding: paid 7d − costs−$92as in the Funding arb table

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

costs, in and out, $10k−$850.846% of the position

Long on Hyperliquid Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.074%−$7 on $10k

Price spread, last 7 days+0.088%+$9 · spread now −0.098%, 7d avg −0.077%

Together, before fees+0.014%+ Points / potential airdropHyperliquid: Season 2 · farm board+$1 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: KuCoin is 0.020% cheaper against Hyperliquid than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.077%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid XPL	0.09738	0.0100	pay 0.0013% / 1h	51m 08s	$63.0M	$46.8M	10x
Short	KuCoin XPLUSDTM	0.09729	0.0100	get 0.0050% / 4h	2h 51m	$2.4M	$1.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Hyperliquid. 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 HyperliquidbpFee KuCoinbpOrdersPrice spread, now −0.098%Rate

Funding earned: $0
Price spread: −0.098% → −0.077%: −$2.01
Slippage, 4 orders: −$63.65
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$86.66
Costs to cover: 0.846%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 12 min ago; KuCoin: live order book, 6 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 Hyperliquid live order book, 12 min ago	0.40 bp	11.1 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 6 min ago	14.77 bp	30.3 bp −$30	148.7 bp −$1,487	doesn't fit	doesn't fit

XPL on 36 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
Lighter XPL	−0.0248%	1h	0.09724	−0.149%	$4.4M	$4.2M	10x	as long as short
Backpack XPL_USDC_PERP	−0.0215%	1h	0.09740	+0.015%	$180K	$283K	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0160%	1h	0.09745	+0.067%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0066% / S +0.0477%	1h	0.09745	+0.072%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09729	−0.099%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.259%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09744	+0.059%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0079%	4h	0.09743	+0.046%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0095%	8h	0.09732	−0.065%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09734	−0.044%	$1.4M	$2.6M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid XPLlong	+0.0100%	1h	0.09738	long leg	$63.0M	$46.8M	10x
Aster XPLUSDT	+0.0100%	4h	0.09739	+0.005%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09731	−0.073%	$220K	$19K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09734	−0.049%	$44.4M	$103.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09729	−0.098%	$47.0M	$52.5M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09734	−0.046%	$9.0M	$52.8M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09731	−0.077%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09733	−0.056%	$12.8M	$7.6M	100x	as long as short
KuCoin XPLUSDTMshort	+0.0100%	4h	0.09729	−0.098%	$2.4M	$1.4M	50x
Bitget XPLUSDT	+0.0100%	4h	0.09740	+0.015%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09733	−0.056%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09837	+1.016%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09760	+0.219%	$265K	$782K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09720	−0.190%	$25K	$84K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09743	+0.042%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09730	−0.087%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09730	−0.087%	$207	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09702	−0.375%	$138K	$245K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09730	−0.087%	$140K	$11K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09738	−0.003%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09746	+0.080%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09737	−0.015%	$1.8M	$1.2M	75x	as long as short
01 Exchange XPLUSD	+0.0344%	1h	0.09730	−0.087%	$566	$582	5x	as long as short
Phoenix XPL	+0.0485%	1h	0.09742	+0.036%	$199K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09965	+2.326%	$75K	$106K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3476%	1h	0.09838	+1.025%	$488K	$898K	10x	as long as short