Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: MEXC against Hyperliquid−0.100%7-day average −0.145% · you buy dearer than you sell

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$650.653% of the position

Long on Hyperliquid Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.022%−$2 on $10k

Price spread, last 4 days (all we have)−0.198%−$20 · spread now −0.100%, 7d avg −0.145%

Together, before fees−0.220%+ Points / potential airdropHyperliquid: Season 2 · farm board−$22 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 0.045% dearer against Hyperliquid than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.145%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid LAYER	0.07586	0.0100	pay 0.0013% / 1h	42m 14s	$583K	$162K	3x
Short	MEXC LAYER_USDT	0.07578	0.0100	get 0.0050% / 4h	2h 42m	$349K	$114K	20x

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 −0.100%Rate

Funding earned: $0
Price spread: −0.100% → −0.145%: $4.5
Slippage, 4 orders: −$56.35
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee MEXC: 0 bp × 2 orders: $0
Net: −$60.84
Costs to cover: 0.653%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 42 min ago; MEXC: 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 Hyperliquid live order book, 42 min ago	0.92 bp	23.1 bp −$23	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 40 min ago	1.32 bp	9.9 bp −$10	44.7 bp −$447	180.5 bp −$18.1K	doesn't fit

LAYER on 13 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_LAYERUSD	−0.0468%	1h	0.07579	−0.089%	$8K	$964	10x	as long as short
Injective LAYER/USDC PERP	+0.0033%	1h	0.07274	−4.108%	—	$18K	5.5x	as long as short
BloFin LAYER-USDT	+0.0048%	4h	0.07573	−0.166%	$113K	$12K	50x	as long as short
Hyperliquid LAYERlong	+0.0100%	1h	0.07586	long leg	$583K	$162K	3x
Aster LAYERUSDT	+0.0100%	4h	0.07575	−0.144%	$9K	$2K	5x	as long as short
Binance LAYERUSDT	+0.0100%	4h	0.07575	−0.140%	$2.0M	$2.3M	50x	as long as short
OKX LAYER-USDT-SWAP	+0.0100%	4h	0.07575	−0.140%	$698K	$643K	20x	as long as short
Gate LAYER_USDT	+0.0100%	4h	0.07572	−0.179%	$135K	$54K	20x	as long as short
MEXC LAYER_USDTshort	+0.0100%	4h	0.07578	−0.100%	$349K	$114K	20x
Bitget LAYERUSDT	+0.0100%	4h	0.07578	−0.100%	$1.1M	$161K	50x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni LAYERUSDT	+0.0100%	1h	0.07570	−0.206%	$25K	$187K	50x	as long as short
Extended LAYER-USD	+0.0104%	1h	0.07574	−0.151%	$2K	$174K	5x	as long as short
BingX LAYER-USDT	+0.0142%	4h	0.07580	−0.074%	—	$1.6M	—	as long as short