Funding arb · Price arb /

XLM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0315%/8h= −34.5% APRpaid last 24h −0.040%

Price spread now: Binance against Hyperliquid+0.106%7-day average −0.036% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$310.314% of the position

Long on Hyperliquid Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.009%+$1 on $10k

Price spread, last 7 days−0.120%−$12 · spread now +0.106%, 7d avg −0.036%

Together, before fees−0.111%+ Points / potential airdropHyperliquid: Season 2 · farm board−$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.142% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.106% now, against its 7-day average of −0.036%): +$14 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 36 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.009% in total (about 0.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid XLM	0.2170	0.0415	pay 0.0052% / 1h	50m 49s	$12.3M	$6.0M	5x
Short	Binance XLMUSDT	0.2173	0.0100	get 0.0100% / 8h	1h 50m	$56.6M	$148.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.106%Rate

Funding earned: −$66.2
Price spread: +0.106% → −0.036%: $14.17
Slippage, 4 orders: −$12.37
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Binance: 5 bp × 2 orders: −$10
Net: −$83.4
Costs to cover: 0.314%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 12 min ago; Binance: live order book, 7 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, 12 min ago	0.23 bp	7.4 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 7 min ago	0.23 bp	8.5 bp −$8	12.3 bp −$123	30.0 bp −$3,000	doesn't fit

XLM on 31 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
gTrade (Gains Network) XLM/USD	L 0.0000% / S +0.0002%	1h	0.2167	−0.176%	$4K	—	150x	as long as short
dYdX XLM-USD	+0.0028%	1h	0.2165	−0.232%	$24K	$3K	10x	as long as short
Aster XLMUSDT	+0.0100%	8h	0.2170	−0.002%	$590K	$799K	75x	as long as short
Binance XLMUSDTshort	+0.0100%	8h	0.2173	+0.106%	$56.6M	$148.0M	75x
Bybit XLMUSDT	+0.0100%	8h	0.2172	+0.051%	$44.1M	$42.4M	75x	as long as short
OKX XLM-USDT-SWAP	+0.0100%	8h	0.2171	+0.046%	$13.2M	$41.6M	50x	as long as short
Gate XLM_USDT	+0.0100%	8h	0.2168	−0.088%	$4.0M	$5.9M	75x	as long as short
MEXC XLM_USDT	+0.0100%	8h	0.2170	−0.009%	$25.9M	$25.5M	300x	as long as short
KuCoin XLMUSDTM	+0.0100%	8h	0.2169	−0.055%	$14.6M	$10.5M	75x	as long as short
Bitget XLMUSDT	+0.0100%	8h	0.2173	+0.129%	$26.0M	$18.6M	75x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX XLM-USDT	+0.0100%	8h	0.2172	+0.069%	—	$7.0M	—	as long as short
Variational Omni XLM	+0.0100%	8h	0.2175	+0.226%	$242K	$1.1M	—	as long as short
edgeX XLMUSDC	+0.0100%	4h	0.2173	+0.124%	$12K	$299K	10x	as long as short
GRVT XLM_USDT_Perp	+0.0100%	8h	0.2178	+0.348%	$605K	$610K	10x	as long as short
ApeX Omni XLMUSDT	+0.0100%	1h	0.2171	+0.023%	$174K	$256K	50x	as long as short
Orderly PERP_XLM_USDC_mythos	+0.0100%	4h	0.2168	−0.111%	$3K	$2K	10x	as long as short
SunX XLM-USDT	+0.0100%	8h	0.2163	−0.359%	$2K	$1.7M	20x	as long as short
SoDEX XLM-USD	+0.0100%	1h	0.2167	−0.134%	$2K	$6K	5x	as long as short
HTX XLM-USDT	+0.0100%	8h	0.2168	−0.120%	$200K	$272K	20x	as long as short
Phemex XLMUSDT	+0.0100%	8h	0.2168	−0.124%	$9.2M	$9.1M	50x	as long as short
Extended XLM-USD	+0.0104%	1h	0.2169	−0.081%	$194K	$1.6M	10x	as long as short
BloFin XLM-USDT	+0.0220%	8h	0.2168	−0.115%	$2.3M	$6.3M	75x	as long as short
Phoenix XLM	+0.0221%	1h	0.2176	+0.267%	$5K	$41K	5x	as long as short
Backpack XLM_USDC_PERP	+0.0244%	1h	0.2168	−0.097%	$94K	$246K	20x	as long as short
GMX XLM/USD [WBTC.b-USDC]	L +0.0342% / S −0.0194%	1h	0.2166	−0.196%	$49K	—	100x	as long as short
Hyperliquid XLMlong	+0.0415%	1h	0.2170	long leg	$12.3M	$6.0M	5x
Coinbase International XLM-PERP-INTX	+0.0432%	1h	0.2173	+0.106%	$231K	$1.5M	50x	as long as short
Injective XLM/USDC PERP	+0.0475%	1h	0.2156	−0.663%	$116	$185K	12x	as long as short
Kraken Futures PF_XLMUSD	+0.0504%	1h	0.2168	−0.109%	$2.6M	$2.6M	50x	as long as short
Lighter XLM	+0.0688%	1h	0.2172	+0.092%	$427K	$804K	5x	as long as short
Deribit XLM_USDC-PERPETUAL	+0.0811%	1h	0.2169	−0.046%	$538K	$174K	25x	as long as short