Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.069%

Price spread now: Hyperliquid against GRVT+0.196%7-day average +0.148% · you sell dearer than you buy

Net, funding: paid 7d − costs−$124as in the Funding arb table

Net, price: spread back to 7d avg − costs−$129as in the Price arb table

costs, in and out, $10k−$1341.339% of the position

Long on GRVT Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.095%+$9 on $10k

Price spread, last 4 days (all we have)−1.123%−$112 · spread now +0.196%, 7d avg +0.148%

Together, before fees−1.028%+ Points / potential airdropGRVT: Active · Hyperliquid: Season 2 · farm board−$103 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 0.049% dearer against GRVT than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of +0.148%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT XPL_USDT_Perp	0.09664	0.0100	pay 0.0050% / 4h	2h 11m	$257K	$891K	10x
Short	Hyperliquid XPL	0.09683	0.0100	get 0.0013% / 1h	11m 22s	$61.7M	$47.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against GRVT. 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 GRVTbpFee HyperliquidbpOrdersPrice spread, now +0.196%Rate

Funding earned: $0
Price spread: +0.196% → +0.148%: $4.89
Slippage, 4 orders: −$115.86
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$128.97
Costs to cover: 1.339%
Break-even: never at this rate

Slippage from GRVT: live order book, 57 min ago; Hyperliquid: live order book, 12 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 GRVT live order book, 57 min ago	5.05 bp	58.4 bp −$58	120.6 bp −$1,206	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 12 min ago	0.88 bp	9.4 bp −$9	doesn't fit	doesn't fit	doesn't fit

XPL on 35 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
Deribit XPL_USDC-PERPETUAL	−0.0369%	1h	0.09681	+0.177%	$46K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0272%	1h	0.09664	+0.001%	$562	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0204% / S +0.0566%	1h	0.09680	+0.166%	$111K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0195%	1h	0.09682	+0.187%	$179K	$243K	10x	as long as short
Orderly PERP_XPL_USDC	0.0000%	4h	0.09677	+0.135%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09679	+0.152%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.661%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09679	+0.153%	$60K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0050%	4h	0.09676	+0.125%	$8.4M	$54.1M	50x	as long as short
Paradex XPL-USD-PERP	+0.0053%	8h	0.09670	+0.058%	$13K	$2K	5x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPL	+0.0056%	1h	0.09664	+0.001%	$4.4M	$4.2M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09673	+0.091%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPLshort	+0.0100%	1h	0.09683	+0.196%	$61.7M	$47.8M	10x
Aster XPLUSDT	+0.0100%	4h	0.09678	+0.143%	$246K	$511K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09678	+0.149%	$220K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09676	+0.125%	$43.9M	$108.5M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09676	+0.125%	$46.6M	$56.7M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09660	−0.040%	$141K	$7K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09670	+0.063%	$3.0M	$3.9M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09673	+0.094%	$12.7M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09666	+0.022%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09677	+0.135%	$8.6M	$11.2M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09675	+0.115%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09668	+0.039%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perplong	+0.0100%	4h	0.09664	long leg	$257K	$891K	10x
ApeX Omni XPLUSDT	+0.0100%	1h	0.09680	+0.166%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09682	+0.188%	$132K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09670	+0.063%	$2K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09680	+0.166%	$194	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09673	+0.094%	$143K	$248K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09666	+0.022%	$655K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09675	+0.115%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09687	+0.239%	$196K	$657K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09766	+1.056%	$78K	$95K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4401%	1h	0.09718	+0.558%	$551K	$1.0M	10x	as long as short