Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0274%/8h= −30.0% APRpaid last 24h −0.019%

Price spread now: KuCoin against Hyperliquid−0.140%7-day average −0.054% · you buy dearer than you sell

Net, funding: paid 7d − costs−$88as in the Funding arb table

Net, price: spread back to 7d avg − costs−$82as in the Price arb table

costs, in and out, $10k−$740.737% of the position

Long on Hyperliquid Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.140%−$14 on $10k

Price spread, last 7 days+0.184%+$18 · spread now −0.140%, 7d avg −0.054%

Together, before fees+0.044%+ Points / potential airdropHyperliquid: Season 2 · farm board+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and KuCoin is 0.085% cheaper against Hyperliquid than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.054%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.140% in total (about -7.3% 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	Hyperliquid WIF	0.2364	0.0100	pay 0.0013% / 1h	4m 32s	$7.3M	$4.0M	5x
Short	KuCoin WIFUSDTM	0.2361	−0.0174	pay 0.0087% / 4h	2h 04m	$4.1M	$11.2M	75x

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 −0.140%Rate

Funding earned: −$57.54
Price spread: −0.140% → −0.054%: −$8.53
Slippage, 4 orders: −$52.7
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$139.77
Costs to cover: 0.737%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 8 min ago; KuCoin: live order book, 4 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, 8 min ago	1.27 bp	11.6 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 4 min ago	4.22 bp	24.9 bp −$25	62.0 bp −$620	doesn't fit	doesn't fit

WIF on 32 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
Backpack WIF_USDC_PERP	−0.0638%	1h	0.2359	−0.211%	$73K	$235K	10x	as long as short
Injective WIF/USDC PERP	−0.0321%	1h	0.2395	+1.298%	$10K	$10K	12x	as long as short
KuCoin WIFUSDTMshort	−0.0174%	4h	0.2361	−0.140%	$4.1M	$11.2M	75x
Deribit WIF_USDC-PERPETUAL	−0.0173%	1h	0.2361	−0.140%	$46K	$289K	25x	as long as short
Kraken Futures PF_WIFUSD	−0.0077%	1h	0.2363	−0.075%	$625K	$2.1M	50x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2362	−0.097%	$18K	$582	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0002%	1h	0.2362	−0.082%	$14K	—	150x	as long as short
Variational Omni WIF	+0.0031%	4h	0.2358	−0.250%	$67K	$65K	—	as long as short
Aster WIFUSDT	+0.0057%	4h	0.2362	−0.097%	$23K	$255K	10x	as long as short
GRVT WIF_USDT_Perp	+0.0068%	4h	0.2368	+0.146%	$272K	$1.8M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate WIF_USDT	+0.0074%	4h	0.2361	−0.140%	$1.2M	$6.9M	50x	as long as short
Orderly PERP_WIF_USDC	+0.0091%	4h	0.2360	−0.182%	$4K	$1.3M	10x	as long as short
Lighter WIF	+0.0096%	1h	0.2362	−0.085%	$131K	$541K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2361	−0.140%	$52K	$482K	20x	as long as short
Hyperliquid WIFlong	+0.0100%	1h	0.2364	long leg	$7.3M	$4.0M	5x
Pacifica WIF	+0.0100%	1h	0.2362	−0.101%	$74K	$48K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2362	−0.097%	$17.5M	$99.4M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2361	−0.152%	$16.5M	$34.7M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2361	−0.140%	$6.0M	$30.1M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2362	−0.097%	$21.1M	$10.8M	50x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2362	−0.097%	$7.2M	$11.6M	50x	as long as short
BingX WIF-USDC	+0.0100%	4h	0.2357	−0.309%	—	$2.3M	—	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2366	+0.072%	$42K	$618K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2355	−0.393%	$2K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2361	−0.161%	$539	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2360	−0.182%	$163K	$719K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2361	−0.140%	$10K	$153K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2361	−0.161%	$79K	$85	3x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0168% / S −0.0877%	1h	0.2362	−0.093%	$4K	—	100x	as long as short
Coinbase International WIF-PERP-INTX	+0.0272%	1h	0.2364	−0.013%	$310K	$2.3M	50x	as long as short
BloFin WIF-USDT	+0.0340%	4h	0.2360	−0.182%	$968K	$684K	75x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2361	−0.154%	$0	—	15x	as long as short