Funding arb · Price arb /

XAI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: MEXC against Hyperliquid−0.050%7-day average +0.046% · you buy dearer than you sell

Net, funding: paid 7d − costs−$85as in the Funding arb table

Net, price: spread back to 7d avg − costs−$99as in the Price arb table

costs, in and out, $10k−$900.898% of the position

Long on Hyperliquid Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.044%+$4 on $10k

Price spread, last 4 days (all we have)+0.344%+$34 · spread now −0.050%, 7d avg +0.046%

Together, before fees+0.388%+ Points / potential airdropHyperliquid: Season 2 · farm board+$39 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 0.096% cheaper against Hyperliquid than usual: you would sell low and buy high, −$10 on $10k if it goes back to its 7-day average of +0.046%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid XAI	0.007990	0.0100	pay 0.0013% / 1h	42m 13s	$409K	$67K	3x
Short	MEXC XAI_USDT	0.007986	0.0100	get 0.0050% / 4h	1h 42m	$2.0M	$441K	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 −0.050%Rate

Funding earned: $0
Price spread: −0.050% → +0.046%: −$9.6
Slippage, 4 orders: −$80.84
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee MEXC: 0 bp × 2 orders: $0
Net: −$99.44
Costs to cover: 0.898%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 58 min ago; MEXC: live order book, 4 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, 58 min ago	6.28 bp	31.4 bp −$31	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 4 min ago	5.02 bp	10.5 bp −$11	58.8 bp −$588	423.4 bp −$42.3K	doesn't fit

XAI on 10 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 XAI-USDT	+0.0086%	4h	0.007970	−0.250%	$161K	$20K	25x	as long as short
Hyperliquid XAIlong	+0.0100%	1h	0.007990	long leg	$409K	$67K	3x
Aster XAIUSDT	+0.0100%	4h	0.007978	−0.152%	$5K	$19K	5x	as long as short
Binance XAIUSDT	+0.0100%	4h	0.007986	−0.050%	$1.6M	$2.1M	25x	as long as short
Bybit XAIUSDT	+0.0100%	4h	0.007983	−0.088%	$656K	$420K	25x	as long as short
Gate XAI_USDT	+0.0100%	4h	0.007979	−0.138%	$81K	$45K	50x	as long as short
MEXC XAI_USDTshort	+0.0100%	4h	0.007986	−0.050%	$2.0M	$441K	50x
KuCoin XAIUSDTM	+0.0100%	4h	0.007980	−0.125%	$178K	$46K	25x	as long as short
Bitget XAIUSDT	+0.0100%	4h	0.007980	−0.125%	$444K	$262K	25x	as long as short
BingX XAI-USDT	+0.0100%	4h	0.007983	−0.088%	—	$2.3M	—	as long as short