Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.018%

Price spread now: KuCoin against Hyperliquid−0.139%7-day average −0.052% · you buy dearer than you sell

Net, funding: paid 7d − costs−$238as in the Funding arb table

Net, price: spread back to 7d avg − costs−$265as in the Price arb table

costs, in and out, $10k−$2562.562% of the position

Long on Hyperliquid Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.185%+$18 on $10k

Price spread, last 4 days (all we have)+0.118%+$12 · spread now −0.139%, 7d avg −0.052%

Together, before fees+0.303%+ Points / potential airdropHyperliquid: Season 2 · farm board+$30 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 0.087% cheaper against Hyperliquid than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of −0.052%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid NOT	0.0005030	0.0100	pay 0.0013% / 1h	47m 19s	$339K	$66K	3x
Short	KuCoin NOTUSDTM	0.0005023	0.0100	get 0.0050% / 4h	3h 47m	$487K	$130K	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 −0.139%Rate

Funding earned: $0
Price spread: −0.139% → −0.052%: −$8.67
Slippage, 4 orders: −$235.25
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$264.92
Costs to cover: 2.562%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 62 min ago; KuCoin: live order book, 46 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, 62 min ago	9.91 bp	33.2 bp −$33	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 46 min ago	10.94 bp	103.6 bp −$104	403.9 bp −$4,039	doesn't fit	doesn't fit

NOT 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
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−3.101%	$1K	$13K	5.5x	as long as short
BloFin NOT-USDT	+0.0081%	4h	0.0005023	−0.139%	$109K	$18K	50x	as long as short
Lighter 1000NOT	+0.0096%	1h	0.0005036	+0.119%	$11K	$6K	3x	as long as short
Hyperliquid NOTlong	+0.0100%	1h	0.0005030	long leg	$339K	$66K	3x
Aster NOTUSDT	+0.0100%	4h	0.0005026	−0.087%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005028	−0.040%	$2.1M	$2.9M	50x	as long as short
Bybit NOTUSDT	+0.0100%	4h	0.0005020	−0.199%	$2.1M	$813K	25x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005025	−0.099%	$644K	$650K	20x	as long as short
Gate NOT_USDT	+0.0100%	4h	0.0005020	−0.199%	$141K	$59K	50x	as long as short
MEXC NOT_USDT	+0.0100%	4h	0.0005029	−0.020%	$1.3M	$453K	200x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin NOTUSDTMshort	+0.0100%	4h	0.0005023	−0.139%	$487K	$130K	50x
Bitget NOTUSDT	+0.0100%	4h	0.0005027	−0.060%	$674K	$467K	50x	as long as short
BingX NOT-USDT	+0.0100%	4h	0.0005024	−0.119%	—	$8.3M	—	as long as short
Variational Omni NOT	+0.0100%	4h	0.0005019	−0.215%	$71K	$38K	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005027	−0.067%	$4K	—	5x	as long as short
Kraken Futures PF_NOTUSD	+0.1153%	1h	0.0005029	−0.019%	$49K	$5K	10x	as long as short