Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.048%

Price spread now: Binance against Hyperliquid−0.145%7-day average −0.098% · you buy dearer than you sell

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$390.389% of the position

Long on Hyperliquid Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.103%−$10 on $10k

Price spread, last 7 days+0.098%+$10 · spread now −0.145%, 7d avg −0.098%

Together, before fees−0.006%+ Points / potential airdropHyperliquid: Season 2 · farm board−$1 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: Binance is 0.047% cheaper against Hyperliquid than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.098%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid XPL	0.09656	0.0100	pay 0.0013% / 1h	18m 37s	$60.6M	$48.2M	10x
Short	Binance XPLUSDT	0.09642	0.0100	get 0.0050% / 4h	1h 18m	$43.7M	$108.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Hyperliquid. 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 HyperliquidbpFee BinancebpOrdersPrice spread, now −0.145%Rate

Funding earned: $0
Price spread: −0.145% → −0.098%: −$4.66
Slippage, 4 orders: −$19.94
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Binance: 5 bp × 2 orders: −$10
Net: −$43.6
Costs to cover: 0.389%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; Binance: live order book, 9 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 Hyperliquid live order book, 5 min ago	1.03 bp	9.8 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 9 min ago	0.52 bp	11.5 bp −$12	26.3 bp −$263	101.1 bp −$10.1K	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	−0.0376%	1h	0.09635	−0.217%	$560	$708	5x	as long as short
Backpack XPL_USDC_PERP	−0.0290%	1h	0.09645	−0.114%	$182K	$230K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0262% / S +0.0584%	1h	0.09650	−0.057%	$106K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0165%	1h	0.09643	−0.135%	$46K	$18K	25x	as long as short
Bybit XPLUSDT	−0.0064%	4h	0.09637	−0.197%	$45.7M	$56.7M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09648	−0.082%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−21.598%	—	—	—	as long as short
Orderly PERP_XPL_USDC	+0.0001%	4h	0.09640	−0.166%	$29K	$335K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09648	−0.080%	$73K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0062%	4h	0.09643	−0.135%	$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	+0.0064%	8h	0.09643	−0.132%	$13K	$2K	5x	as long as short
Lighter XPL	+0.0096%	1h	0.09637	−0.197%	$4.4M	$4.2M	10x	as long as short
Hyperliquid XPLlong	+0.0100%	1h	0.09656	long leg	$60.6M	$48.2M	10x
Aster XPLUSDT	+0.0100%	4h	0.09650	−0.064%	$245K	$497K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09648	−0.079%	$220K	$48K	10x	as long as short
Binance XPLUSDTshort	+0.0100%	4h	0.09642	−0.145%	$43.7M	$108.5M	75x
Bulk XPL-USD	+0.0100%	1h	0.09610	−0.476%	$140K	$5K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09642	−0.145%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09642	−0.145%	$12.5M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09642	−0.145%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09646	−0.104%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09641	−0.155%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09649	−0.075%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09658	+0.024%	$261K	$922K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09660	+0.041%	$25K	$83K	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09645	−0.109%	$1.2M	$2.8M	10x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09655	−0.006%	$128K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09620	−0.373%	$3K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09640	−0.166%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09643	−0.135%	$145K	$263K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09640	−0.166%	$636K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09642	−0.145%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09672	+0.166%	$196K	$629K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09639	−0.176%	$1.7M	$1.0M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0672%	1h	0.09670	+0.145%	$75K	$93K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3549%	1h	0.09685	+0.303%	$549K	$1.0M	10x	as long as short