Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.008%

Price spread now: KuCoin against Hyperliquid−0.003%7-day average −0.081% · you buy dearer than you sell

Net, funding: paid 7d − costs−$198as in the Funding arb table

Net, price: spread back to 7d avg − costs−$209as in the Price arb table

costs, in and out, $10k−$2172.165% of the position

Long on Hyperliquid Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.187%+$19 on $10k

Price spread, last 4 days (all we have)−0.348%−$35 · spread now −0.003%, 7d avg −0.081%

Together, before fees−0.161%+ Points / potential airdropHyperliquid: Season 2 · farm board−$16 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 0.078% dearer against Hyperliquid than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of −0.081%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid S	0.03905	0.0100	pay 0.0013% / 1h	5m 55s	$981K	$877K	5x
Short	KuCoin SUSDTM	0.03905	0.0100	get 0.0050% / 4h	2h 05m	$1.8M	$3.1M	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 −0.003%Rate

Funding earned: $0
Price spread: −0.003% → −0.081%: $7.82
Slippage, 4 orders: −$195.5
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$208.69
Costs to cover: 2.165%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 44 min ago; KuCoin: live order book, 11 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, 44 min ago	1.40 bp	18.2 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 11 min ago	3.82 bp	74.3 bp −$74	260.9 bp −$2,609	doesn't fit	doesn't fit

S on 25 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
Kraken Futures PF_SUSD	−0.1461%	1h	0.03907	+0.048%	$33K	$30K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1264%	1h	0.03826	−2.026%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0889%	4h	0.03922	+0.431%	$610K	$34K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0192% / S +0.0185%	1h	0.03910	+0.120%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03904	−0.039%	$4	—	15x	as long as short
Orderly PERP_S_USDC	−0.0001%	4h	0.03907	+0.049%	$99K	$346K	10x	as long as short
Deribit S_USDC-PERPETUAL	0.0000%	1h	0.03911	+0.151%	$66K	$10K	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03911	+0.139%	$603	—	150x	as long as short
Aster SUSDT	+0.0024%	4h	0.03908	+0.087%	$43K	$212K	10x	as long as short
01 Exchange SUSD	+0.0032%	1h	0.03900	−0.131%	$24K	$3K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.991%	$2K	$37K	12x	as long as short
Lighter S	+0.0096%	1h	0.03910	+0.125%	$164K	$240K	5x	as long as short
Hyperliquid Slong	+0.0100%	1h	0.03905	long leg	$981K	$877K	5x
Binance SUSDT	+0.0100%	4h	0.03908	+0.074%	$5.3M	$23.2M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03902	−0.079%	$5.6M	$6.3M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03904	−0.028%	$974K	$7.2M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03905	−0.003%	$319K	$293K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03907	+0.049%	$3.4M	$2.6M	200x	as long as short
KuCoin SUSDTMshort	+0.0100%	4h	0.03905	−0.003%	$1.8M	$3.1M	50x
Bitget SUSDT	+0.0100%	4h	0.03911	+0.151%	$1.2M	$2.9M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03904	−0.028%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03930	+0.638%	$25K	$470K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03904	−0.027%	$219K	$883K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03911	+0.151%	$268K	$146K	75x	as long as short
Backpack S_USDC_PERP	+0.0532%	1h	0.03920	+0.382%	$114K	$298K	5x	as long as short