Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.048%

Price spread now: HTX against Hyperliquid+0.036%7-day average −0.162% · you sell dearer than you buy

Net, funding: paid 7d − costs−$109as in the Funding arb table

Net, price: spread back to 7d avg − costs−$99as in the Price arb table

costs, in and out, $10k−$1191.187% of the position

Long on Hyperliquid Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.100%+$10 on $10k

Price spread, last 3 days (all we have)−1.226%−$123 · spread now +0.036%, 7d avg −0.162%

Together, before fees−1.126%+ Points / potential airdropHyperliquid: Season 2 · farm board−$113 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: HTX is 0.198% dearer against Hyperliquid than usual: you sell high and buy low, +$20 on $10k if it goes back to its 7-day average of −0.162%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid XPL	0.09738	0.0100	pay 0.0013% / 1h	53m 38s	$63.4M	$46.4M	10x
Short	HTX XPL-USDT	0.09742	0.0100	get 0.0050% / 4h	2h 53m	$138K	$245K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.036%Rate

Funding earned: $0
Price spread: +0.036% → −0.162%: $19.83
Slippage, 4 orders: −$97.68
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee HTX: 6 bp × 2 orders: −$12
Net: −$98.85
Costs to cover: 1.187%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 min ago; HTX: live order book, 33 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, 10 min ago	0.40 bp	11.1 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell HTX live order book, 33 min ago	10.11 bp	78.4 bp −$78	doesn't fit	doesn't fit	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
Lighter XPL	−0.0368%	1h	0.09718	−0.211%	$4.4M	$4.2M	10x	as long as short
Backpack XPL_USDC_PERP	−0.0256%	1h	0.09741	+0.026%	$182K	$282K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0066% / S +0.0476%	1h	0.09743	+0.042%	$111K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09735	−0.031%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.258%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09744	+0.056%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09741	+0.027%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0079%	4h	0.09739	+0.005%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0096%	8h	0.09724	−0.150%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09726	−0.126%	$1.4M	$2.6M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid XPLlong	+0.0100%	1h	0.09738	long leg	$63.4M	$46.4M	10x
Aster XPLUSDT	+0.0100%	4h	0.09730	−0.087%	$252K	$515K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09731	−0.081%	$220K	$19K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09719	−0.197%	$44.3M	$103.4M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09711	−0.282%	$46.9M	$52.2M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09716	−0.231%	$9.0M	$52.6M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09901	+1.669%	$143K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09725	−0.139%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09726	−0.128%	$12.9M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09738	−0.005%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09730	−0.087%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09721	−0.180%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09837	+1.016%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09760	+0.219%	$265K	$782K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09840	+1.042%	$25K	$82K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09728	−0.109%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09720	−0.190%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09740	+0.015%	$205	$10K	10x	as long as short
HTX XPL-USDTshort	+0.0100%	4h	0.09742	+0.036%	$138K	$245K	20x
Extended XPL-USD	+0.0104%	1h	0.09724	−0.154%	$654K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09746	+0.076%	$38K	$5K	3x	as long as short
01 Exchange XPLUSD	+0.0288%	1h	0.09787	+0.498%	$569	$582	5x	as long as short
Phoenix XPL	+0.0318%	1h	0.09887	+1.525%	$202K	$646K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09798	+0.611%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09965	+2.326%	$75K	$106K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3472%	1h	0.09848	+1.122%	$397K	$805K	10x	as long as short