Funding arb · Price arb /

XLM

all XLM markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0080%/8h= −8.7% APRpaid last 24h −0.025%

Price spread now: BloFin against Hyperliquid−0.122%107s7-day average −0.061% · you buy dearer than you sell

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$340.337% of the position

Long on Hyperliquid Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.235%+$24 on $10k

Price spread, last 4 days (all we have)−0.053%−$5 · spread now −0.122%, 7d avg −0.061%

Together, before fees+0.183%+ Points / potential airdropHyperliquid: Season 2 · farm board+$18 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 BloFin is 0.062% cheaper against Hyperliquid than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.061%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.235%, so the current rate has only just turned against you. The two prices were read 107 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid XLM	0.2127	0.0300	pay 0.0037% / 1h	7m 28s	$12.1M	$6.5M	5x
Short	BloFin XLM-USDT	0.2124	0.0220	get 0.0220% / 8h	1h 07m	$2.3M	$5.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.122%Rate

Funding earned: −$16.75
Price spread: −0.122% → −0.061%: −$6.17
Slippage, 4 orders: −$12.65
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$56.57
Costs to cover: 0.337%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; BloFin: live order book, 6 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, 5 min ago	0.23 bp	8.3 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 6 min ago	0.47 bp	9.0 bp −$9	10.9 bp −$109	24.3 bp −$2,429	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	0.2125	−0.088%	$4K	—	150x	as long as short
Injective XLM/USDC PERP	+0.0033%	1h	0.2125	−0.075%	$683	$241K	12x	as long as short
Lighter XLM	+0.0096%	1h	0.2124	−0.108%	$366K	$947K	5x	as long as short
Aster XLMUSDT	+0.0100%	8h	0.2126	−0.014%	$563K	$615K	75x	as long as short
Binance XLMUSDT	+0.0100%	8h	0.2126	−0.021%	$54.5M	$162.4M	75x	as long as short
Bybit XLMUSDT	+0.0100%	8h	0.2124	−0.108%	$43.1M	$47.3M	75x	as long as short
OKX XLM-USDT-SWAP	+0.0100%	8h	0.2126	−0.047%	$12.2M	$44.4M	50x	as long as short
Gate XLM_USDT	+0.0100%	8h	0.2123	−0.179%	$4.0M	$7.8M	75x	as long as short
MEXC XLM_USDT	+0.0100%	8h	0.2125	−0.075%	$24.8M	$29.2M	300x	as long as short
KuCoin XLMUSDTM	+0.0100%	8h	0.2123	−0.160%	$14.0M	$9.4M	75x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget XLMUSDT	+0.0100%	8h	0.2123	−0.179%	$25.5M	$22.8M	75x	as long as short
BingX XLM-USDT	+0.0100%	8h	0.2125	−0.056%	—	$7.3M	—	as long as short
Variational Omni XLM	+0.0100%	8h	0.2123	−0.164%	$253K	$1.3M	—	as long as short
edgeX XLMUSDC	+0.0100%	4h	0.2124	−0.125%	$12K	$307K	10x	as long as short
GRVT XLM_USDT_Perp	+0.0100%	8h	0.2122	−0.214%	$595K	$591K	10x	as long as short
ApeX Omni XLMUSDT	+0.0100%	1h	0.2123	−0.150%	$170K	$264K	50x	as long as short
Orderly PERP_XLM_USDC_mythos	+0.0100%	4h	0.2125	−0.075%	$3K	$2K	10x	as long as short
SunX XLM-USDT	+0.0100%	8h	0.2121	−0.263%	$2K	$1.6M	20x	as long as short
SoDEX XLM-USD	+0.0100%	1h	0.2123	−0.183%	$578	$6K	5x	as long as short
HTX XLM-USDT	+0.0100%	8h	0.2123	−0.183%	$196K	$249K	20x	as long as short
Phemex XLMUSDT	+0.0100%	8h	0.2123	−0.155%	$8.7M	$9.0M	50x	as long as short
Extended XLM-USD	+0.0104%	1h	0.2121	−0.284%	$189K	$1.5M	10x	as long as short
Backpack XLM_USDC_PERP	+0.0209%	1h	0.2123	−0.179%	$130K	$349K	20x	as long as short
BloFin XLM-USDTshort	+0.0220%	8h	0.2124	−0.122%	$2.3M	$5.5M	75x
Phoenix XLM	+0.0263%	1h	0.2124	−0.132%	$4K	$50K	5x	as long as short
Hyperliquid XLMlong	+0.0300%	1h	0.2127	long leg	$12.1M	$6.5M	5x
dYdX XLM-USD	+0.0309%	1h	0.2121	−0.283%	$23K	$2K	10x	as long as short
Kraken Futures PF_XLMUSD	+0.0332%	1h	0.2123	−0.166%	$2.6M	$2.7M	50x	as long as short
Coinbase International XLM-PERP-INTX	+0.0408%	1h	0.2123	−0.188%	$221K	$1.6M	50x	as long as short
GMX XLM/USD [WBTC.b-USDC]	L +0.0517% / S −0.0247%	1h	0.2125	−0.079%	$39K	—	100x	as long as short
Deribit XLM_USDC-PERPETUAL	+0.0976%	1h	0.2124	−0.118%	$527K	$168K	25x	as long as short