Funding arb · Price arb /

SKY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0451%/8h= −49.3% APRpaid last 24h −0.189%

Price spread now: KuCoin against Hyperliquid−0.431%7-day average −0.274% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.407%−$41 on $10k

Price spread, last 4 days (all we have)−0.766%−$77 · spread now −0.431%, 7d avg −0.274%

Together, before fees−1.173%+ Points / potential airdropHyperliquid: Season 2 · farm board−$117 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and KuCoin is 0.158% cheaper against Hyperliquid than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of −0.274%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid SKY	0.06930	0.0551	pay 0.0069% / 1h	11m 29s	$2.8M	$928K	3x
Short	KuCoin SKYUSDTM	0.06900	0.0100	get 0.0050% / 4h	1h 11m	$406K	$292K	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 −0.431%Rate

Funding earned: −$94.62
Price spread: −0.431% → −0.274%: −$15.78
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$131.4
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 10 min ago; KuCoin: live order book, 11 min ago. Net counts fees only.

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	8.62 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 11 min ago	25.18 bp	580.9 bp −$581	789.8 bp −$7,898	doesn't fit	doesn't fit

SKY on 18 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 SKY	−0.0326%	4h	0.06918	−0.170%	$185K	$115K	—	as long as short
Bybit SKYUSDT	−0.0024%	4h	0.06908	−0.316%	$7.2M	$3.2M	25x	as long as short
Injective SKY/USDC PERP	+0.0033%	1h	0.07172	+3.494%	$392	$303K	12x	as long as short
Lighter SKY	+0.0096%	1h	0.06909	−0.299%	$180K	$177K	10x	as long as short
Nado SKY-PERP	+0.0100%	1h	0.06917	−0.190%	$73K	$30K	5x	as long as short
Aster SKYUSDT	+0.0100%	4h	0.06915	−0.216%	$42K	$43K	20x	as long as short
Binance SKYUSDT	+0.0100%	4h	0.06917	−0.187%	$15.8M	$10.9M	75x	as long as short
OKX SKY-USDT-SWAP	+0.0100%	4h	0.06914	−0.229%	$823K	$1.2M	20x	as long as short
Gate SKY_USDT	+0.0100%	4h	0.06901	−0.417%	$599K	$287K	50x	as long as short
MEXC SKY_USDT	+0.0100%	4h	0.06917	−0.186%	$1.0M	$273K	100x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SKYUSDTMshort	+0.0100%	4h	0.06900	−0.431%	$406K	$292K	50x
Bitget SKYUSDT	+0.0100%	4h	0.06913	−0.244%	$2.9M	$1.5M	75x	as long as short
BingX SKY-USDT	+0.0100%	4h	0.06911	−0.273%	—	$2.4M	—	as long as short
ApeX Omni SKYUSDT	+0.0100%	1h	0.06910	−0.287%	$27K	$663K	50x	as long as short
Orderly PERP_SKY_USDC_mythos	+0.0100%	4h	0.06917	−0.193%	$1K	$3K	10x	as long as short
BloFin SKY-USDT	+0.0114%	4h	0.06918	−0.172%	$590K	$29K	75x	as long as short
GMX SKY/USD [ETH-USDC]	L +0.0523% / S −0.0248%	1h	0.06918	−0.172%	$82K	—	50x	as long as short
Hyperliquid SKYlong	+0.0551%	1h	0.06930	long leg	$2.8M	$928K	3x