Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0240%/8h= +26.3% APRpaid last 24h +0.024%

Price spread now: BloFin against Hyperliquid−0.052%7-day average −0.158% · you buy dearer than you sell

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

Long on Hyperliquid Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.358%+$36 on $10k

Price spread, last 3 days (all we have)−0.338%−$34 · spread now −0.052%, 7d avg −0.158%

Together, before fees+0.020%+ Points / potential airdropHyperliquid: Season 2 · farm board+$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and BloFin is 0.105% dearer against Hyperliquid than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of −0.158%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid XPL	0.09728	0.0100	pay 0.0013% / 1h	12m 50s	$62.5M	$47.3M	10x
Short	BloFin XPL-USDT	0.09723	0.0340	get 0.0170% / 4h	2h 12m	$1.8M	$1.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.052%Rate

Funding earned: $50.4
Price spread: −0.052% → −0.158%: $10.52
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: $39.92
Costs to cover: 0.210%
Break-even: 1.5 days

Slippage unknown: Hyperliquid: live order book, 11 min ago; BloFin: live order book, 5 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, 11 min ago	0.97 bp	11.8 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 5 min ago	4.62 bp	13.5 bp −$13	24.4 bp −$244	77.7 bp −$7,770	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
Deribit XPL_USDC-PERPETUAL	−0.0367%	1h	0.09712	−0.165%	$47K	$18K	25x	as long as short
Lighter XPL	−0.0088%	1h	0.09707	−0.217%	$4.4M	$4.3M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0085% / S +0.0489%	1h	0.09717	−0.119%	$112K	—	100x	as long as short
01 Exchange XPLUSD	−0.0048%	1h	0.09723	−0.052%	$565	$582	5x	as long as short
Backpack XPL_USDC_PERP	−0.0046%	1h	0.09713	−0.155%	$177K	$283K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09721	−0.078%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.179%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09718	−0.109%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0083%	4h	0.09710	−0.186%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0092%	8h	0.09725	−0.031%	$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	0.09721	−0.073%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPLlong	+0.0100%	1h	0.09728	long leg	$62.5M	$47.3M	10x
Aster XPLUSDT	+0.0100%	4h	0.09726	−0.024%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09721	−0.076%	$220K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09713	−0.154%	$43.8M	$105.3M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09710	−0.186%	$47.3M	$53.6M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09713	−0.155%	$9.0M	$53.2M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09815	+0.893%	$141K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09720	−0.083%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09719	−0.094%	$12.7M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09721	−0.073%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09723	−0.052%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09721	−0.073%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09749	+0.215%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09751	+0.231%	$264K	$775K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09750	+0.225%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09732	+0.040%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09710	−0.186%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09710	−0.186%	$202	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09691	−0.381%	$137K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09723	−0.056%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09713	−0.159%	$38K	$5K	3x	as long as short
BloFin XPL-USDTshort	+0.0340%	4h	0.09723	−0.052%	$1.8M	$1.2M	75x
Phoenix XPL	+0.0485%	1h	0.09771	+0.441%	$198K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09783	+0.564%	$74K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3503%	1h	0.09761	+0.342%	$514K	$944K	10x	as long as short