Funding arb · Price arb /

IMX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0056%/8h= −6.1% APRpaid last 24h −0.006%

Price spread now: KuCoin against Hyperliquid−0.281%7-day average −0.176% · you buy dearer than you sell

Net, funding: paid 7d − costs−$241as in the Funding arb table

Net, price: spread back to 7d avg − costs−$250as in the Price arb table

costs, in and out, $10k−$2402.398% of the position

Long on Hyperliquid Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.007%−$1 on $10k

Price spread, last 4 days (all we have)+0.063%+$6 · spread now −0.281%, 7d avg −0.176%

Together, before fees+0.056%+ Points / potential airdropHyperliquid: Season 2 · farm board+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and KuCoin is 0.105% cheaper against Hyperliquid than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.176%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid IMX	0.1496	0.0156	pay 0.0019% / 1h	4m 38s	$3.4M	$327K	5x
Short	KuCoin IMXUSDTM	0.1492	0.0100	get 0.0050% / 4h	1h 04m	$363K	$181K	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 −0.281%Rate

Funding earned: −$11.69
Price spread: −0.281% → −0.176%: −$10.51
Slippage, 4 orders: −$218.85
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$262.04
Costs to cover: 2.398%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 7 min ago; KuCoin: live order book, 38 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, 7 min ago	2.00 bp	20.2 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 38 min ago	13.45 bp	86.5 bp −$87	180.1 bp −$1,801	doesn't fit	doesn't fit

IMX 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
gTrade (Gains Network) IMX/USD	L +0.0001% / S +0.0004%	1h	0.1495	−0.112%	$2K	—	150x	as long as short
dYdX IMX-USD	+0.0001%	1h	0.1495	−0.099%	$26K	$4K	5x	as long as short
Variational Omni IMX	+0.0027%	4h	0.1492	−0.265%	$93K	$131K	—	as long as short
Injective IMX/USDC PERP	+0.0033%	1h	0.1515	+1.257%	$559	$28K	5.5x	as long as short
Binance IMXUSDT	+0.0100%	4h	0.1492	−0.277%	$3.5M	$5.9M	75x	as long as short
Bybit IMXUSDT	+0.0100%	4h	0.1492	−0.281%	$3.8M	$2.2M	75x	as long as short
OKX IMX-USDT-SWAP	+0.0100%	4h	0.1493	−0.234%	$937K	$1.5M	20x	as long as short
Gate IMX_USDT	+0.0100%	4h	0.1492	−0.281%	$638K	$75K	50x	as long as short
MEXC IMX_USDT	+0.0100%	4h	0.1494	−0.147%	$2.4M	$607K	125x	as long as short
KuCoin IMXUSDTMshort	+0.0100%	4h	0.1492	−0.281%	$363K	$181K	50x

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget IMXUSDT	+0.0100%	4h	0.1494	−0.147%	$1.3M	$407K	75x	as long as short
BingX IMX-USDT	+0.0100%	4h	0.1493	−0.214%	—	$2.8M	—	as long as short
Hyperliquid IMXlong	+0.0156%	1h	0.1496	long leg	$3.4M	$327K	5x
BloFin IMX-USDT	+0.0340%	4h	0.1494	−0.147%	$182K	$128K	75x	as long as short
Kraken Futures PF_IMXUSD	+0.3072%	1h	0.1498	+0.120%	$114K	$10K	20x	as long as short