Funding arb · Price arb /

IMX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.006%

Price spread now: Hyperliquid against KuCoin0.000%7-day average +0.174% · you sell dearer than you buy

Net, funding: paid 7d − costs−$220as in the Funding arb table

Net, price: spread back to 7d avg − costs−$238as in the Price arb table

costs, in and out, $10k−$2202.204% of the position

Long on KuCoin Short on Hyperliquid

What this pair did over the last

the charts below follow

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

Price spread, last 4 days (all we have)+0.175%+$18 · spread now 0.000%, 7d avg +0.174%

Together, before fees+0.182%+ Points / potential airdropHyperliquid: Season 2 · farm board+$18 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: Hyperliquid is 0.174% cheaper against KuCoin than usual: you would sell low and buy high, −$17 on $10k if it goes back to its 7-day average of +0.174%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin IMXUSDTM	0.1500	0.0100	pay 0.0050% / 4h	1h 56m	$376K	$177K	50x
Short	Hyperliquid IMX	0.1500	0.0100	get 0.0013% / 1h	56m 12s	$3.4M	$325K	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 0.000%Rate

Funding earned: $0
Price spread: 0.000% → +0.174%: −$17.39
Slippage, 4 orders: −$199.4
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$237.79
Costs to cover: 2.204%
Break-even: never at this rate

Slippage from KuCoin: live order book, 62 min ago; Hyperliquid: live order book, 5 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, 62 min ago	10.08 bp	84.0 bp −$84	263.8 bp −$2,638	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 5 min ago	2.99 bp	33.6 bp −$34	doesn't fit	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
Variational Omni IMX	−0.0018%	4h	0.1496	−0.252%	$94K	$131K	—	as long as short
dYdX IMX-USD	0.0000%	1h	0.1500	0.000%	$26K	$4K	5x	as long as short
gTrade (Gains Network) IMX/USD	L +0.0001% / S +0.0004%	1h	0.1500	−0.029%	$2K	—	150x	as long as short
Injective IMX/USDC PERP	+0.0033%	1h	0.1515	+1.000%	$559	$28K	5.5x	as long as short
Hyperliquid IMXshort	+0.0100%	1h	0.1500	0.000%	$3.4M	$325K	5x
Binance IMXUSDT	+0.0100%	4h	0.1497	−0.176%	$3.6M	$5.9M	75x	as long as short
Bybit IMXUSDT	+0.0100%	4h	0.1496	−0.293%	$3.8M	$2.2M	75x	as long as short
OKX IMX-USDT-SWAP	+0.0100%	4h	0.1496	−0.260%	$939K	$1.6M	20x	as long as short
Gate IMX_USDT	+0.0100%	4h	0.1500	0.000%	$641K	$75K	50x	as long as short
MEXC IMX_USDT	+0.0100%	4h	0.1498	−0.133%	$2.4M	$602K	125x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin IMXUSDTMlong	+0.0100%	4h	0.1500	long leg	$376K	$177K	50x
Bitget IMXUSDT	+0.0100%	4h	0.1501	+0.067%	$1.3M	$411K	75x	as long as short
BingX IMX-USDT	+0.0100%	4h	0.1498	−0.133%	—	$2.8M	—	as long as short
BloFin IMX-USDT	+0.0340%	4h	0.1502	+0.133%	$183K	$129K	75x	as long as short
Kraken Futures PF_IMXUSD	+0.3064%	1h	0.1502	+0.124%	$114K	$10K	20x	as long as short