Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0080%/8h= +8.7% APRpaid last 24h +0.048%

Price spread now: Hyperliquid against Binance+0.154%7-day average +0.095% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Binance Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.103%+$10 on $10k

Price spread, last 7 days−0.116%−$12 · spread now +0.154%, 7d avg +0.095%

Together, before fees−0.013%+ Points / potential airdropHyperliquid: Season 2 · farm board−$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Hyperliquid is 0.059% dearer against Binance than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.095%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance XPLUSDT	0.09733	0.0100	pay 0.0050% / 4h	1h 57m	$43.7M	$105.7M	75x
Short	Hyperliquid XPL	0.09748	0.0180	get 0.0022% / 1h	57m 24s	$62.7M	$47.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Binance. 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 BinancebpFee HyperliquidbpOrdersPrice spread, now +0.154%Rate

Funding earned: $16.78
Price spread: +0.154% → +0.095%: $5.87
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $3.65
Costs to cover: 0.190%
Break-even: 5.5 days

Slippage unknown: Binance: live order book, just now; Hyperliquid: live order book, 6 min ago. Net counts fees only.

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 Binance live order book, just now	0.51 bp	11.8 bp −$12	25.0 bp −$250	128.9 bp −$12.9K	doesn't fit
Sell Hyperliquid live order book, 6 min ago	0.05 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

XPL on 36 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 XPL_USDC_PERP	−0.0268%	1h	0.09716	−0.170%	$177K	$283K	10x	as long as short
Lighter XPL	−0.0208%	1h	0.09722	−0.108%	$4.4M	$4.1M	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0162%	1h	0.09709	−0.241%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0093% / S +0.0494%	1h	0.09757	+0.255%	$112K	—	100x	as long as short
01 Exchange XPLUSD	−0.0088%	1h	0.09733	+0.005%	$566	$708	5x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09733	0.000%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.213%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09757	+0.252%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0080%	4h	0.09705	−0.283%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0090%	8h	0.09726	−0.062%	$13K	$2K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XPL-PERP	+0.0100%	1h	0.09730	−0.026%	$1.4M	$2.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09730	−0.026%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09735	+0.021%	$221K	$46K	10x	as long as short
Binance XPLUSDTlong	+0.0100%	4h	0.09733	long leg	$43.7M	$105.7M	75x
Bybit XPLUSDT	+0.0100%	4h	0.09730	−0.026%	$47.4M	$53.7M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09732	−0.005%	$9.0M	$53.3M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09700	−0.332%	$140K	$10K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09726	−0.067%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09736	+0.036%	$12.6M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09734	+0.015%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09739	+0.067%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09729	−0.036%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09700	−0.332%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09709	−0.237%	$263K	$775K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09710	−0.231%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09748	+0.154%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09700	−0.334%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09710	−0.231%	$206	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09698	−0.354%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09730	−0.030%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09707	−0.259%	$38K	$5K	3x	as long as short
Hyperliquid XPLshort	+0.0180%	1h	0.09748	+0.154%	$62.7M	$47.4M	10x
BloFin XPL-USDT	+0.0340%	4h	0.09727	−0.057%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09726	−0.067%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09731	−0.015%	$73K	$102K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4594%	1h	0.09772	+0.403%	$515K	$947K	10x	as long as short