Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.014%

Price spread now: Hyperliquid against MEXC−0.033%7-day average +0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$430.433% of the position

Long on MEXC Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.132%−$13 on $10k

Price spread, last 4 days (all we have)+0.263%+$26 · spread now −0.033%, 7d avg +0.008%

Together, before fees+0.132%+ Points / potential airdropHyperliquid: Season 2 · farm board+$13 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: Hyperliquid is 0.041% cheaper against MEXC than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC S_USDT	0.03928	0.0100	pay 0.0050% / 4h	11m 21s	$3.6M	$1.9M	200x
Short	Hyperliquid S	0.03927	0.0100	get 0.0013% / 1h	11m 21s	$984K	$678K	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 −0.033%Rate

Funding earned: $0
Price spread: −0.033% → +0.008%: −$4.14
Slippage, 4 orders: −$30.27
Fee MEXC: 2 bp × 2 orders: −$4
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$47.4
Costs to cover: 0.433%
Break-even: never at this rate

Slippage from MEXC: live order book, 6 min ago; Hyperliquid: live order book, 19 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, 6 min ago	2.55 bp	5.2 bp −$5	36.7 bp −$367	248.3 bp −$24.8K	doesn't fit
Sell Hyperliquid live order book, 19 min ago	1.53 bp	18.0 bp −$18	doesn't fit	doesn't fit	doesn't fit

S on 25 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
01 Exchange SUSD	−0.5896%	1h	0.03840	−2.240%	$23K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2122%	1h	0.03929	+0.035%	$33K	$23K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1336%	1h	0.03826	−2.597%	$47K	$5K	25x	as long as short
Variational Omni S	−0.1048%	4h	0.03920	−0.205%	$611K	$31K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0204% / S +0.0196%	1h	0.03931	+0.071%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03925	−0.065%	$4	—	15x	as long as short
Deribit S_USDC-PERPETUAL	0.0000%	1h	0.03932	+0.102%	$66K	$10K	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03932	+0.106%	$606	—	150x	as long as short
Orderly PERP_S_USDC	+0.0026%	4h	0.03928	0.000%	$100K	$339K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.379%	$2K	$37K	12x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter S	+0.0096%	1h	0.03933	+0.127%	$165K	$217K	5x	as long as short
Hyperliquid Sshort	+0.0100%	1h	0.03927	−0.033%	$984K	$678K	5x
Aster SUSDT	+0.0100%	4h	0.03938	+0.246%	$43K	$142K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03927	−0.029%	$5.4M	$16.9M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03926	−0.051%	$5.6M	$5.2M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03927	−0.025%	$980K	$4.9M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03923	−0.127%	$320K	$259K	50x	as long as short
MEXC S_USDTlong	+0.0100%	4h	0.03928	long leg	$3.6M	$1.9M	200x
KuCoin SUSDTM	+0.0100%	4h	0.03930	+0.051%	$1.8M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03926	−0.051%	$1.2M	$2.5M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03927	−0.025%	—	$6.7M	—	as long as short
Backpack S_USDC_PERP	+0.0100%	1h	0.03930	+0.051%	$114K	$314K	5x	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03930	+0.051%	$25K	$448K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03925	−0.070%	$221K	$877K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03928	0.000%	$266K	$125K	75x	as long as short