Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0121%/8h= −13.2% APRpaid last 24h −0.037%

Price spread now: KuCoin against Hyperliquid−0.121%7-day average −0.043% · you buy dearer than you sell

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$210.213% of the position

Long on Hyperliquid Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.111%−$11 on $10k

Price spread, last 7 days+0.110%+$11 · spread now −0.121%, 7d avg −0.043%

Together, before fees−0.001%+ Points / potential airdropHyperliquid: Season 2 · farm board$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and KuCoin is 0.078% cheaper against Hyperliquid than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.043%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid BTC	85,596	0.0100	pay 0.0013% / 1h	22m 30s	$3.75B	$4.98B	40x
Short	KuCoin XBTUSDTM	85,492.8	−0.0021	pay 0.0021% / 8h	4h 22m	$919.3M	$751.4M	125x

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 −0.121%Rate

Funding earned: −$25.41
Price spread: −0.121% → −0.043%: −$7.75
Slippage, 4 orders: −$0.34
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$54.5
Costs to cover: 0.213%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 12 min ago; KuCoin: live order book, 7 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, 12 min ago	0.06 bp	4.6 bp −$5	4.6 bp −$46	5.5 bp −$555	doesn't fit
Sell KuCoin live order book, 7 min ago	0.01 bp	6.2 bp −$6	7.8 bp −$78	9.6 bp −$962	doesn't fit

BTC on 56 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
Phoenix BTC	−0.0179%	1h	85,485	−0.130%	$2.1M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,531	−0.076%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,513.8	−0.096%	$365K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0023%	8h	85,519.6	−0.089%	$417.1M	$667.7M	150x	as long as short
KuCoin XBTUSDTMshort	−0.0021%	8h	85,492.8	−0.121%	$919.3M	$751.4M	125x
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,519.4	−0.089%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0013%	8h	85,503.8	−0.108%	$515.5M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0014%	1h	85,497.7	−0.115%	$16.7M	$21.2M	50x	as long as short
Nado BTC-PERP	+0.0021%	1h	85,494.8	−0.118%	$25.4M	$222.3M	50x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,498	−0.114%	$4.4M	$98.0M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0062%	8h	85,490.4	−0.123%	—	$17.1M	—	as long as short
Phemex BTCUSDT	+0.0071%	8h	85,515.1	−0.095%	$147.6M	$487.3M	150x	as long as short
Bitget BTCUSDT	+0.0078%	8h	85,502.7	−0.109%	$2.95B	$5.07B	150x	as long as short
Reya BTCRUSDPERP	+0.0083%	1h	85,496	−0.117%	$6.7M	$146.7M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,510.1	−0.100%	$172.9M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,510.5	−0.100%	$23.9M	$149.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,521	−0.088%	$8.4M	$52.9M	100x	as long as short
MEXC BTC_USDT	+0.0096%	8h	85,512.4	−0.098%	$5.06B	$5.64B	500x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,511.2	−0.099%	$2.5M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0097%	8h	85,509	−0.102%	$9.37B	$24.14B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,484	−0.131%	$210K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,563.2	−0.038%	$4.9M	$9.0M	50x	as long as short
Hyperliquid BTClong	+0.0100%	1h	85,596	long leg	$3.75B	$4.98B	40x
Pacifica BTC	+0.0100%	1h	85,534.7	−0.072%	$40.7M	$580.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,507.3	−0.104%	$5.21B	$9.79B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,529.6	−0.078%	$2.58B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,505	−0.106%	$3.8M	$18.2M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,516	−0.094%	$659.1M	$647.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,519.6	−0.089%	$5.51B	$10.72B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,513.9	−0.096%	$35.7M	$176.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,455.5	−0.164%	$153.7M	$564.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,482.9	−0.132%	$279.2M	$920.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,448.2	−0.173%	$214.5M	$169.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,521.5	−0.087%	$139.8M	$314.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,512	−0.098%	$30.2M	$208.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,567.9	−0.033%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,513	−0.097%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,505.6	−0.106%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,514.4	−0.095%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,555.4	−0.047%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,510.6	−0.100%	$29.9M	$50.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,496.2	−0.117%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,520	−0.089%	$59.9M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,511.5	−0.099%	$2.26B	$942.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,495	−0.118%	$44.7M	$230.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,530.3	−0.077%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,560.8	−0.041%	$117.1M	$5.19B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0141%	1h	85,561.6	−0.040%	$884.7M	$1.57B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,475	−0.141%	$339K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,543.2	−0.062%	$187.6M	$954.9M	100x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,542.1	−0.063%	$8.2M	$42.5M	25x	as long as short
Aftermath Perps BTCUSD	+0.0198%	1h	85,522	−0.086%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0177%	1h	85,518.9	−0.090%	$13.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,554.3	−0.049%	$703K	$7.9M	30x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,546	−0.058%	$10.4M	$756.5M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,532.4	−0.074%	$500K	$18.8M	6.7x	as long as short