Funding arb · Price arb /

IMX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.006%

Price spread now: Hyperliquid against KuCoin+0.436%7-day average +0.174% · you sell dearer than you buy

Net, funding: paid 7d − costs−$212as in the Funding arb table

Net, price: spread back to 7d avg − costs−$187as in the Price arb table

costs, in and out, $10k−$2132.128% of the position

Long on KuCoin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.007%+$1 on $10k

Price spread, last 4 days (all we have)−0.260%−$26 · spread now +0.436%, 7d avg +0.174%

Together, before fees−0.253%+ Points / potential airdropHyperliquid: Season 2 · farm board−$25 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 0.262% dearer against KuCoin than usual: you sell high and buy low, +$26 on $10k if it goes back to its 7-day average of +0.174%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin IMXUSDTM	0.1492	0.0100	pay 0.0050% / 4h	2h 12m	$389K	$170K	50x
Short	Hyperliquid IMX	0.1499	0.0100	get 0.0013% / 1h	12m 20s	$3.4M	$325K	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

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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 +0.436%Rate

Funding earned: $0
Price spread: +0.436% → +0.174%: $26.18
Slippage, 4 orders: −$191.79
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$186.61
Costs to cover: 2.128%
Break-even: never at this rate

Slippage from KuCoin: live order book, 45 min ago; Hyperliquid: live order book, 9 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, 45 min ago	10.08 bp	84.0 bp −$84	263.8 bp −$2,638	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 9 min ago	1.34 bp	24.9 bp −$25	doesn't fit	doesn't fit	doesn't fit

IMX on 15 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
Variational Omni IMX	−0.0119%	4h	0.1486	−0.385%	$93K	$131K	—	as long as short
gTrade (Gains Network) IMX/USD	L +0.0001% / S +0.0004%	1h	0.1496	+0.243%	$2K	—	150x	as long as short
Injective IMX/USDC PERP	+0.0033%	1h	0.1515	+1.542%	$559	$28K	5.5x	as long as short
dYdX IMX-USD	+0.0078%	1h	0.1489	−0.218%	$26K	$4K	5x	as long as short
Hyperliquid IMXshort	+0.0100%	1h	0.1499	+0.436%	$3.4M	$325K	5x
Binance IMXUSDT	+0.0100%	4h	0.1495	+0.201%	$3.6M	$5.9M	75x	as long as short
Bybit IMXUSDT	+0.0100%	4h	0.1492	0.000%	$3.8M	$2.2M	75x	as long as short
OKX IMX-USDT-SWAP	+0.0100%	4h	0.1495	+0.208%	$935K	$1.6M	20x	as long as short
Gate IMX_USDT	+0.0100%	4h	0.1491	−0.067%	$637K	$76K	50x	as long as short
MEXC IMX_USDT	+0.0100%	4h	0.1495	+0.201%	$2.4M	$614K	125x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin IMXUSDTMlong	+0.0100%	4h	0.1492	long leg	$389K	$170K	50x
Bitget IMXUSDT	+0.0100%	4h	0.1494	+0.134%	$1.3M	$411K	75x	as long as short
BingX IMX-USDT	+0.0100%	4h	0.1493	+0.067%	—	$2.8M	—	as long as short
BloFin IMX-USDT	+0.0340%	4h	0.1494	+0.134%	$182K	$127K	75x	as long as short
Kraken Futures PF_IMXUSD	+0.2040%	1h	0.1500	+0.543%	$114K	$10K	20x	as long as short