Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC0.0000%/8hpaid last 24h 0.000%

Price spread now: KuCoin against Hyperliquid−0.174%7-day average +0.043% · you buy dearer than you sell

Net, funding: paid 7d − costs−$262as in the Funding arb table

Net, price: spread back to 7d avg − costs−$303as in the Price arb table

costs, in and out, $10k−$2812.809% of the position

Long on Hyperliquid Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.194%+$19 on $10k

Price spread, last 3 days (all we have)+0.201%+$20 · spread now −0.174%, 7d avg +0.043%

Together, before fees+0.395%+ Points / potential airdropHyperliquid: Season 2 · farm board+$40 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 0.217% cheaper against Hyperliquid than usual: you would sell low and buy high, −$22 on $10k if it goes back to its 7-day average of +0.043%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid IO	0.1494	0.0100	pay 0.0013% / 1h	6m 34s	$994K	$403K	3x
Short	KuCoin IOUSDTM	0.1491	0.0100	get 0.0050% / 4h	6m 34s	$381K	$655K	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 −0.174%Rate

Funding earned: $0
Price spread: −0.174% → +0.043%: −$21.74
Slippage, 4 orders: −$259.91
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$302.66
Costs to cover: 2.809%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 23 min ago; KuCoin: live order book, 21 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, 23 min ago	1.68 bp	17.4 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 21 min ago	10.10 bp	146.8 bp −$147	doesn't fit	doesn't fit	doesn't fit

IO on 14 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
Injective IO/USDC PERP	−0.5000%	1h	0.1491	−0.174%	$2K	$104	5.5x	as long as short
Kraken Futures PF_IOUSD	−0.0637%	1h	0.1495	+0.065%	$39K	$21K	10x	as long as short
Hyperliquid IOlong	+0.0100%	1h	0.1494	long leg	$994K	$403K	3x
Aster IOUSDT	+0.0100%	4h	0.1495	+0.079%	$6K	$32K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1494	+0.054%	$3.0M	$6.5M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1493	−0.040%	$1.1M	$934K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1494	−0.007%	$223K	$562K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1493	−0.040%	$1.1M	$240K	125x	as long as short
KuCoin IOUSDTMshort	+0.0100%	4h	0.1491	−0.174%	$381K	$655K	50x
Bitget IOUSDT	+0.0100%	4h	0.1494	+0.027%	$1.3M	$1.2M	50x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX IO-USDT	+0.0100%	4h	0.1494	+0.027%	—	$1.3M	—	as long as short
Variational Omni IO	+0.0100%	4h	0.1488	−0.375%	$30K	$5K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1494	+0.049%	$5K	$171K	5x	as long as short
BloFin IO-USDT	+0.0110%	4h	0.1495	+0.094%	$140K	$32K	50x	as long as short