Funding arb · Price arb /

XLM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0312%/8h= +34.1% APRpaid last 24h +0.040%

Price spread now: Hyperliquid against SunX+0.189%7-day average +0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$147as in the Funding arb table

Net, price: spread back to 7d avg − costs−$125as in the Price arb table

costs, in and out, $10k−$1411.410% of the position

Long on SunX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.062%−$6 on $10k

Price spread, last 3 days (all we have)−0.007%−$1 · spread now +0.189%, 7d avg +0.026%

Together, before fees−0.069%+ Points / potential airdropHyperliquid: Season 2 · farm board−$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Hyperliquid is 0.163% dearer against SunX than usual: you sell high and buy low: +$16 more if the spread goes back to its 7-day average of +0.026%. Mind the row above: over the last 7 days funding on this pair cost −0.062%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.062% in total (about -3.2% 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	SunX XLM-USDT	0.2170	0.0100	pay 0.0100% / 8h	1h 50m	$2K	$1.7M	20x
Short	Hyperliquid XLM	0.2175	0.0412	get 0.0051% / 1h	50m 21s	$12.3M	$6.0M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against SunX. 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 SunXbpFee HyperliquidbpOrdersPrice spread, now +0.189%Rate

Funding earned: $65.42
Price spread: +0.189% → +0.026%: $16.26
Slippage, 4 orders: −$123.99
Fee SunX: 4 bp × 2 orders: −$8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$59.31
Costs to cover: 1.410%
Break-even: 13.3 days

Slippage from SunX: live order book, 5 min ago; Hyperliquid: live order book, 2 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 SunX live order book, 5 min ago	29.33 bp	47.8 bp −$48	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 2 min ago	1.38 bp	8.0 bp −$8	doesn't fit	doesn't fit	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	0.2172	+0.053%	$4K	—	150x	as long as short
dYdX XLM-USD	+0.0025%	1h	0.2173	+0.097%	$24K	$3K	10x	as long as short
Aster XLMUSDT	+0.0100%	8h	0.2174	+0.155%	$591K	$799K	75x	as long as short
Binance XLMUSDT	+0.0100%	8h	0.2172	+0.074%	$56.6M	$147.9M	75x	as long as short
Bybit XLMUSDT	+0.0100%	8h	0.2171	+0.041%	$44.1M	$42.4M	75x	as long as short
OKX XLM-USDT-SWAP	+0.0100%	8h	0.2171	+0.005%	$13.2M	$41.6M	50x	as long as short
Gate XLM_USDT	+0.0100%	8h	0.2172	+0.088%	$4.0M	$5.9M	75x	as long as short
MEXC XLM_USDT	+0.0100%	8h	0.2173	+0.115%	$25.9M	$25.5M	300x	as long as short
KuCoin XLMUSDTM	+0.0100%	8h	0.2173	+0.101%	$14.6M	$10.5M	75x	as long as short
Bitget XLMUSDT	+0.0100%	8h	0.2172	+0.065%	$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	0.2164	−0.285%	$246K	$1.1M	—	as long as short
edgeX XLMUSDC	+0.0100%	4h	0.2173	+0.120%	$12K	$299K	10x	as long as short
GRVT XLM_USDT_Perp	+0.0100%	8h	0.2178	+0.343%	$605K	$610K	10x	as long as short
ApeX Omni XLMUSDT	+0.0100%	1h	0.2171	+0.018%	$174K	$256K	50x	as long as short
Orderly PERP_XLM_USDC_mythos	+0.0100%	4h	0.2172	+0.069%	$3K	$2K	10x	as long as short
SunX XLM-USDTlong	+0.0100%	8h	0.2170	long leg	$2K	$1.7M	20x
SoDEX XLM-USD	+0.0100%	1h	0.2172	+0.046%	$2K	$6K	5x	as long as short
HTX XLM-USDT	+0.0100%	8h	0.2168	−0.124%	$200K	$272K	20x	as long as short
Phemex XLMUSDT	+0.0100%	8h	0.2168	−0.129%	$9.2M	$9.1M	50x	as long as short
Extended XLM-USD	+0.0104%	1h	0.2171	+0.043%	$194K	$1.6M	10x	as long as short
BloFin XLM-USDT	+0.0220%	8h	0.2168	−0.120%	$2.3M	$6.3M	75x	as long as short
Phoenix XLM	+0.0221%	1h	0.2176	+0.263%	$5K	$41K	5x	as long as short
Backpack XLM_USDC_PERP	+0.0244%	1h	0.2168	−0.101%	$94K	$246K	20x	as long as short
GMX XLM/USD [WBTC.b-USDC]	L +0.0342% / S −0.0194%	1h	0.2171	+0.034%	$49K	—	100x	as long as short
Hyperliquid XLMshort	+0.0412%	1h	0.2175	+0.189%	$12.3M	$6.0M	5x
Coinbase International XLM-PERP-INTX	+0.0432%	1h	0.2173	+0.101%	$231K	$1.5M	50x	as long as short
Injective XLM/USDC PERP	+0.0475%	1h	0.2156	−0.668%	$116	$185K	12x	as long as short
Kraken Futures PF_XLMUSD	+0.0503%	1h	0.2173	+0.096%	$2.6M	$2.6M	50x	as long as short
Deribit XLM_USDC-PERPETUAL	+0.0625%	1h	0.2173	+0.129%	$539K	$174K	25x	as long as short
Lighter XLM	+0.0704%	1h	0.2178	+0.350%	$428K	$804K	5x	as long as short