Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: KuCoin against Hyperliquid−0.119%7-day average −0.046% · you buy dearer than you sell

Net, funding: paid 7d − costs−$248as in the Funding arb table

Net, price: spread back to 7d avg − costs−$273as in the Price arb table

costs, in and out, $10k−$2662.657% of the position

Long on Hyperliquid Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.176%+$18 on $10k

Price spread, last 4 days (all we have)+0.133%+$13 · spread now −0.119%, 7d avg −0.046%

Together, before fees+0.309%+ Points / potential airdropHyperliquid: Season 2 · farm board+$31 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 0.074% cheaper against Hyperliquid than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.046%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid NOT	0.0005040	0.0100	pay 0.0013% / 1h	15m 52s	$369K	$51K	3x
Short	KuCoin NOTUSDTM	0.0005034	0.0100	get 0.0050% / 4h	1h 15m	$466K	$132K	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 −0.119%Rate

Funding earned: $0
Price spread: −0.119% → −0.046%: −$7.35
Slippage, 4 orders: −$244.69
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$273.05
Costs to cover: 2.657%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 54 min ago; KuCoin: live order book, 56 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, 54 min ago	9.93 bp	36.6 bp −$37	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 56 min ago	12.92 bp	105.1 bp −$105	295.8 bp −$2,958	doesn't fit	doesn't fit

NOT on 16 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 NOT	−0.0085%	4h	0.0005037	−0.062%	$71K	$39K	—	as long as short
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−3.294%	$1K	$13K	5.5x	as long as short
Lighter 1000NOT	+0.0096%	1h	0.0005051	+0.214%	$11K	$5K	3x	as long as short
Hyperliquid NOTlong	+0.0100%	1h	0.0005040	long leg	$369K	$51K	3x
Aster NOTUSDT	+0.0100%	4h	0.0005039	−0.030%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005041	+0.020%	$2.1M	$3.1M	50x	as long as short
Bybit NOTUSDT	+0.0100%	4h	0.0005034	−0.119%	$2.1M	$815K	25x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005036	−0.079%	$612K	$584K	20x	as long as short
Gate NOT_USDT	+0.0100%	4h	0.0005038	−0.040%	$140K	$79K	50x	as long as short
MEXC NOT_USDT	+0.0100%	4h	0.0005040	0.000%	$1.3M	$466K	200x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin NOTUSDTMshort	+0.0100%	4h	0.0005034	−0.119%	$466K	$132K	50x
Bitget NOTUSDT	+0.0100%	4h	0.0005043	+0.060%	$662K	$387K	50x	as long as short
BingX NOT-USDT	+0.0100%	4h	0.0005039	−0.020%	—	$7.5M	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005040	+0.001%	$4K	$1K	5x	as long as short
BloFin NOT-USDT	+0.0140%	4h	0.0005037	−0.060%	$110K	$17K	50x	as long as short
Kraken Futures PF_NOTUSD	+0.6213%	1h	0.0005031	−0.188%	$49K	$10K	10x	as long as short