Funding arb · Price arb /

NOT

all NOT markets

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−0.020%7-day average +0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$77as in the Price arb table

costs, in and out, $10k−$740.744% of the position

Long on Hyperliquid Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.213%+$21 on $10k

Price spread, last 4 days (all we have)+0.062%+$6 · spread now −0.020%, 7d avg +0.002%

Together, before fees+0.275%+ Points / potential airdropHyperliquid: Season 2 · farm board+$28 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 0.022% cheaper against Hyperliquid than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.002%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid NOT	0.0005040	0.0100	pay 0.0013% / 1h	12m 53s	$368K	$50K	3x
Short	MEXC NOT_USDT	0.0005039	0.0100	get 0.0050% / 4h	2h 12m	$1.3M	$493K	200x

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 −0.020%Rate

Funding earned: $0
Price spread: −0.020% → +0.002%: −$2.21
Slippage, 4 orders: −$61.44
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$76.64
Costs to cover: 0.744%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 71 min ago; MEXC: live order book, 3 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, 71 min ago	9.89 bp	19.2 bp −$19	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 3 min ago	0.99 bp	10.5 bp −$10	24.5 bp −$245	87.8 bp −$8,779	101.8 bp −$50.9K

NOT on 16 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 NOT/USDC PERP	+0.0033%	1h	0.0004874	−3.294%	$1K	$13K	5.5x	as long as short
Variational Omni NOT	+0.0065%	4h	0.0005044	+0.085%	$66K	$34K	—	as long as short
BloFin NOT-USDT	+0.0090%	4h	0.0005048	+0.159%	$111K	$17K	50x	as long as short
Lighter 1000NOT	+0.0096%	1h	0.0005054	+0.274%	$11K	$5K	3x	as long as short
Hyperliquid NOTlong	+0.0100%	1h	0.0005040	long leg	$368K	$50K	3x
Aster NOTUSDT	+0.0100%	4h	0.0005042	+0.048%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005038	−0.040%	$2.1M	$3.0M	50x	as long as short
Bybit NOTUSDT	+0.0100%	4h	0.0005037	−0.060%	$2.1M	$801K	25x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005040	0.000%	$610K	$578K	20x	as long as short
Gate NOT_USDT	+0.0100%	4h	0.0005044	+0.079%	$140K	$79K	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC NOT_USDTshort	+0.0100%	4h	0.0005039	−0.020%	$1.3M	$493K	200x
KuCoin NOTUSDTM	+0.0100%	4h	0.0005042	+0.040%	$490K	$119K	50x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005048	+0.159%	$663K	$382K	50x	as long as short
BingX NOT-USDC	+0.0100%	4h	0.0005036	−0.079%	—	$719K	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005037	−0.052%	$4K	$1K	5x	as long as short
Kraken Futures PF_NOTUSD	+0.7068%	1h	0.0005083	+0.855%	$49K	$9K	10x	as long as short