Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: KuCoin against Hyperliquid−0.007%7-day average +0.024% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.188%+$19 on $10k

Price spread, last 4 days (all we have)+0.050%+$5 · spread now −0.007%, 7d avg +0.024%

Together, before fees+0.237%+ Points / potential airdropHyperliquid: Season 2 · farm board+$24 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 0.031% cheaper against Hyperliquid than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.024%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid IO	0.1510	0.0100	pay 0.0013% / 1h	58m 14s	$1.0M	$274K	3x
Short	KuCoin IOUSDTM	0.1510	0.0100	get 0.0050% / 4h	2h 58m	$347K	$191K	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

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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 −0.007%Rate

Funding earned: $0
Price spread: −0.007% → +0.024%: −$3.07
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$24.07
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 2 min ago; KuCoin: live order book, 36 min ago. Net counts fees only.

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, 2 min ago	1.65 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 36 min ago	6.72 bp	61.1 bp −$61	doesn't fit	doesn't fit	doesn't fit

IO on 14 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
Injective IO/USDC PERP	+0.0033%	1h	0.1492	−1.199%	$2K	$192	5.5x	as long as short
BloFin IO-USDT	+0.0059%	4h	0.1509	−0.073%	$192K	$29K	50x	as long as short
Hyperliquid IOlong	+0.0100%	1h	0.1510	long leg	$1.0M	$274K	3x
Aster IOUSDT	+0.0100%	4h	0.1510	−0.033%	$23K	$42K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1509	−0.059%	$3.0M	$4.8M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1507	−0.232%	$1.1M	$573K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1510	+0.020%	$224K	$426K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1509	−0.073%	$1.2M	$209K	125x	as long as short
KuCoin IOUSDTMshort	+0.0100%	4h	0.1510	−0.007%	$347K	$191K	50x
Bitget IOUSDT	+0.0100%	4h	0.1511	+0.060%	$1.4M	$931K	50x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX IO-USDT	+0.0100%	4h	0.1509	−0.073%	—	$1.3M	—	as long as short
Variational Omni IO	+0.0100%	4h	0.1510	−0.025%	$30K	$18K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1510	−0.027%	$2K	$210K	5x	as long as short
Kraken Futures PF_IOUSD	+3.9999%	1h	0.1512	+0.148%	$39K	$6K	10x	as long as short