Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.048%

Price spread now: Bulk against Hyperliquid−0.034%7-day average −0.105% · you buy dearer than you sell

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

Long on Hyperliquid Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.090%−$9 on $10k

Price spread, last 4 days (all we have)+0.007%+$1 · spread now −0.034%, 7d avg −0.105%

Together, before fees−0.082%+ Points / potential airdropHyperliquid: Season 2 · farm board−$8 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: Bulk is 0.071% dearer against Hyperliquid than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.105%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid XPL	0.09818	0.0100	pay 0.0013% / 1h	19m 25s	$63.1M	$47.1M	10x
Short	Bulk XPL-USD	0.09815	0.0100	get 0.0013% / 1h	19m 25s	$141K	$11K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now −0.034%Rate

Funding earned: $0
Price spread: −0.034% → −0.105%: $7.14
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$8.86
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 4 min ago; Bulk: live order book, 4 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, 4 min ago	0.97 bp	11.8 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Bulk live order book, 4 min ago	5.11 bp	8.6 bp −$9	15.8 bp −$158	37.8 bp −$3,781	134.9 bp −$67.4K

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	−0.0158%	1h	0.09805	−0.135%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0082% / S +0.0487%	1h	0.09809	−0.092%	$113K	—	100x	as long as short
Lighter XPL	−0.0056%	1h	0.09797	−0.217%	$4.4M	$4.3M	10x	as long as short
01 Exchange XPLUSD	−0.0032%	1h	0.09801	−0.176%	$570	$582	5x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09804	−0.148%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.894%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09809	−0.096%	$72K	—	150x	as long as short
Backpack XPL_USDC_PERP	+0.0011%	1h	0.09808	−0.105%	$179K	$283K	10x	as long as short
Orderly PERP_XPL_USDC	+0.0083%	4h	0.09804	−0.146%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0094%	8h	0.09801	−0.173%	$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	0.09803	−0.151%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPLlong	+0.0100%	1h	0.09818	long leg	$63.1M	$47.1M	10x
Aster XPLUSDT	+0.0100%	4h	0.09814	−0.046%	$254K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09811	−0.077%	$222K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09803	−0.155%	$44.2M	$104.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09802	−0.166%	$47.8M	$53.5M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09806	−0.125%	$9.1M	$53.5M	50x	as long as short
Bulk XPL-USDshort	+0.0100%	1h	0.09815	−0.034%	$141K	$11K	10x
Gate XPL_USDT	+0.0100%	4h	0.09803	−0.156%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09806	−0.125%	$12.8M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09800	−0.186%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09809	−0.095%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09804	−0.146%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09808	−0.100%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09790	−0.288%	$265K	$786K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09810	−0.085%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09814	−0.039%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09780	−0.390%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09800	−0.186%	$204	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09817	−0.013%	$139K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09808	−0.109%	$664K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09810	−0.088%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09813	−0.054%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09836	+0.180%	$199K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09832	+0.140%	$74K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3466%	1h	0.09867	+0.497%	$520K	$942K	10x	as long as short