Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0062%/8h= +6.8% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against KuCoin+0.217%7-day average +0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs−$342as in the Funding arb table

Net, price: spread back to 7d avg − costs−$307as in the Price arb table

costs, in and out, $10k−$3243.240% of the position

Long on KuCoin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.176%−$18 on $10k

Price spread, last 4 days (all we have)−0.185%−$18 · spread now +0.217%, 7d avg +0.046%

Together, before fees−0.361%+ Points / potential airdropHyperliquid: Season 2 · farm board−$36 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Hyperliquid is 0.171% dearer against KuCoin than usual: you sell high and buy low: +$17 more if the spread goes back to its 7-day average of +0.046%. Mind the row above: over the last 7 days funding on this pair cost −0.176%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin NOTUSDTM	0.0005079	0.0038	pay 0.0019% / 4h	2h 21m	$465K	$134K	50x
Short	Hyperliquid NOT	0.0005090	0.0100	get 0.0013% / 1h	21m 02s	$371K	$52K	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 +0.217%Rate

Funding earned: $13.02
Price spread: +0.217% → +0.046%: $17.06
Slippage, 4 orders: −$303.01
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$293.93
Costs to cover: 3.240%
Break-even: 165.0 days

Slippage from KuCoin: live order book, 16 min ago; Hyperliquid: live order book, 19 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, 16 min ago	20.74 bp	99.0 bp −$99	593.1 bp −$5,931	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 19 min ago	19.72 bp	33.9 bp −$34	doesn't fit	doesn't fit	doesn't fit

NOT on 15 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
Variational Omni NOT	−0.0222%	4h	0.0005083	+0.080%	$72K	$39K	—	as long as short
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−4.036%	$1K	$13K	5.5x	as long as short
KuCoin NOTUSDTMlong	+0.0038%	4h	0.0005079	long leg	$465K	$134K	50x
Lighter 1000NOT	+0.0096%	1h	0.0005098	+0.364%	$11K	$5K	3x	as long as short
Hyperliquid NOTshort	+0.0100%	1h	0.0005090	+0.217%	$371K	$52K	3x
Aster NOTUSDT	+0.0100%	4h	0.0005096	+0.339%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005090	+0.217%	$2.1M	$3.1M	50x	as long as short
Bybit NOTUSDT	+0.0100%	4h	0.0005082	+0.059%	$2.1M	$877K	25x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005086	+0.138%	$638K	$662K	20x	as long as short
Gate NOT_USDT	+0.0100%	4h	0.0005092	+0.256%	$144K	$81K	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC NOT_USDT	+0.0100%	4h	0.0005092	+0.256%	$1.3M	$473K	200x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005094	+0.295%	$672K	$408K	50x	as long as short
BingX NOT-USDT	+0.0100%	4h	0.0005091	+0.236%	—	$8.9M	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005093	+0.276%	$4K	$491	5x	as long as short
Kraken Futures PF_NOTUSD	+0.0202%	1h	0.0005091	+0.230%	$50K	$10K	10x	as long as short