Funding arb · Price arb /

UMA

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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 0.000%

Price spread now: Hyperliquid against MEXC+0.132%7-day average +0.054% · you sell dearer than you buy

Net, funding: paid 7d − costs−$90as in the Funding arb table

Net, price: spread back to 7d avg − costs−$87as in the Price arb table

costs, in and out, $10k−$950.949% of the position

Long on MEXC Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.052%+$5 on $10k

Price spread, last 4 days (all we have)−0.048%−$5 · spread now +0.132%, 7d avg +0.054%

Together, before fees+0.004%+ Points / potential airdropHyperliquid: Season 2 · farm board$0 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 0.078% dearer against MEXC than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of +0.054%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC UMA_USDT	0.4021	0.0100	pay 0.0050% / 4h	34m 18s	$235K	$172K	50x
Short	Hyperliquid UMA	0.4026	0.0100	get 0.0013% / 1h	34m 18s	$210K	$71K	3x

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 +0.132%Rate

Funding earned: $0
Price spread: +0.132% → +0.054%: $7.82
Slippage, 4 orders: −$81.9
Fee MEXC: 2 bp × 2 orders: −$4
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$87.08
Costs to cover: 0.949%
Break-even: never at this rate

Slippage from MEXC: live order book, 25 min ago; Hyperliquid: live order book, 25 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, 25 min ago	2.49 bp	13.7 bp −$14	63.6 bp −$636	127.0 bp −$12.7K	344.1 bp −$172.0K
Sell Hyperliquid live order book, 25 min ago	3.60 bp	24.1 bp −$24	doesn't fit	doesn't fit	doesn't fit

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
Hyperliquid UMAshort	+0.0100%	1h	0.4026	+0.132%	$210K	$71K	3x
Aster UMAUSDT	+0.0100%	4h	0.4020	−0.017%	$24K	$2K	5x	as long as short
Binance UMAUSDT	+0.0100%	4h	0.4022	+0.016%	$1.5M	$1.2M	50x	as long as short
Bybit UMAUSDT	+0.0100%	4h	0.4023	+0.050%	$671K	$172K	25x	as long as short
OKX UMA-USDT-SWAP	+0.0100%	4h	0.4024	+0.075%	$311K	$238K	10x	as long as short
Gate UMA_USDT	+0.0100%	4h	0.4026	+0.124%	$78K	$48K	25x	as long as short
MEXC UMA_USDTlong	+0.0100%	4h	0.4021	long leg	$235K	$172K	50x
KuCoin UMAUSDTM	+0.0100%	4h	0.4022	+0.025%	$163K	$62K	30x	as long as short
Bitget UMAUSDT	+0.0100%	4h	0.4025	+0.099%	$972K	$66K	50x	as long as short
BingX UMA-USDT	+0.0100%	4h	0.4020	−0.025%	—	$2.3M	—	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni UMA	+0.0100%	4h	0.4025	+0.100%	$5K	$7	—	as long as short
BloFin UMA-USDT	+0.0126%	4h	0.4022	+0.025%	$75K	$7K	50x	as long as short
Kraken Futures PF_UMAUSD	+0.0465%	1h	0.4029	+0.195%	$14K	$6K	10x	as long as short