Funding arb · Price arb /

STABLE

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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 +0.005%

Price spread now: MEXC against Hyperliquid−0.041%7-day average −0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$75as in the Price arb table

costs, in and out, $10k−$720.716% of the position

Long on Hyperliquid Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.282%+$28 on $10k

Price spread, last 4 days (all we have)−0.011%−$1 · spread now −0.041%, 7d avg −0.002%

Together, before fees+0.272%+ Points / potential airdropHyperliquid: Season 2 · farm board+$27 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 0.039% cheaper against Hyperliquid than usual: you would sell low and buy high, −$4 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 STABLE	0.02469	0.0100	pay 0.0013% / 1h	56m 55s	$871K	$234K	3x
Short	MEXC STABLE_USDT	0.02468	0.0100	get 0.0050% / 4h	1h 56m	$658K	$154K	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 −0.041%Rate

Funding earned: $0
Price spread: −0.041% → −0.002%: −$3.86
Slippage, 4 orders: −$54.64
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee MEXC: 4 bp × 2 orders: −$8
Net: −$75.5
Costs to cover: 0.716%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 23 min ago; MEXC: live order book, 18 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, 23 min ago	2.02 bp	20.1 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 18 min ago	4.05 bp	16.6 bp −$17	38.4 bp −$384	213.7 bp −$21.4K	767.5 bp −$383.7K

STABLE on 15 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
Aster STABLEUSDT	−0.0338%	4h	0.02470	+0.040%	$19K	$7K	20x	as long as short
BloFin STABLE-USDT	+0.0083%	4h	0.02469	0.000%	$114K	$7K	75x	as long as short
Lighter STABLE	+0.0096%	1h	0.02485	+0.640%	$114K	$3K	3x	as long as short
Hyperliquid STABLElong	+0.0100%	1h	0.02469	long leg	$871K	$234K	3x
Binance STABLEUSDT	+0.0100%	4h	0.02470	+0.041%	$2.4M	$2.7M	75x	as long as short
Bybit STABLEUSDT	+0.0100%	4h	0.02473	+0.178%	$1.5M	$799K	25x	as long as short
OKX STABLE-USDT-SWAP	+0.0100%	4h	0.02470	+0.041%	$204K	$415K	20x	as long as short
Gate STABLE_USDT	+0.0100%	4h	0.02469	0.000%	$171K	$86K	50x	as long as short
MEXC STABLE_USDTshort	+0.0100%	4h	0.02468	−0.041%	$658K	$154K	20x
KuCoin STABLEUSDTM	+0.0100%	4h	0.02477	+0.324%	$174K	$27K	30x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget STABLEUSDT	+0.0100%	4h	0.02468	−0.041%	$291K	$116K	25x	as long as short
BingX STABLE-USDT	+0.0100%	4h	0.02471	+0.081%	—	$6.5M	—	as long as short
Variational Omni STABLE	+0.0100%	4h	0.02471	+0.078%	$145K	$50K	—	as long as short
SunX STABLE-USDT	+0.0100%	4h	0.02472	+0.117%	$1K	$651K	20x	as long as short
Extended STABLE-USD	+0.0104%	1h	0.02469	−0.016%	$12K	$175K	10x	as long as short