Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h 0.000%

Price spread now: KuCoin against Hyperliquid−0.088%7-day average −0.042% · you buy dearer than you sell

Net, funding: paid 7d − costs−$69as in the Funding arb table

Net, price: spread back to 7d avg − costs−$86as in the Price arb table

costs, in and out, $10k−$820.817% of the position

Long on Hyperliquid Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.128%+$13 on $10k

Price spread, last 7 days−0.040%−$4 · spread now −0.088%, 7d avg −0.042%

Together, before fees+0.089%+ Points / potential airdropHyperliquid: Season 2 · farm board+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and KuCoin is 0.046% cheaper against Hyperliquid than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.042%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.128%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid OP	0.1251	0.0100	pay 0.0013% / 1h	2m 55s	$3.5M	$3.7M	5x
Short	KuCoin OPUSDTM	0.1250	0.0068	get 0.0068% / 8h	1h 02m	$2.8M	$6.2M	75x

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 −0.088%Rate

Funding earned: −$6.72
Price spread: −0.088% → −0.042%: −$4.61
Slippage, 4 orders: −$60.73
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$93.06
Costs to cover: 0.817%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 9 min ago; KuCoin: 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 Hyperliquid live order book, 9 min ago	0.80 bp	8.0 bp −$8	19.4 bp −$194	doesn't fit	doesn't fit
Sell KuCoin live order book, 5 min ago	3.99 bp	27.9 bp −$28	65.9 bp −$659	doesn't fit	doesn't fit

OP on 30 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 OP/USDC PERP	−0.1760%	1h	0.1244	−0.568%	$34K	$59K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.0898% / S +0.0202%	1h	0.1250	−0.051%	$13K	—	100x	as long as short
Orderly PERP_OP_USDC	−0.0055%	8h	0.1251	−0.008%	$12K	$236K	10x	as long as short
Kraken Futures PF_OPUSD	−0.0034%	1h	0.1251	+0.021%	$751K	$666K	20x	as long as short
dYdX OP-USD	0.0000%	1h	0.1251	−0.026%	$39K	$522	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1251	−0.008%	$32K	$154K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1251	−0.014%	—	—	150x	as long as short
Variational Omni OP	+0.0016%	8h	0.1255	+0.306%	$222K	$47K	—	as long as short
Coinbase International OP-PERP-INTX	+0.0032%	1h	0.1251	−0.008%	$24K	$65K	50x	as long as short
KuCoin OPUSDTMshort	+0.0068%	8h	0.1250	−0.088%	$2.8M	$6.2M	75x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter OP	+0.0096%	1h	0.1251	+0.024%	$274K	$1.1M	15x	as long as short
Hyperliquid OPlong	+0.0100%	1h	0.1251	long leg	$3.5M	$3.7M	5x
Aster OPUSDT	+0.0100%	8h	0.1251	+0.004%	$205K	$210K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1250	−0.125%	$19.7M	$67.1M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1249	−0.176%	$18.3M	$26.1M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1250	−0.128%	$6.0M	$29.4M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1251	−0.008%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1250	−0.056%	$22.4M	$8.0M	300x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1250	−0.088%	$5.7M	$6.9M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1250	−0.088%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1250	−0.080%	$115K	$220K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1254	+0.225%	$4K	$1.1M	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1253	+0.142%	$310K	$5.2M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1255	+0.312%	$43K	$697K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1250	−0.072%	$206	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1251	+0.024%	$167K	$255K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1249	−0.172%	$108K	$519K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1250	−0.069%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1250	−0.096%	$990K	$323K	75x	as long as short
Reya OPRUSDPERP	+0.0444%	1h	0.1250	−0.049%	$695	—	20x	as long as short