Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0143%/8h= +15.6% APRpaid last 24h +0.048%

Price spread now: Hyperliquid against Bybit+0.188%7-day average +0.113% · you sell dearer than you buy

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$510.506% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.181%+$18 on $10k

Price spread, last 7 days−0.142%−$14 · spread now +0.188%, 7d avg +0.113%

Together, before fees+0.039%+ Points / potential airdropHyperliquid: Season 2 · farm board+$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Hyperliquid is 0.074% dearer against Bybit than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.113%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit XPLUSDT	0.09648	−0.0043	get 0.0021% / 4h	1h 22m	$45.7M	$56.7M	75x
Short	Hyperliquid XPL	0.09666	0.0100	get 0.0013% / 1h	22m 25s	$60.6M	$48.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bybit. 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 BybitbpFee HyperliquidbpOrdersPrice spread, now +0.188%Rate

Funding earned: $29.96
Price spread: +0.188% → +0.113%: $7.45
Slippage, 4 orders: −$30.61
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$13.2
Costs to cover: 0.506%
Break-even: 10.1 days

Slippage from Bybit: live order book, 2 min ago; Hyperliquid: live order book, 11 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 Bybit live order book, 2 min ago	0.52 bp	12.6 bp −$13	39.9 bp −$399	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 11 min ago	1.40 bp	14.7 bp −$15	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	−0.0384%	1h	0.09654	+0.062%	$561	$708	5x	as long as short
Backpack XPL_USDC_PERP	−0.0338%	1h	0.09660	+0.124%	$182K	$231K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0260% / S +0.0583%	1h	0.09661	+0.135%	$106K	—	100x	as long as short
Bybit XPLUSDTlong	−0.0043%	4h	0.09648	long leg	$45.7M	$56.7M	75x
Orderly PERP_XPL_USDC	0.0000%	4h	0.09657	+0.093%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09659	+0.115%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.531%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09662	+0.145%	$46K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09658	+0.099%	$73K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0060%	4h	0.09649	+0.010%	$8.3M	$52.8M	50x	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	+0.0065%	8h	0.09667	+0.196%	$13K	$2K	5x	as long as short
Lighter XPL	+0.0096%	1h	0.09654	+0.062%	$4.4M	$4.2M	10x	as long as short
Gate XPL_USDT	+0.0096%	4h	0.09658	+0.104%	$3.0M	$3.8M	75x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09652	+0.039%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPLshort	+0.0100%	1h	0.09666	+0.188%	$60.6M	$48.2M	10x
Aster XPLUSDT	+0.0100%	4h	0.09669	+0.215%	$245K	$497K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09670	+0.228%	$221K	$48K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09654	+0.065%	$43.7M	$108.6M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09610	−0.394%	$140K	$5K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09666	+0.187%	$12.4M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09647	−0.010%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09659	+0.114%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09651	+0.031%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09583	−0.679%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09583	−0.672%	$259K	$922K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09630	−0.187%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09666	+0.188%	$128K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09640	−0.083%	$3K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09660	+0.124%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09649	+0.010%	$145K	$263K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09657	+0.093%	$636K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09664	+0.169%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09610	−0.394%	$195K	$629K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09657	+0.093%	$1.7M	$1.0M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0672%	1h	0.09670	+0.228%	$75K	$93K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3545%	1h	0.09696	+0.493%	$550K	$1.0M	10x	as long as short