Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.048%

Price spread now: Hyperliquid against BingX+0.109%7-day average +0.100% · you sell dearer than you buy

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$490.487% of the position

Long on BingX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.080%+$8 on $10k

Price spread, last 7 days−0.072%−$7 · spread now +0.109%, 7d avg +0.100%

Together, before fees+0.009%+ Points / potential airdropHyperliquid: Season 2 · farm board+$1 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX XPL-USDT	0.09554	0.0100	pay 0.0050% / 4h	57m 08s	—	$7.9M	—
Short	Hyperliquid XPL	0.09564	0.0100	get 0.0013% / 1h	57m 08s	$60.0M	$48.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BingX. 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 BingXbpFee HyperliquidbpOrdersPrice spread, now +0.109%Rate

Funding earned: $0
Price spread: +0.109% → +0.100%: $0.86
Slippage, 4 orders: −$29.66
Fee BingX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$47.81
Costs to cover: 0.487%
Break-even: never at this rate

Slippage from BingX: live order book, 11 min ago; Hyperliquid: 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 BingX live order book, 11 min ago	5.22 bp	15.4 bp −$15	27.2 bp −$272	83.4 bp −$8,340	doesn't fit
Sell Hyperliquid live order book, 6 min ago	0.94 bp	9.6 bp −$10	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
01 Exchange XPLUSD	−0.0424%	1h	0.09530	−0.251%	$554	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0286% / S +0.0598%	1h	0.09559	+0.051%	$105K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0273%	1h	0.09558	+0.042%	$46K	$18K	25x	as long as short
Bybit XPLUSDT	−0.0158%	4h	0.09562	+0.084%	$45.3M	$56.0M	75x	as long as short
Lighter XPL	−0.0120%	1h	0.09553	−0.010%	$4.3M	$3.3M	10x	as long as short
Backpack XPL_USDC_PERP	−0.0111%	1h	0.09561	+0.073%	$177K	$224K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09547	−0.068%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.760%	—	—	—	as long as short
Orderly PERP_XPL_USDC	+0.0002%	4h	0.09554	0.000%	$29K	$335K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09560	+0.064%	$72K	—	150x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0066%	8h	0.09536	−0.183%	$12K	$2K	5x	as long as short
OKX XPL-USDT-SWAP	+0.0073%	4h	0.09569	+0.157%	$8.2M	$50.6M	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09545	−0.094%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPLshort	+0.0100%	1h	0.09564	+0.109%	$60.0M	$48.2M	10x
Aster XPLUSDT	+0.0100%	4h	0.09557	+0.032%	$242K	$489K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09540	−0.147%	$218K	$48K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09564	+0.105%	$43.3M	$106.6M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09551	−0.031%	$3.0M	$3.5M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09566	+0.126%	$12.4M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09562	+0.084%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09573	+0.199%	$8.5M	$10.6M	75x	as long as short
BingX XPL-USDTlong	+0.0100%	4h	0.09554	long leg	—	$7.9M	—
Variational Omni XPL	+0.0100%	4h	0.09563	+0.089%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09580	+0.272%	$262K	$941K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09590	+0.377%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09559	+0.055%	$127K	$2.2M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09530	−0.251%	$3K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09560	+0.063%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09553	−0.010%	$143K	$243K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09575	+0.220%	$139K	$5K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09557	+0.027%	$647K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09557	+0.029%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09589	+0.366%	$194K	$616K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09546	−0.084%	$1.7M	$1.0M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09606	+0.544%	$74K	$86K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3323%	1h	0.09599	+0.469%	$544K	$1.0M	10x	as long as short