Funding arb · Price arb /

2Z

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.003%

Price spread now: Hyperliquid against MEXC−0.039%7-day average −0.071% · you buy dearer than you sell

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$620.618% of the position

Long on MEXC Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.098%+$10 on $10k

Price spread, last 4 days (all we have)−0.085%−$9 · spread now −0.039%, 7d avg −0.071%

Together, before fees+0.013%+ Points / potential airdropHyperliquid: Season 2 · farm board+$1 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 0.032% dearer against MEXC than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.071%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC 2Z_USDT	0.05175	0.0100	pay 0.0050% / 4h	2h 40m	$321K	$126K	50x
Short	Hyperliquid 2Z	0.05173	0.0100	get 0.0013% / 1h	40m 15s	$652K	$352K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against MEXC. 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 MEXCbpFee HyperliquidbpOrdersPrice spread, now −0.039%Rate

Funding earned: $0
Price spread: −0.039% → −0.071%: $3.19
Slippage, 4 orders: −$48.84
Fee MEXC: 2 bp × 2 orders: −$4
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$58.66
Costs to cover: 0.618%
Break-even: never at this rate

Slippage from MEXC: live order book, 55 min ago; Hyperliquid: live order book, 40 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 MEXC live order book, 55 min ago	2.86 bp	11.2 bp −$11	66.2 bp −$662	247.8 bp −$24.8K	doesn't fit
Sell Hyperliquid live order book, 40 min ago	0.86 bp	17.6 bp −$18	doesn't fit	doesn't fit	doesn't fit

2Z on 17 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 2Z_USDC_PERP	−0.0778%	1h	0.05189	+0.271%	$45K	$20K	5x	as long as short
Injective 2Z/USDC PERP	+0.0033%	1h	0.04980	−3.768%	$867	$213	5.5x	as long as short
Lighter 2Z	+0.0096%	1h	0.05180	+0.097%	$16K	$6K	3x	as long as short
Hyperliquid 2Zshort	+0.0100%	1h	0.05173	−0.039%	$652K	$352K	3x
Aster 2ZUSDT	+0.0100%	4h	0.05176	+0.016%	$12K	$57K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05187	+0.234%	$75K	$15K	3x	as long as short
Binance 2ZUSDT	+0.0100%	4h	0.05170	−0.097%	$2.1M	$2.0M	50x	as long as short
Bybit 2ZUSDT	+0.0100%	4h	0.05178	+0.058%	$708K	$940K	50x	as long as short
OKX 2Z-USDT-SWAP	+0.0100%	4h	0.05174	−0.019%	$441K	$688K	20x	as long as short
Gate 2Z_USDT	+0.0100%	4h	0.05170	−0.097%	$90K	$60K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC 2Z_USDTlong	+0.0100%	4h	0.05175	long leg	$321K	$126K	50x
KuCoin 2ZUSDTM	+0.0100%	4h	0.05174	−0.019%	$177K	$50K	50x	as long as short
Bitget 2ZUSDT	+0.0100%	4h	0.05173	−0.039%	$144K	$633K	50x	as long as short
BingX 2Z-USDT	+0.0100%	4h	0.05173	−0.039%	—	$6.5M	—	as long as short
Variational Omni 2Z	+0.0100%	4h	0.05200	+0.477%	$33K	$23K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05179	+0.077%	$1K	$1.1M	20x	as long as short
Kraken Futures PF_2ZUSD	+0.0519%	1h	0.05139	−0.699%	$5K	$3K	10x	as long as short