Funding arb · Price arb /

MEGA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.1086%/8h= −118.9% APRpaid last 24h −0.166%

Price spread now: KuCoin against Hyperliquid−0.233%7-day average −0.151% · you buy dearer than you sell

Net, funding: paid 7d − costs−$573as in the Funding arb table

Net, price: spread back to 7d avg − costs−$543as in the Price arb table

costs, in and out, $10k−$5355.350% of the position

Long on Hyperliquid Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.381%−$38 on $10k

Price spread, last 4 days (all we have)+0.043%+$4 · spread now −0.233%, 7d avg −0.151%

Together, before fees−0.338%+ Points / potential airdropHyperliquid: Season 2 · farm board−$34 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$33 a day on $10k at the current rate, and KuCoin is 0.082% cheaper against Hyperliquid than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.151%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.381% in total (about -19.9% 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 MEGA	0.04635	0.1186	pay 0.0148% / 1h	9m 08s	$7.9M	$2.4M	3x
Short	KuCoin MEGAUSDTM	0.04624	0.0100	get 0.0050% / 4h	3h 09m	$243K	$116K	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 −0.233%Rate

Funding earned: −$227.97
Price spread: −0.233% → −0.151%: −$8.24
Slippage, 4 orders: −$514
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$771.2
Costs to cover: 5.350%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 3 min ago; KuCoin: live order book, 41 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, 3 min ago	2.59 bp	25.5 bp −$25	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 41 min ago	11.08 bp	224.5 bp −$225	doesn't fit	doesn't fit	doesn't fit

MEGA on 28 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
Coinbase International MEGA-PERP-INTX	−0.0048%	1h	0.04490	−3.116%	$5K	$12K	50x	as long as short
gTrade (Gains Network) MEGA/USD	L −0.0018% / S +0.0023%	1h	0.04624	−0.233%	$13K	—	150x	as long as short
Phoenix MEGA	0.0000%	1h	0.04610	−0.535%	$21K	$7K	5x	as long as short
Nado MEGA-PERP	+0.0038%	1h	0.04626	−0.190%	$200K	$136K	2x	as long as short
BloFin MEGA-USDT	+0.0089%	4h	0.04644	+0.198%	$201K	$90K	50x	as long as short
Aster MEGAUSDT	+0.0100%	4h	0.04624	−0.223%	$20K	$87K	5x	as long as short
Pacifica MEGA	+0.0100%	1h	0.04628	−0.151%	$14K	$9K	3x	as long as short
Binance MEGAUSDT	+0.0100%	4h	0.04628	−0.147%	$4.1M	$13.3M	50x	as long as short
Bybit MEGAUSDT	+0.0100%	4h	0.04626	−0.190%	$3.6M	$5.3M	20x	as long as short
OKX MEGA-USDT-SWAP	+0.0100%	4h	0.04624	−0.233%	$944K	$3.1M	20x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MEGA_USDT	+0.0100%	4h	0.04618	−0.362%	$202K	$315K	20x	as long as short
MEXC MEGA_USDT	+0.0100%	4h	0.04623	−0.255%	$861K	$362K	50x	as long as short
KuCoin MEGAUSDTMshort	+0.0100%	4h	0.04624	−0.233%	$243K	$116K	50x
Bitget MEGAUSDT	+0.0100%	4h	0.04620	−0.319%	$1.1M	$1.5M	50x	as long as short
BingX MEGA-USDT	+0.0100%	4h	0.04620	−0.319%	—	$1.7M	—	as long as short
Variational Omni MEGA	+0.0100%	4h	0.04606	−0.627%	$325K	$227K	—	as long as short
GRVT MEGA_USDT_Perp	+0.0100%	4h	0.04601	−0.728%	$21K	$1.7M	10x	as long as short
ApeX Omni MEGAUSDT	+0.0100%	1h	0.04608	−0.578%	$25K	$231K	50x	as long as short
Orderly PERP_MEGA_USDC	+0.0100%	4h	0.04623	−0.255%	$3K	$2K	10x	as long as short
SunX MEGA-USDT	+0.0100%	4h	0.04626	−0.190%	$2K	$1.9M	10x	as long as short
Bulk MEGA-USD	+0.0100%	1h	0.04565	−1.506%	$135K	$4K	10x	as long as short
Extended MEGA-USD	+0.0104%	1h	0.04624	−0.234%	$130K	$822K	5x	as long as short
Reya MEGARUSDPERP	+0.0159%	1h	0.04625	−0.216%	$3	—	3x	as long as short
GMX MEGA/USD [ETH-USDC]	L +0.0237% / S −0.5353%	1h	0.04623	−0.261%	$3K	—	45x	as long as short
Backpack MEGA_USDC_PERP	+0.0374%	1h	0.04625	−0.211%	$19K	$41K	5x	as long as short
Lighter MEGA	+0.0960%	1h	0.04644	+0.198%	$653K	$325K	3x	as long as short
Hyperliquid MEGAlong	+0.1186%	1h	0.04635	long leg	$7.9M	$2.4M	3x
Deribit MEGA_USDC-PERPETUAL	+0.2259%	1h	0.04635	+0.006%	$112	$15	25x	as long as short