Funding arb · Price arb /

NIL

all NIL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.4450%/8h= +487.3% APRpaid last 24h +0.321%

Price spread now: Hyperliquid against KuCoin+0.616%7-day average +0.213% · you sell dearer than you buy

Net, funding: paid 7d − costs−$142as in the Funding arb table

Net, price: spread back to 7d avg − costs−$150as in the Price arb table

costs, in and out, $10k−$1901.903% of the position

Long on KuCoin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.486%+$49 on $10k

Price spread, last 4 days (all we have)−0.465%−$46 · spread now +0.616%, 7d avg +0.213%

Together, before fees+0.021%+ Points / potential airdropHyperliquid: Season 2 · farm board+$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$134 a day on $10k at the current rate, and Hyperliquid is 0.403% dearer against KuCoin than usual: you sell high and buy low: +$40 more if the spread goes back to its 7-day average of +0.213%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.486% in total (about 25.4% 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	KuCoin NILUSDTM	0.06851	0.0100	pay 0.0050% / 4h	3h 56m	$515K	$687K	30x
Short	Hyperliquid NIL	0.06893	0.4550	get 0.0569% / 1h	56m 17s	$4.3M	$4.6M	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

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 KuCoinbpFee HyperliquidbpOrdersPrice spread, now +0.616%Rate

Funding earned: $934.56
Price spread: +0.616% → +0.213%: $40.29
Slippage, 4 orders: −$169.32
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $784.53
Costs to cover: 1.903%
Break-even: 1.1 days

Slippage from KuCoin: live order book, 67 min ago; Hyperliquid: live order book, 5 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, 67 min ago	11.57 bp	41.4 bp −$41	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 5 min ago	0.07 bp	26.3 bp −$26	doesn't fit	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
BloFin NIL-USDT	+0.0079%	4h	0.06852	+0.015%	$345K	$141K	50x	as long as short
Aster NILUSDT	+0.0100%	4h	0.06842	−0.138%	$22K	$342K	5x	as long as short
Binance NILUSDT	+0.0100%	4h	0.06836	−0.219%	$5.3M	$78.3M	50x	as long as short
Bybit NILUSDT	+0.0100%	4h	0.06849	−0.029%	$3.8M	$13.9M	20x	as long as short
Gate NIL_USDT	+0.0100%	4h	0.06848	−0.044%	$437K	$1.9M	50x	as long as short
MEXC NIL_USDT	+0.0100%	4h	0.06866	+0.219%	$2.4M	$4.7M	100x	as long as short
KuCoin NILUSDTMlong	+0.0100%	4h	0.06851	long leg	$515K	$687K	30x
Bitget NILUSDT	+0.0100%	4h	0.06844	−0.102%	$1.8M	$8.5M	50x	as long as short
BingX NIL-USDT	+0.0100%	4h	0.06845	−0.088%	—	$8.5M	—	as long as short
Extended NIL-USD	+0.0104%	1h	0.06834	−0.248%	$17K	$88K	5x	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	+0.0144%	4h	0.06855	+0.052%	$176K	$265K	—	as long as short
Hyperliquid NILshort	+0.4550%	1h	0.06893	+0.616%	$4.3M	$4.6M	3x