Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0107%/8h= +11.7% APRpaid last 24h +0.024%

Price spread now: Hyperliquid against MEXC+0.202%7-day average +0.131% · you sell dearer than you buy

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$280.281% of the position

Long on MEXC Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.157%+$16 on $10k

Price spread, last 7 days−0.076%−$8 · spread now +0.202%, 7d avg +0.131%

Together, before fees+0.081%+ Points / potential airdropHyperliquid: Season 2 · farm board+$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Hyperliquid is 0.071% dearer against MEXC than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.131%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC AR_USDT	4.6100	−0.0007	get 0.0007% / 8h	7h 46m	$6.7M	$4.4M	100x
Short	Hyperliquid AR	4.6193	0.0100	get 0.0013% / 1h	46m 51s	$4.3M	$4.8M	5x

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 +0.202%Rate

Funding earned: $22.47
Price spread: +0.202% → +0.131%: $7.11
Slippage, 4 orders: −$15.05
Fee MEXC: 2 bp × 2 orders: −$4
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $1.52
Costs to cover: 0.281%
Break-even: 6.5 days

Slippage from MEXC: live order book, 1 min ago; Hyperliquid: live order book, 5 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, 1 min ago	1.09 bp	3.1 bp −$3	15.0 bp −$150	197.3 bp −$19.7K	doesn't fit
Sell Hyperliquid live order book, 5 min ago	2.83 bp	9.5 bp −$9	doesn't fit	doesn't fit	doesn't fit

AR 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
Kraken Futures PF_ARUSD	−0.2396%	1h	4.6084	−0.035%	$52K	$154K	20x	as long as short
GMX AR/USD [WBTC.b-USDC]	L −0.0140% / S +0.0551%	1h	4.6124	+0.051%	$592K	—	50x	as long as short
OKX AR-USDT-SWAP	−0.0116%	8h	4.6040	−0.130%	$2.4M	$20.5M	20x	as long as short
ApeX Omni ARUSDT	−0.0064%	1h	4.6120	+0.043%	$23K	$762K	50x	as long as short
Extended AR-USD	−0.0008%	1h	4.6100	+0.001%	$37K	$257K	10x	as long as short
Binance ARUSDT	−0.0007%	8h	4.6105	+0.010%	$9.2M	$54.7M	75x	as long as short
MEXC AR_USDTlong	−0.0007%	8h	4.6100	long leg	$6.7M	$4.4M	100x
Injective AR/USDC PERP	+0.0033%	1h	4.5720	−0.824%	$3K	$239	5.5x	as long as short
Hyperliquid ARshort	+0.0100%	1h	4.6193	+0.202%	$4.3M	$4.8M	5x
Aster ARUSDT	+0.0100%	8h	4.6042	−0.125%	$20K	$596K	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ARUSDT	+0.0100%	8h	4.6059	−0.089%	$4.6M	$8.7M	75x	as long as short
Gate AR_USDT	+0.0100%	8h	4.6070	−0.065%	$2.6M	$2.2M	50x	as long as short
KuCoin ARUSDTM	+0.0100%	8h	4.6090	−0.022%	$1.4M	$1.2M	50x	as long as short
Bitget ARUSDT	+0.0100%	8h	4.6050	−0.108%	$4.0M	$5.6M	75x	as long as short
BingX AR-USDT	+0.0100%	8h	4.6070	−0.065%	—	$2.9M	—	as long as short
Variational Omni AR	+0.0100%	8h	4.5863	−0.514%	$143K	$171K	—	as long as short
BloFin AR-USDT	+0.0113%	8h	4.6040	−0.130%	$438K	$610K	20x	as long as short