Funding arb · Price arb /

NOT

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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 +0.018%

Price spread now: Hyperliquid against KuCoin−0.079%7-day average +0.052% · you buy dearer than you sell

Net, funding: paid 7d − costs−$264as in the Funding arb table

Net, price: spread back to 7d avg − costs−$260as in the Price arb table

costs, in and out, $10k−$2472.465% of the position

Long on KuCoin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.171%−$17 on $10k

Price spread, last 4 days (all we have)+0.096%+$10 · spread now −0.079%, 7d avg +0.052%

Together, before fees−0.075%+ Points / potential airdropHyperliquid: Season 2 · farm board−$7 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 0.131% cheaper against KuCoin than usual: you would sell low and buy high, −$13 on $10k if it goes back to its 7-day average of +0.052%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin NOTUSDTM	0.0005034	0.0100	pay 0.0050% / 4h	1h 03m	$481K	$131K	50x
Short	Hyperliquid NOT	0.0005030	0.0100	get 0.0013% / 1h	3m 06s	$338K	$64K	3x

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

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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 KuCoinbpFee HyperliquidbpOrdersPrice spread, now −0.079%Rate

Funding earned: $0
Price spread: −0.079% → +0.052%: −$13.13
Slippage, 4 orders: −$225.5
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$259.63
Costs to cover: 2.465%
Break-even: never at this rate

Slippage from KuCoin: live order book, 41 min ago; Hyperliquid: live order book, 57 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, 41 min ago	12.94 bp	111.2 bp −$111	640.4 bp −$6,404	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 57 min ago	9.91 bp	22.7 bp −$23	doesn't fit	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	+0.0014%	4h	0.0005035	+0.012%	$72K	$38K	—	as long as short
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−3.178%	$1K	$13K	5.5x	as long as short
Lighter 1000NOT	+0.0096%	1h	0.0005048	+0.280%	$11K	$6K	3x	as long as short
Hyperliquid NOTshort	+0.0100%	1h	0.0005030	−0.079%	$338K	$64K	3x
Aster NOTUSDT	+0.0100%	4h	0.0005040	+0.119%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005035	+0.020%	$2.1M	$3.0M	50x	as long as short
Bybit NOTUSDT	+0.0100%	4h	0.0005029	−0.099%	$2.1M	$818K	25x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005037	+0.060%	$641K	$659K	20x	as long as short
Gate NOT_USDT	+0.0100%	4h	0.0005040	+0.119%	$139K	$57K	50x	as long as short
MEXC NOT_USDT	+0.0100%	4h	0.0005035	+0.020%	$1.4M	$465K	200x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin NOTUSDTMlong	+0.0100%	4h	0.0005034	long leg	$481K	$131K	50x
Bitget NOTUSDT	+0.0100%	4h	0.0005041	+0.139%	$676K	$453K	50x	as long as short
BingX NOT-USDT	+0.0100%	4h	0.0005038	+0.079%	—	$8.5M	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005033	−0.014%	$4K	—	5x	as long as short
BloFin NOT-USDT	+0.0141%	4h	0.0005034	0.000%	$109K	$18K	50x	as long as short
Kraken Futures PF_NOTUSD	+0.1943%	1h	0.0005033	−0.024%	$49K	$7K	10x	as long as short