Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0077%/8h= −8.5% APRpaid last 24h −0.010%

Price spread now: MEXC against Hyperliquid−0.171%7-day average −0.073% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$560.563% of the position

Long on Hyperliquid Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.039%−$4 on $10k

Price spread, last 7 days+0.112%+$11 · spread now −0.171%, 7d avg −0.073%

Together, before fees+0.073%+ Points / potential airdropHyperliquid: Season 2 · farm board+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and MEXC is 0.098% cheaper against Hyperliquid than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.073%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid WIF	0.2399	0.0177	pay 0.0022% / 1h	29m 04s	$7.3M	$3.7M	5x
Short	MEXC WIF_USDT	0.2395	0.0100	get 0.0050% / 4h	3h 29m	$21.8M	$10.6M	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 −0.171%Rate

Funding earned: −$16.22
Price spread: −0.171% → −0.073%: −$9.81
Slippage, 4 orders: −$43.33
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$82.36
Costs to cover: 0.563%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 4 min ago; MEXC: live order book, 5 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, 4 min ago	4.56 bp	20.2 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 5 min ago	2.08 bp	7.1 bp −$7	21.9 bp −$219	117.8 bp −$11.8K	151.8 bp −$75.9K

WIF on 32 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
Backpack WIF_USDC_PERP	−0.0653%	1h	0.2393	−0.254%	$71K	$234K	10x	as long as short
Deribit WIF_USDC-PERPETUAL	−0.0167%	1h	0.2397	−0.088%	$48K	$291K	25x	as long as short
Variational Omni WIF	−0.0163%	4h	0.2402	+0.140%	$68K	$51K	—	as long as short
KuCoin WIFUSDTM	−0.0110%	4h	0.2394	−0.213%	$4.2M	$10.8M	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2402	+0.121%	$18K	$582	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0002%	1h	0.2398	−0.052%	$15K	—	150x	as long as short
Injective WIF/USDC PERP	+0.0033%	1h	0.2395	−0.171%	$10K	$10K	12x	as long as short
Gate WIF_USDT	+0.0040%	4h	0.2395	−0.171%	$1.2M	$6.9M	50x	as long as short
Bybit WIFUSDT	+0.0043%	4h	0.2394	−0.213%	$16.8M	$34.4M	50x	as long as short
Aster WIFUSDT	+0.0046%	4h	0.2396	−0.129%	$23K	$253K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GMX WIF/USD [WBTC.b-USDC]	L +0.0066% / S −0.0153%	1h	0.2398	−0.028%	$4K	—	100x	as long as short
SoDEX WIF-USD	+0.0086%	1h	0.2397	−0.108%	$541	$5K	5x	as long as short
Orderly PERP_WIF_USDC	+0.0091%	4h	0.2395	−0.171%	$4K	$1.3M	10x	as long as short
Lighter WIF	+0.0096%	1h	0.2398	−0.029%	$132K	$539K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2398	−0.046%	$53K	$483K	20x	as long as short
Pacifica WIF	+0.0100%	1h	0.2400	+0.029%	$74K	$46K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2394	−0.212%	$17.9M	$98.0M	75x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2394	−0.213%	$6.2M	$29.9M	50x	as long as short
MEXC WIF_USDTshort	+0.0100%	4h	0.2395	−0.171%	$21.8M	$10.6M	50x
Bitget WIFUSDT	+0.0100%	4h	0.2395	−0.171%	$7.3M	$11.4M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2395	−0.171%	—	$64.8M	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2405	+0.246%	$277K	$1.7M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2403	+0.163%	$42K	$612K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2392	−0.296%	$2K	$2.8M	50x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2395	−0.171%	$165K	$709K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2395	−0.160%	$9K	$152K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2396	−0.129%	$80K	$85	3x	as long as short
Hyperliquid WIFlong	+0.0177%	1h	0.2399	long leg	$7.3M	$3.7M	5x
Kraken Futures PF_WIFUSD	+0.0222%	1h	0.2399	+0.005%	$642K	$2.1M	50x	as long as short
Coinbase International WIF-PERP-INTX	+0.0296%	1h	0.2398	−0.046%	$314K	$2.3M	50x	as long as short
BloFin WIF-USDT	+0.0340%	4h	0.2394	−0.213%	$991K	$690K	75x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2395	−0.171%	$0	—	15x	as long as short