Research Lab

latest funding sample 3h ago

Funding Compare

Realized funding APR from settled observations. Spreads are A−B. Not trade P&L or Boros fixed IY.

Latest realized spread

+1.5pp

latest 8h window

30-day average

+3.8pp

raw windows

180d average

+4.6pp

540 aligned windows

180d median

+3.9pp

raw windows

BTC

Hyperliquid vs KuCoin

Hyperliquid APRKuCoin APRRealized A−B90% rangeBoros fixed · 25 Sept 2026 · +2.2pp to +2.8pp

Distribution of realized spreads

A−B · 180d raw

760

Boros indexed

latest

-24.0pp0.0pp+42.0pp

90% within -6.6pp to +18.7pp · median +3.9ppLatest +1.5pp · 36th pctile

Boros fixed · 25 Sept 2026 · +2.2pp to +2.8pp · 40th pctile–44th pctile

Range -23.2pp to +40.3pp

Monthly regime

A−B mean · 180d raw

Mar 26+3.0pp

Apr 26+7.0pp

May 26+3.1pp

Jun 26+4.9pp

Jul 26+6.2pp

Aug 26+2.9pp

Sep 26+4.2pp

Per-leg decomposition

realized funding APR per venue · 180d raw

HyperliquidHL

+6.9pp

median funding APR

mean +5.1pp · IQR +1.5pp to +11.0pp

p5 -8.5pp · p95 +11.0pp

KuCoinKC

+1.4pp

median funding APR

mean +0.5pp · IQR -3.8pp to +6.7pp

p5 -16.1pp · p95 +10.9pp

Pair median of per-window differences +3.9pp — not the difference of the medians above.

540 aligned 8h windows · Mar 13 – Sep 09 · coverage 99.99% / 100%

Boros context

Fixed IY spreads

indexed, before fees · verify executable depth

25 Sept 2026 · 16d to expiry · BTC

Hyperliquid − KuCoin

Live depth

Fixed mid

+2.4pp

A mid − B mid

Long HL / Short KC

+2.8pp

A ask − B bid

Short HL / Long KC

+2.2pp

A bid − B ask

180d realized mean

+4.6pp

raw windows

16d rolling mean · 180d

b/e

entry

-1.5pp+10.5pp

median +4.8pp · entry 27th pctile · b/e 32nd pctile

Hyperliquid bid/ask 7.73% / 7.93%KuCoin bid/ask 5.14% / 5.54%min OI $3.17Mindexed quote 3m ago

30 Oct 2026 · 51d to expiry · BTC

Hyperliquid − KuCoin

Live depth

Fixed mid

+1.9pp

A mid − B mid

Long HL / Short KC

+2.1pp

A ask − B bid

Short HL / Long KC

+1.6pp

A bid − B ask

180d realized mean

+4.6pp

raw windows

51d rolling mean · 180d

b/e

entry

0.0pp+7.0pp

median +4.5pp · entry 0th pctile · b/e 0th pctile

Hyperliquid bid/ask 7.75% / 7.96%KuCoin bid/ask 5.90% / 6.10%min OI $953.09Kindexed quote 3m ago