Funding arb · Price arb /

HMSTR

all HMSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.1884%/8h= −206.3% APRpaid last 24h −0.450%

Price spread now: KuCoin against Hyperliquid−0.503%7-day average −0.365% · you buy dearer than you sell

Net, funding: paid 7d − costs−$985as in the Funding arb table

Net, price: spread back to 7d avg − costs−$929as in the Price arb table

costs, in and out, $10k−$9169.156% of the position

Long on Hyperliquid Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.692%−$69 on $10k

Price spread, last 4 days (all we have)+0.203%+$20 · spread now −0.503%, 7d avg −0.365%

Together, before fees−0.489%+ Points / potential airdropHyperliquid: Season 2 · farm board−$49 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$57 a day on $10k at the current rate, and KuCoin is 0.138% cheaper against Hyperliquid than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.365%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.692% in total (about -36.1% 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	Hyperliquid HMSTR	0.0001790	0.1984	pay 0.0248% / 1h	21m 22s	$2.0M	$112K	3x
Short	KuCoin HMSTRUSDTM	0.0001781	0.0100	get 0.0050% / 4h	21m 22s	$259K	$50K	10x

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 −0.503%Rate

Funding earned: −$395.65
Price spread: −0.503% → −0.365%: −$13.82
Slippage, 4 orders: −$894.63
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$1,325.1
Costs to cover: 9.156%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 9 min ago; KuCoin: live order book, 60 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, 9 min ago	27.85 bp	93.8 bp −$94	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 60 min ago	8.43 bp	358.4 bp −$358	doesn't fit	doesn't fit	doesn't fit

HMSTR on 13 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
BingX HMSTR-USDT	+0.0070%	4h	0.0001780	−0.559%	—	$1.3M	—	as long as short
Aster HMSTRUSDT	+0.0100%	4h	0.0001782	−0.469%	$33K	$7K	5x	as long as short
Binance HMSTRUSDT	+0.0100%	4h	0.0001781	−0.514%	$2.2M	$1.9M	10x	as long as short
Bybit HMSTRUSDT	+0.0100%	4h	0.0001780	−0.559%	$1.5M	$595K	25x	as long as short
OKX HMSTR-USDT-SWAP	+0.0100%	4h	0.0001781	−0.503%	$609K	$740K	10x	as long as short
Gate HMSTR_USDT	+0.0100%	4h	0.0001782	−0.447%	$406K	$146K	25x	as long as short
MEXC HMSTR_USDT	+0.0100%	4h	0.0001781	−0.503%	$390K	$116K	50x	as long as short
KuCoin HMSTRUSDTMshort	+0.0100%	4h	0.0001781	−0.503%	$259K	$50K	10x
Variational Omni HMSTR	+0.0100%	4h	0.0001781	−0.493%	$2K	$919	—	as long as short
ApeX Omni HMSTRUSDT	+0.0100%	1h	0.0001781	−0.503%	$13K	$611K	50x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended kHMSTR-USD	+0.0104%	1h	0.0001780	−0.542%	$928	—	5x	as long as short
Kraken Futures PF_HMSTRUSD	+0.1110%	1h	0.0001784	−0.355%	$10K	$7K	10x	as long as short
Hyperliquid HMSTRlong	+0.1984%	1h	0.0001790	long leg	$2.0M	$112K	3x