Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: MEXC against Hyperliquid−0.237%7-day average −0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs−$80as in the Funding arb table

Net, price: spread back to 7d avg − costs−$108as in the Price arb table

costs, in and out, $10k−$870.874% of the position

Long on Hyperliquid Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.075%+$7 on $10k

Price spread, last 4 days (all we have)+0.360%+$36 · spread now −0.237%, 7d avg −0.029%

Together, before fees+0.435%+ Points / potential airdropHyperliquid: Season 2 · farm board+$43 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: MEXC is 0.208% cheaper against Hyperliquid than usual: you would sell low and buy high, −$21 on $10k if it goes back to its 7-day average of −0.029%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid IO	0.1522	0.0100	pay 0.0013% / 1h	0m 03s	$1.0M	$387K	3x
Short	MEXC IO_USDT	0.1518	0.0100	get 0.0050% / 4h	1h 00m	$1.1M	$233K	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.237%Rate

Funding earned: $0
Price spread: −0.237% → −0.029%: −$20.81
Slippage, 4 orders: −$74.41
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$108.21
Costs to cover: 0.874%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 min ago; MEXC: live order book, 1 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, 10 min ago	1.65 bp	19.3 bp −$19	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 1 min ago	6.58 bp	25.3 bp −$25	168.8 bp −$1,688	291.1 bp −$29.1K	doesn't fit

IO on 14 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_IOUSD	−0.0635%	1h	0.1525	+0.236%	$40K	$21K	10x	as long as short
Hyperliquid IOlong	+0.0100%	1h	0.1522	long leg	$1.0M	$387K	3x
Aster IOUSDT	+0.0100%	4h	0.1522	+0.004%	$6K	$32K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1521	−0.007%	$3.0M	$6.5M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1518	−0.237%	$1.1M	$878K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1521	−0.053%	$246K	$554K	50x	as long as short
MEXC IO_USDTshort	+0.0100%	4h	0.1518	−0.237%	$1.1M	$233K	125x
KuCoin IOUSDTM	+0.0100%	4h	0.1520	−0.105%	$401K	$654K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1522	+0.026%	$1.3M	$1.2M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1520	−0.105%	—	$1.3M	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni IO	+0.0100%	4h	0.1516	−0.381%	$30K	$5K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1521	−0.033%	$5K	$171K	5x	as long as short
BloFin IO-USDT	+0.0159%	4h	0.1516	−0.368%	$194K	$31K	50x	as long as short
Injective IO/USDC PERP	+0.0163%	1h	0.1514	−0.499%	$2K	$106	5.5x	as long as short