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% APRnext payment −$0.00 per $10,000 · paid last 24h +0.048%

Price spread now: Hyperliquid against Bulk+0.057%7-day average +0.092% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$370.372% of the position

Long on Bulk Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.090%+$9 on $10k

Price spread, last 4 days (all we have)−0.684%−$68 · spread now +0.057%, 7d avg +0.092%

Together, before fees−0.594%+ Points / potential airdropHyperliquid: Season 2 · farm board−$59 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.034% cheaper against Bulk than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.092%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk XPL-USD	0.09575	0.0100	pay 0.0013% / 1h	57m 00s	$139K	$5K	10x
Short	Hyperliquid XPL	0.09581	0.0100	get 0.0013% / 1h	57m 00s	$60.1M	$48.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bulk. 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 BulkbpFee HyperliquidbpOrdersPrice spread, now +0.057%Rate

Funding earned: $0
Price spread: +0.057% → +0.092%: −$3.42
Slippage, 4 orders: −$21.19
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$40.6
Costs to cover: 0.372%
Break-even: never at this rate

Slippage from Bulk: live order book, 2 min ago; Hyperliquid: 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 Bulk live order book, 2 min ago	5.22 bp	8.7 bp −$9	15.9 bp −$159	36.4 bp −$3,641	131.8 bp −$65.9K
Sell Hyperliquid live order book, 7 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	−0.470%	$554	$708	5x	as long as short
Backpack XPL_USDC_PERP	−0.0348%	1h	0.09571	−0.042%	$177K	$223K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0286% / S +0.0598%	1h	0.09559	−0.168%	$105K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0273%	1h	0.09558	−0.178%	$46K	$18K	25x	as long as short
Bybit XPLUSDT	−0.0158%	4h	0.09563	−0.125%	$45.3M	$56.0M	75x	as long as short
Lighter XPL	−0.0120%	1h	0.09553	−0.230%	$4.3M	$3.3M	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09547	−0.287%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.934%	—	—	—	as long as short
Orderly PERP_XPL_USDC	+0.0002%	4h	0.09554	−0.219%	$29K	$335K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09560	−0.156%	$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	−0.402%	$12K	$2K	5x	as long as short
OKX XPL-USDT-SWAP	+0.0073%	4h	0.09572	−0.031%	$8.2M	$50.6M	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09545	−0.313%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPLshort	+0.0100%	1h	0.09581	+0.057%	$60.1M	$48.2M	10x
Aster XPLUSDT	+0.0100%	4h	0.09564	−0.117%	$243K	$489K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09540	−0.366%	$218K	$48K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09567	−0.083%	$43.3M	$106.6M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09562	−0.136%	$3.0M	$3.5M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09566	−0.094%	$12.4M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09562	−0.136%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09577	+0.021%	$8.5M	$10.6M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09568	−0.073%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09563	−0.130%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09580	+0.052%	$262K	$941K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09590	+0.157%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09559	−0.164%	$127K	$2.2M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09530	−0.470%	$3K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09560	−0.157%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09553	−0.230%	$143K	$243K	20x	as long as short
Bulk XPL-USDlong	+0.0100%	1h	0.09575	long leg	$139K	$5K	10x
Extended XPL-USD	+0.0104%	1h	0.09557	−0.193%	$647K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09557	−0.190%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09589	+0.146%	$194K	$616K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09546	−0.303%	$1.7M	$1.0M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09606	+0.324%	$74K	$86K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3323%	1h	0.09599	+0.248%	$544K	$1.0M	10x	as long as short