Funding arb · Price arb /

UMA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: MEXC against Hyperliquid−0.094%7-day average −0.055% · you buy dearer than you sell

Net, funding: paid 7d − costs−$106as in the Funding arb table

Net, price: spread back to 7d avg − costs−$107as in the Price arb table

costs, in and out, $10k−$1031.033% of the position

Long on Hyperliquid Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.032%−$3 on $10k

Price spread, last 4 days (all we have)+0.049%+$5 · spread now −0.094%, 7d avg −0.055%

Together, before fees+0.017%+ Points / potential airdropHyperliquid: Season 2 · farm board+$2 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 −0.055%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid UMA	0.4058	0.0100	pay 0.0013% / 1h	33m 25s	$214K	$67K	3x
Short	MEXC UMA_USDT	0.4054	0.0100	get 0.0050% / 4h	3h 33m	$254K	$166K	50x

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 −0.094%Rate

Funding earned: $0
Price spread: −0.094% → −0.055%: −$3.91
Slippage, 4 orders: −$90.26
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$107.17
Costs to cover: 1.033%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 46 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, 46 min ago	2.59 bp	35.4 bp −$35	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 1 min ago	2.47 bp	17.5 bp −$17	62.0 bp −$620	118.4 bp −$11.8K	385.1 bp −$192.6K

UMA 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
BloFin UMA-USDT	+0.0041%	4h	0.4054	−0.094%	$75K	$7K	50x	as long as short
Hyperliquid UMAlong	+0.0100%	1h	0.4058	long leg	$214K	$67K	3x
Aster UMAUSDT	+0.0100%	4h	0.4056	−0.051%	$25K	$769	5x	as long as short
Binance UMAUSDT	+0.0100%	4h	0.4054	−0.096%	$1.5M	$1.2M	50x	as long as short
Bybit UMAUSDT	+0.0100%	4h	0.4055	−0.069%	$672K	$149K	25x	as long as short
OKX UMA-USDT-SWAP	+0.0100%	4h	0.4055	−0.069%	$315K	$242K	10x	as long as short
Gate UMA_USDT	+0.0100%	4h	0.4056	−0.044%	$78K	$45K	25x	as long as short
MEXC UMA_USDTshort	+0.0100%	4h	0.4054	−0.094%	$254K	$166K	50x
KuCoin UMAUSDTM	+0.0100%	4h	0.4056	−0.044%	$156K	$62K	30x	as long as short
Bitget UMAUSDT	+0.0100%	4h	0.4057	−0.020%	$976K	$64K	50x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX UMA-USDT	+0.0100%	4h	0.4055	−0.069%	—	$2.3M	—	as long as short
Variational Omni UMA	+0.0100%	4h	0.4058	0.000%	$5K	$7	—	as long as short
Kraken Futures PF_UMAUSD	+0.2088%	1h	0.4061	+0.080%	$14K	$6K	10x	as long as short