Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.010%

Price spread now: Hyperliquid against MEXC+0.116%7-day average +0.073% · you sell dearer than you buy

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$390.392% of the position

Long on MEXC Short on Hyperliquid

What this pair did over the last

the charts below follow

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

Price spread, last 7 days−0.057%−$6 · spread now +0.116%, 7d avg +0.073%

Together, before fees−0.018%+ 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: Hyperliquid is 0.043% dearer against MEXC than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.073%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC WIF_USDT	0.2364	0.0100	pay 0.0050% / 4h	2h 54m	$21.2M	$10.7M	50x
Short	Hyperliquid WIF	0.2367	0.0100	get 0.0013% / 1h	54m 09s	$7.4M	$4.0M	5x

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

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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 +0.116%Rate

Funding earned: $0
Price spread: +0.116% → +0.073%: $4.31
Slippage, 4 orders: −$26.23
Fee MEXC: 2 bp × 2 orders: −$4
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$34.92
Costs to cover: 0.392%
Break-even: never at this rate

Slippage from MEXC: live order book, 5 min ago; Hyperliquid: live order book, 8 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, 5 min ago	2.11 bp	5.8 bp −$6	21.5 bp −$215	93.4 bp −$9,339	148.1 bp −$74.1K
Sell Hyperliquid live order book, 8 min ago	0.21 bp	14.8 bp −$15	doesn't fit	doesn't fit	doesn't fit

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	−0.0848%	1h	0.2362	−0.102%	$71K	$233K	10x	as long as short
Injective WIF/USDC PERP	−0.0321%	1h	0.2395	+1.311%	$10K	$10K	12x	as long as short
KuCoin WIFUSDTM	−0.0204%	4h	0.2363	−0.042%	$4.6M	$11.0M	75x	as long as short
Deribit WIF_USDC-PERPETUAL	−0.0173%	1h	0.2364	0.000%	$46K	$289K	25x	as long as short
Gate WIF_USDT	−0.0156%	4h	0.2362	−0.085%	$1.2M	$6.9M	50x	as long as short
Variational Omni WIF	−0.0104%	4h	0.2373	+0.401%	$67K	$51K	—	as long as short
Kraken Futures PF_WIFUSD	−0.0077%	1h	0.2367	+0.119%	$614K	$2.1M	50x	as long as short
GRVT WIF_USDT_Perp	−0.0072%	4h	0.2371	+0.296%	$264K	$1.8M	10x	as long as short
Aster WIFUSDT	−0.0015%	4h	0.2361	−0.127%	$23K	$254K	10x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2370	+0.254%	$18K	$582	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0002%	1h	0.2364	−0.009%	$14K	—	150x	as long as short
Orderly PERP_WIF_USDC	+0.0089%	4h	0.2362	−0.085%	$4K	$1.3M	10x	as long as short
Lighter WIF	+0.0096%	1h	0.2365	+0.034%	$131K	$540K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2356	−0.338%	$52K	$483K	20x	as long as short
Hyperliquid WIFshort	+0.0100%	1h	0.2367	+0.116%	$7.4M	$4.0M	5x
Pacifica WIF	+0.0100%	1h	0.2367	+0.117%	$75K	$48K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2362	−0.073%	$17.5M	$99.0M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2361	−0.123%	$16.5M	$34.6M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2362	−0.085%	$6.0M	$29.8M	50x	as long as short
MEXC WIF_USDTlong	+0.0100%	4h	0.2364	long leg	$21.2M	$10.7M	50x
Bitget WIFUSDT	+0.0100%	4h	0.2362	−0.085%	$7.2M	$11.5M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2363	−0.042%	—	$65.0M	—	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2373	+0.381%	$42K	$617K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2356	−0.338%	$1K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2364	+0.021%	$534	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2352	−0.508%	$164K	$716K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2363	−0.031%	$9K	$152K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2363	−0.042%	$79K	$85	3x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0107% / S −0.0450%	1h	0.2364	0.000%	$4K	—	100x	as long as short
Coinbase International WIF-PERP-INTX	+0.0272%	1h	0.2364	0.000%	$309K	$2.3M	50x	as long as short
BloFin WIF-USDT	+0.0340%	4h	0.2376	+0.508%	$989K	$689K	75x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2360	−0.188%	$0	—	15x	as long as short