Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.1525%/8h= −166.9% APRpaid last 24h −0.124%

Price spread now: KuCoin against Hyperliquid−0.034%7-day average −0.069% · you buy dearer than you sell

Net, funding: paid 7d − costs−$103as in the Funding arb table

Net, price: spread back to 7d avg − costs−$75as in the Price arb table

costs, in and out, $10k−$780.784% of the position

Long on Hyperliquid Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.249%−$25 on $10k

Price spread, last 7 days−0.003%$0 · spread now −0.034%, 7d avg −0.069%

Together, before fees−0.252%+ Points / potential airdropHyperliquid: Season 2 · farm board−$25 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.035% dearer against Hyperliquid than usual: you sell high and buy low (spread −0.034% now, against its 7-day average of −0.069%): +$4 on $10k if it goes back. Holding the pair costs −$46 a day in funding at the current rate, which eats that in about 2 hours. At the pace of the last 7 days (−0.249% in total) that is about 24 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.249% in total (about -13.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid kBONK	0.000003498	0.1625	pay 0.0203% / 1h	28m 33s	$11.8M	$6.6M	10x
Short	KuCoin 1000BONKUSDTM	0.000003497	0.0100	get 0.0050% / 4h	2h 28m	$3.0M	$10.3M	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 −0.034%Rate

Funding earned: −$320.17
Price spread: −0.034% → −0.069%: $3.52
Slippage, 4 orders: −$57.36
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$395.01
Costs to cover: 0.784%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 4 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, 4 min ago	1.43 bp	6.6 bp −$7	28.0 bp −$280	doesn't fit	doesn't fit
Sell KuCoin live order book, 5 min ago	2.85 bp	36.7 bp −$37	147.9 bp −$1,479	doesn't fit	doesn't fit

BONK on 31 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
Coinbase International 1000BONK-PERP-INTX	−0.0136%	1h	0.000003522	+0.686%	$44K	$47K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003490	−0.229%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003513	+0.420%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−6.404%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003494	−0.115%	$4	—	15x	as long as short
Orderly PERP_1000BONK_USDC	+0.0092%	4h	0.000003509	+0.314%	$30K	$53K	20x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003497	−0.029%	$246K	$717K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003494	−0.114%	$42K	$114K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003502	+0.128%	$58K	$299K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003495	−0.086%	$116K	$123K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance 1000BONKUSDT	+0.0100%	4h	0.000003496	−0.069%	$17.9M	$71.3M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003493	−0.137%	$11.5M	$22.3M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003494	−0.114%	$2.8M	$11.5M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003492	−0.172%	$922K	$3.1M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003497	−0.029%	$10.4M	$8.1M	125x	as long as short
KuCoin 1000BONKUSDTMshort	+0.0100%	4h	0.000003497	−0.034%	$3.0M	$10.3M	75x
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003492	−0.172%	$4.5M	$3.9M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003496	−0.057%	—	$4.9M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003499	+0.042%	$325K	$141K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003497	−0.029%	$59K	$703K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003527	+0.829%	$2K	$13K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003511	+0.372%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003521	+0.658%	$100K	$130K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003492	−0.171%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003501	+0.086%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0119%	4h	0.000003513	+0.429%	$1.0M	$17.8M	75x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0194% / S −0.2801%	1h	0.000003000	−14.237%	$389	—	100x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0320%	1h	0.000003511	+0.372%	$9K	$134K	10x	as long as short
Hyperliquid kBONKlong	+0.1625%	1h	0.000003498	long leg	$11.8M	$6.6M	10x
Backpack kBONK_USDC_PERP	+0.1631%	1h	0.000003512	+0.400%	$46K	$17K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2647%	1h	0.000003513	+0.434%	$215K	$218K	50x	as long as short