Funding arb · Price arb /

MET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against KuCoin+0.071%7-day average +0.033% · you sell dearer than you buy

Net, funding: paid 7d − costs−$194as in the Funding arb table

Net, price: spread back to 7d avg − costs−$206as in the Price arb table

costs, in and out, $10k−$2102.101% of the position

Long on KuCoin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.162%+$16 on $10k

Price spread, last 7 days−0.052%−$5 · spread now +0.071%, 7d avg +0.033%

Together, before fees+0.111%+ Points / potential airdropHyperliquid: Season 2 · farm board+$11 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 0.038% dearer against KuCoin than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.033%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin METUSDTM	0.2831	0.0100	pay 0.0050% / 4h	2h 59m	$1.3M	$2.7M	50x
Short	Hyperliquid MET	0.2833	0.0100	get 0.0013% / 1h	59m 09s	$3.7M	$1.8M	3x

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 +0.071%Rate

Funding earned: $0
Price spread: +0.071% → +0.033%: $3.79
Slippage, 4 orders: −$189.15
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$206.36
Costs to cover: 2.101%
Break-even: never at this rate

Slippage from KuCoin: live order book, 8 min ago; Hyperliquid: live order book, 2 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, 8 min ago	7.06 bp	91.9 bp −$92	362.7 bp −$3,627	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 2 min ago	1.76 bp	16.7 bp −$17	doesn't fit	doesn't fit	doesn't fit

MET on 16 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
GMX MET/USD [WBTC.b-USDC]	L −0.0633% / S +0.0214%	1h	0.2837	+0.223%	$4K	—	50x	as long as short
Phoenix MET	−0.0206%	1h	0.2841	+0.357%	$14K	$14K	5x	as long as short
BloFin MET-USDT	+0.0093%	4h	0.2830	−0.035%	$278K	$94K	50x	as long as short
Lighter MET	+0.0096%	1h	0.2835	+0.131%	$174K	$432K	5x	as long as short
Hyperliquid METshort	+0.0100%	1h	0.2833	+0.071%	$3.7M	$1.8M	3x
Aster METUSDT	+0.0100%	4h	0.2831	−0.006%	$53K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2830	−0.053%	$4.7M	$12.2M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2829	−0.067%	$4.8M	$3.2M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2833	+0.071%	$1.2M	$3.3M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2830	−0.035%	$179K	$161K	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC MET_USDT	+0.0100%	4h	0.2831	0.000%	$891K	$289K	20x	as long as short
KuCoin METUSDTMlong	+0.0100%	4h	0.2831	long leg	$1.3M	$2.7M	50x
Bitget METUSDT	+0.0100%	4h	0.2834	+0.106%	$709K	$838K	25x	as long as short
Backpack MET_USDC_PERP	+0.0100%	1h	0.2834	+0.099%	$325K	$241K	5x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2831	0.000%	$36K	$117K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2833	+0.071%	$2K	$1.5M	20x	as long as short