Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.048%

Price spread now: BingX against Hyperliquid−0.254%7-day average −0.098% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.080%−$8 on $10k

Price spread, last 7 days+0.199%+$20 · spread now −0.254%, 7d avg −0.098%

Together, before fees+0.120%+ Points / potential airdropHyperliquid: Season 2 · farm board+$12 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: BingX is 0.156% cheaper against Hyperliquid than usual: you would sell low and buy high, −$16 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	0.09763	0.0100	pay 0.0013% / 1h	41m 21s	$62.9M	$47.5M	10x
Short	BingX XPL-USDT	0.09738	0.0100	get 0.0050% / 4h	1h 41m	—	$7.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.254%Rate

Funding earned: $0
Price spread: −0.254% → −0.098%: −$15.64
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$34.64
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 12 min ago; BingX: live order book, 12 min ago. Net counts fees only.

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, 12 min ago	3.13 bp	13.6 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 12 min ago	5.15 bp	14.8 bp −$15	28.9 bp −$289	86.5 bp −$8,646	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
Backpack XPL_USDC_PERP	−0.0329%	1h	0.09751	−0.121%	$178K	$281K	10x	as long as short
01 Exchange XPLUSD	−0.0208%	1h	0.09749	−0.141%	$567	$708	5x	as long as short
Lighter XPL	−0.0152%	1h	0.09743	−0.203%	$4.4M	$4.1M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0100% / S +0.0499%	1h	0.09743	−0.204%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09759	−0.040%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.452%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09747	−0.162%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09747	−0.159%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0078%	4h	0.09735	−0.285%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0090%	8h	0.09757	−0.064%	$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	0.09750	−0.131%	$1.4M	$2.7M	10x	as long as short
Hyperliquid XPLlong	+0.0100%	1h	0.09763	long leg	$62.9M	$47.5M	10x
Aster XPLUSDT	+0.0100%	4h	0.09752	−0.115%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09756	−0.067%	$222K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09740	−0.237%	$43.7M	$106.2M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09737	−0.264%	$47.4M	$54.0M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09732	−0.315%	$8.9M	$53.4M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09750	−0.133%	$140K	$8K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09747	−0.162%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09748	−0.152%	$12.6M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09743	−0.203%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09752	−0.111%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDTshort	+0.0100%	4h	0.09738	−0.254%	—	$7.9M	—
Variational Omni XPL	+0.0100%	4h	0.09719	−0.453%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09736	−0.274%	$261K	$789K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09740	−0.234%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09757	−0.061%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09730	−0.336%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09740	−0.234%	$448	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09730	−0.336%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09748	−0.150%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09735	−0.283%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09740	−0.234%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09744	−0.193%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09734	−0.295%	$72K	$104K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4585%	1h	0.09791	+0.285%	$515K	$950K	10x	as long as short