Funding arb · Price arb /

NIL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.1550%/8h= −169.7% APRpaid last 24h −0.397%

Price spread now: KuCoin against Hyperliquid−0.465%7-day average −0.222% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$180as in the Price arb table

costs, in and out, $10k−$1561.555% of the position

Long on Hyperliquid Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.567%−$57 on $10k

Price spread, last 4 days (all we have)+0.089%+$9 · spread now −0.465%, 7d avg −0.222%

Together, before fees−0.477%+ Points / potential airdropHyperliquid: Season 2 · farm board−$48 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$47 a day on $10k at the current rate, and KuCoin is 0.243% cheaper against Hyperliquid than usual: you would sell low and buy high (−$24 if the spread goes back to its 7-day average of −0.222%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.567% in total (about -29.5% 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 NIL	0.06996	0.1650	pay 0.0206% / 1h	31m 24s	$4.4M	$4.5M	3x
Short	KuCoin NILUSDTM	0.06963	0.0100	get 0.0050% / 4h	1h 31m	$581K	$706K	30x

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 −0.465%Rate

Funding earned: −$325.51
Price spread: −0.465% → −0.222%: −$24.3
Slippage, 4 orders: −$134.54
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$505.35
Costs to cover: 1.555%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 min ago; KuCoin: live order book, 67 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, 10 min ago	0.35 bp	13.3 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 67 min ago	10.86 bp	61.4 bp −$61	550.6 bp −$5,506	doesn't fit	doesn't fit

NIL on 12 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
Aster NILUSDT	+0.0100%	4h	0.06958	−0.536%	$23K	$347K	5x	as long as short
Binance NILUSDT	+0.0100%	4h	0.06961	−0.493%	$5.5M	$75.6M	50x	as long as short
Bybit NILUSDT	+0.0100%	4h	0.06973	−0.322%	$3.8M	$13.9M	20x	as long as short
Gate NIL_USDT	+0.0100%	4h	0.06967	−0.407%	$446K	$2.0M	50x	as long as short
MEXC NIL_USDT	+0.0100%	4h	0.06969	−0.379%	$2.3M	$4.4M	100x	as long as short
KuCoin NILUSDTMshort	+0.0100%	4h	0.06963	−0.465%	$581K	$706K	30x
Bitget NILUSDT	+0.0100%	4h	0.06978	−0.250%	$1.8M	$8.3M	50x	as long as short
BingX NIL-USDT	+0.0100%	4h	0.06964	−0.450%	—	$8.4M	—	as long as short
Extended NIL-USD	+0.0104%	1h	0.06951	−0.630%	$17K	$96K	5x	as long as short
BloFin NIL-USDT	+0.0128%	4h	0.06915	−1.151%	$373K	$124K	50x	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni NIL	+0.0260%	4h	0.06952	−0.620%	$179K	$283K	—	as long as short
Hyperliquid NILlong	+0.1650%	1h	0.06996	long leg	$4.4M	$4.5M	3x