Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.019%

Price spread now: MEXC against Hyperliquid−0.156%7-day average −0.085% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on MEXC

What this pair did over the last

the charts below follow

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

Price spread, last 7 days+0.092%+$9 · spread now −0.156%, 7d avg −0.085%

Together, before fees+0.041%+ Points / potential airdropHyperliquid: Season 2 · farm board+$4 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 0.070% cheaper against Hyperliquid than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.085%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid VIRTUAL	0.7194	0.0100	pay 0.0013% / 1h	34m 35s	$8.8M	$4.1M	5x
Short	MEXC VIRTUAL_USDT	0.7183	0.0100	get 0.0050% / 4h	3h 34m	$16.5M	$4.6M	100x

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 −0.156%Rate

Funding earned: $0
Price spread: −0.156% → −0.085%: −$7.03
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee MEXC: 0 bp × 2 orders: $0
Net: −$16.03
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 8 min ago; MEXC: live order book, 4 min ago. Net counts fees only.

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, 8 min ago	1.67 bp	9.2 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 4 min ago	0.69 bp	2.5 bp −$2	15.3 bp −$153	101.8 bp −$10.2K	264.6 bp −$132.3K

VIRTUAL on 33 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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7175	−0.273%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0112%	1h	0.7175	−0.267%	$2K	$106	10x	as long as short
Lighter VIRTUAL	−0.0032%	1h	0.7184	−0.149%	$327K	$406K	5x	as long as short
Phoenix VIRTUAL	−0.0022%	1h	0.7189	−0.074%	$11K	$37K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7185	−0.128%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7188	−0.082%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.073%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0092%	4h	0.7183	−0.156%	$14K	$1.4M	10x	as long as short
Hyperliquid VIRTUALlong	+0.0100%	1h	0.7194	long leg	$8.8M	$4.1M	5x
Aster VIRTUALUSDT	+0.0100%	4h	0.7185	−0.131%	$94K	$294K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7185	−0.128%	$71K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7180	−0.200%	$16.3M	$41.0M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7179	−0.211%	$16.6M	$18.6M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7179	−0.211%	$2.9M	$10.0M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7185	−0.128%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDTshort	+0.0100%	4h	0.7183	−0.156%	$16.5M	$4.6M	100x
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7185	−0.128%	$3.0M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7181	−0.183%	$6.1M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7187	−0.100%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7186	−0.114%	$241K	$213K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7181	−0.180%	$537K	$913K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7193	−0.018%	$19K	$261K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7173	−0.292%	$633K	$933K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7198	+0.053%	$41K	$238K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7180	−0.190%	$54K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7182	−0.170%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7182	−0.170%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7175	−0.268%	$57K	$267K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7187	−0.096%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7188	−0.081%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7185	−0.128%	$802K	$950K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7205	+0.150%	$201K	$104K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0486%	1h	0.7191	−0.041%	$590K	$664K	50x	as long as short