Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.048%

Price spread now: Hyperliquid against Gate+0.048%7-day average +0.075% · you sell dearer than you buy

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$600.604% of the position

Long on Gate Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.282%+$28 on $10k

Price spread, last 7 days−0.014%−$1 · spread now +0.048%, 7d avg +0.075%

Together, before fees+0.268%+ Points / potential airdropHyperliquid: Season 2 · farm board+$27 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 0.027% cheaper against Gate than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.075%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate XPL_USDT	0.09832	0.0100	pay 0.0050% / 4h	2h 42m	$3.0M	$4.0M	75x
Short	Hyperliquid XPL	0.09837	0.0100	get 0.0013% / 1h	42m 09s	$63.2M	$47.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Gate. 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 GatebpFee HyperliquidbpOrdersPrice spread, now +0.048%Rate

Funding earned: $0
Price spread: +0.048% → +0.075%: −$2.72
Slippage, 4 orders: −$36.43
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$63.15
Costs to cover: 0.604%
Break-even: never at this rate

Slippage from Gate: live order book, 1 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 Gate live order book, 1 min ago	5.11 bp	20.9 bp −$21	140.7 bp −$1,407	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 11 min ago	0.05 bp	7.6 bp −$8	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
Lighter XPL	−0.0184%	1h	0.09816	−0.163%	$4.4M	$4.3M	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0157%	1h	0.09832	0.000%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0071% / S +0.0480%	1h	0.09830	−0.020%	$113K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0012%	1h	0.09834	+0.020%	$182K	$282K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09815	−0.175%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−23.002%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09830	−0.018%	$72K	—	150x	as long as short
01 Exchange XPLUSD	+0.0048%	1h	0.09831	−0.010%	$572	$582	5x	as long as short
Orderly PERP_XPL_USDC	+0.0081%	4h	0.09833	+0.010%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0095%	8h	0.09827	−0.052%	$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	0.09829	−0.033%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPLshort	+0.0100%	1h	0.09837	+0.048%	$63.2M	$47.1M	10x
Aster XPLUSDT	+0.0100%	4h	0.09833	+0.012%	$254K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09819	−0.132%	$222K	$19K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09810	−0.223%	$44.3M	$104.1M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09828	−0.041%	$48.0M	$53.1M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09823	−0.092%	$9.1M	$53.4M	50x	as long as short
Gate XPL_USDTlong	+0.0100%	4h	0.09832	long leg	$3.0M	$4.0M	75x
MEXC XPL_USDT	+0.0100%	4h	0.09829	−0.031%	$12.9M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09831	−0.010%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09828	−0.041%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09821	−0.112%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09793	−0.396%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09770	−0.629%	$256K	$777K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09790	−0.427%	$25K	$86K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09842	+0.100%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09820	−0.122%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09830	−0.020%	$206	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09791	−0.417%	$139K	$245K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09730	−1.037%	$140K	$11K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09826	−0.064%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09832	+0.004%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09796	−0.366%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09810	−0.224%	$200K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09844	+0.122%	$74K	$105K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3462%	1h	0.09877	+0.461%	$519K	$939K	10x	as long as short