Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0026%/8h= +2.8% APRpaid last 24h +0.043%

Price spread now: Hyperliquid against MEXC+0.210%7-day average +0.177% · you sell dearer than you buy

Net, funding: paid 7d − costs−$9as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$340.336% of the position

Long on MEXC Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.244%+$24 on $10k

Price spread, last 7 days−0.048%−$5 · spread now +0.210%, 7d avg +0.177%

Together, before fees+0.196%+ Points / potential airdropHyperliquid: Season 2 · farm board+$20 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Hyperliquid is 0.032% dearer against MEXC than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.177%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC CC_USDT	0.1155	0.0074	pay 0.0037% / 4h	1h 56m	$1.6M	$293K	100x
Short	Hyperliquid CC	0.1157	0.0100	get 0.0013% / 1h	56m 16s	$5.4M	$1.3M	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

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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 MEXCbpFee HyperliquidbpOrdersPrice spread, now +0.210%Rate

Funding earned: $5.46
Price spread: +0.210% → +0.177%: $3.22
Slippage, 4 orders: −$20.6
Fee MEXC: 2 bp × 2 orders: −$4
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$24.92
Costs to cover: 0.336%
Break-even: 38.9 days

Slippage from MEXC: live order book, 5 min ago; Hyperliquid: live order book, 6 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, 5 min ago	0.43 bp	7.0 bp −$7	61.3 bp −$613	257.1 bp −$25.7K	802.4 bp −$401.2K
Sell Hyperliquid live order book, 6 min ago	0.43 bp	5.9 bp −$6	doesn't fit	doesn't fit	doesn't fit

CC on 19 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
Injective CC/USDC PERP	−0.3951%	1h	0.1146	−0.753%	$6K	$96	5.5x	as long as short
Gate CC_USDT	+0.0010%	4h	0.1154	−0.061%	$359K	$207K	50x	as long as short
MEXC CC_USDTlong	+0.0074%	4h	0.1155	long leg	$1.6M	$293K	100x
Bybit CCUSDT	+0.0078%	4h	0.1154	−0.035%	$10.4M	$3.7M	25x	as long as short
Paradex CC-USD-PERP	+0.0089%	8h	0.1156	+0.112%	$1K	—	5x	as long as short
Hyperliquid CCshort	+0.0100%	1h	0.1157	+0.210%	$5.4M	$1.3M	3x
Aster CCUSDT	+0.0100%	4h	0.1156	+0.102%	$34K	$39K	20x	as long as short
Binance CCUSDT	+0.0100%	4h	0.1155	+0.026%	$11.0M	$10.9M	75x	as long as short
OKX CC-USDT-SWAP	+0.0100%	4h	0.1155	+0.026%	$2.5M	$3.3M	20x	as long as short
KuCoin CCUSDTM	+0.0100%	4h	0.1156	+0.113%	$488K	$114K	50x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget CCUSDT	+0.0100%	4h	0.1155	+0.052%	$926K	$792K	20x	as long as short
BingX CC-USDT	+0.0100%	4h	0.1154	−0.017%	—	$6.6M	—	as long as short
Backpack CC_USDC_PERP	+0.0100%	1h	0.1154	−0.017%	$16K	$22K	10x	as long as short
Variational Omni CC	+0.0100%	4h	0.1156	+0.121%	$577K	$43K	—	as long as short
GRVT CC_USDT_Perp	+0.0100%	4h	0.1157	+0.238%	$85K	$2.2M	10x	as long as short
Derive CC-PERP	+0.0100%	1h	0.1153	−0.134%	$7K	$35K	6.7x	as long as short
BloFin CC-USDT	+0.0340%	4h	0.1156	+0.087%	$584K	$104K	75x	as long as short
GMX CC/USD [WBTC.b-USDC]	L +0.0440% / S −0.0239%	1h	0.1155	+0.044%	$43K	—	50x	as long as short
Lighter CC	+0.1224%	1h	0.1159	+0.416%	$232K	$148K	5x	as long as short