Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.004%

Price spread now: Hyperliquid against KuCoin−0.314%7-day average −0.136% · you buy dearer than you sell

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

Long on KuCoin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.389%−$39 on $10k

Price spread, last 4 days (all we have)+0.181%+$18 · spread now −0.314%, 7d avg −0.136%

Together, before fees−0.209%+ Points / potential airdropHyperliquid: Season 2 · farm board−$21 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: Hyperliquid is 0.178% cheaper against KuCoin than usual: you would sell low and buy high, −$18 on $10k if it goes back to its 7-day average of −0.136%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin STABLEUSDTM	0.02486	0.0100	pay 0.0050% / 4h	48m 50s	$178K	$28K	30x
Short	Hyperliquid STABLE	0.02478	0.0100	get 0.0013% / 1h	48m 50s	$873K	$225K	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 −0.314%Rate

Funding earned: $0
Price spread: −0.314% → −0.136%: −$17.79
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$38.79
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 5 min ago; Hyperliquid: live order book, 21 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 KuCoin live order book, 5 min ago	16.04 bp	237.4 bp −$237	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 21 min ago	2.03 bp	24.8 bp −$25	doesn't fit	doesn't fit	doesn't fit

STABLE 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
Aster STABLEUSDT	+0.0007%	4h	0.02478	−0.333%	$19K	$6K	20x	as long as short
BloFin STABLE-USDT	+0.0077%	4h	0.02477	−0.362%	$112K	$7K	75x	as long as short
Lighter STABLE	+0.0096%	1h	0.02492	+0.253%	$114K	$3K	3x	as long as short
Hyperliquid STABLEshort	+0.0100%	1h	0.02478	−0.314%	$873K	$225K	3x
Binance STABLEUSDT	+0.0100%	4h	0.02476	−0.384%	$2.4M	$2.7M	75x	as long as short
Bybit STABLEUSDT	+0.0100%	4h	0.02479	−0.265%	$1.5M	$752K	25x	as long as short
OKX STABLE-USDT-SWAP	+0.0100%	4h	0.02482	−0.161%	$204K	$406K	20x	as long as short
Gate STABLE_USDT	+0.0100%	4h	0.02480	−0.241%	$172K	$88K	50x	as long as short
MEXC STABLE_USDT	+0.0100%	4h	0.02477	−0.362%	$661K	$154K	20x	as long as short
KuCoin STABLEUSDTMlong	+0.0100%	4h	0.02486	long leg	$178K	$28K	30x

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget STABLEUSDT	+0.0100%	4h	0.02480	−0.241%	$293K	$115K	25x	as long as short
BingX STABLE-USDT	+0.0100%	4h	0.02480	−0.241%	—	$6.6M	—	as long as short
Variational Omni STABLE	+0.0100%	4h	0.02480	−0.234%	$145K	$50K	—	as long as short
SunX STABLE-USDT	+0.0100%	4h	0.02477	−0.350%	$1K	$662K	20x	as long as short
Extended STABLE-USD	+0.0104%	1h	0.02477	−0.382%	$12K	$175K	10x	as long as short