Funding arb · Price arb /

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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 −0.005%

Price spread now: Hyperliquid against KuCoin+0.021%7-day average +0.080% · you sell dearer than you buy

Net, funding: paid 7d − costs−$250as in the Funding arb table

Net, price: spread back to 7d avg − costs−$238as in the Price arb table

costs, in and out, $10k−$2322.321% of the position

Long on KuCoin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.183%−$18 on $10k

Price spread, last 4 days (all we have)+0.242%+$24 · spread now +0.021%, 7d avg +0.080%

Together, before fees+0.059%+ Points / potential airdropHyperliquid: Season 2 · farm board+$6 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 0.060% cheaper against KuCoin than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.080%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin SUSDTM	0.03901	0.0100	pay 0.0050% / 4h	1h 17m	$1.8M	$3.0M	50x
Short	Hyperliquid S	0.03902	0.0100	get 0.0013% / 1h	17m 38s	$979K	$716K	5x

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

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 KuCoinbpFee HyperliquidbpOrdersPrice spread, now +0.021%Rate

Funding earned: $0
Price spread: +0.021% → +0.080%: −$5.95
Slippage, 4 orders: −$211.1
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$238.06
Costs to cover: 2.321%
Break-even: never at this rate

Slippage from KuCoin: live order book, 5 min ago; Hyperliquid: live order book, 23 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, 5 min ago	6.40 bp	95.0 bp −$95	278.2 bp −$2,782	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 23 min ago	3.68 bp	20.0 bp −$20	doesn't fit	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	−0.1602%	1h	0.03901	−0.005%	$33K	$26K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1576%	1h	0.03826	−1.923%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0870%	4h	0.03900	−0.025%	$607K	$31K	—	as long as short
01 Exchange SUSD	−0.0264%	1h	0.03850	−1.307%	$23K	$2K	5x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0197% / S +0.0190%	1h	0.03906	+0.133%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03903	+0.039%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03907	+0.145%	$602	—	150x	as long as short
Orderly PERP_S_USDC	+0.0029%	4h	0.03904	+0.077%	$99K	$344K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+5.101%	$2K	$37K	12x	as long as short
Lighter S	+0.0096%	1h	0.03906	+0.128%	$164K	$223K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster SUSDT	+0.0100%	4h	0.03904	+0.089%	$43K	$212K	10x	as long as short
Hyperliquid Sshort	+0.0100%	1h	0.03902	+0.021%	$979K	$716K	5x
Binance SUSDT	+0.0100%	4h	0.03901	0.000%	$5.3M	$18.4M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03894	−0.179%	$5.6M	$5.5M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03900	−0.026%	$975K	$5.5M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03903	+0.051%	$319K	$265K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03901	0.000%	$3.5M	$2.3M	200x	as long as short
KuCoin SUSDTMlong	+0.0100%	4h	0.03901	long leg	$1.8M	$3.0M	50x
Bitget SUSDT	+0.0100%	4h	0.03906	+0.128%	$1.2M	$2.6M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03901	0.000%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03910	+0.231%	$25K	$460K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03899	−0.045%	$219K	$877K	10x	as long as short
Deribit S_USDC-PERPETUAL	+0.0262%	1h	0.03908	+0.179%	$66K	$10K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03906	+0.128%	$267K	$126K	75x	as long as short
Backpack S_USDC_PERP	+0.0471%	1h	0.03910	+0.231%	$114K	$300K	5x	as long as short