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 −0.047%

Price spread now: Nado against Hyperliquid0.000%7-day average −0.132% · you sell dearer than you buy

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

Long on Hyperliquid Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.084%−$8 on $10k

Price spread, last 3 days (all we have)+0.137%+$14 · spread now 0.000%, 7d avg −0.132%

Together, before fees+0.053%+ Points / potential airdropHyperliquid: Season 2 · Nado: Active · farm board+$5 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: Nado is 0.132% dearer against Hyperliquid than usual: you sell high and buy low, +$13 on $10k if it goes back to its 7-day average of −0.132%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid XPL	0.09721	0.0100	pay 0.0013% / 1h	13m 05s	$62.4M	$47.2M	10x
Short	Nado XPL-PERP	0.09721	0.0100	get 0.0012% / 1h	13m 05s	$1.4M	$2.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now 0.000%Rate

Funding earned: $0
Price spread: 0.000% → −0.132%: $13.23
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$2.77
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 10 min ago; Nado: live order book, 1 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, 10 min ago	0.97 bp	11.8 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Nado live order book, 1 min ago	2.06 bp	5.6 bp −$6	12.7 bp −$127	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
Deribit XPL_USDC-PERPETUAL	−0.0367%	1h	0.09712	−0.093%	$47K	$18K	25x	as long as short
Lighter XPL	−0.0088%	1h	0.09700	−0.216%	$4.4M	$4.3M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0085% / S +0.0489%	1h	0.09717	−0.046%	$112K	—	100x	as long as short
01 Exchange XPLUSD	−0.0048%	1h	0.09723	+0.021%	$565	$582	5x	as long as short
Backpack XPL_USDC_PERP	−0.0046%	1h	0.09713	−0.082%	$177K	$283K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09739	+0.188%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.122%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09718	−0.036%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0083%	4h	0.09710	−0.113%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0092%	8h	0.09725	+0.042%	$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-PERPshort	+0.0100%	1h	0.09721	0.000%	$1.4M	$2.6M	10x
Hyperliquid XPLlong	+0.0100%	1h	0.09721	long leg	$62.4M	$47.2M	10x
Aster XPLUSDT	+0.0100%	4h	0.09716	−0.052%	$251K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09732	+0.116%	$220K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09723	+0.021%	$43.9M	$105.3M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09720	−0.010%	$47.4M	$53.6M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09709	−0.123%	$9.0M	$53.2M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09815	+0.967%	$141K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09711	−0.103%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09714	−0.072%	$12.7M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09706	−0.154%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09727	+0.062%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09724	+0.031%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09749	+0.289%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09751	+0.304%	$264K	$775K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09750	+0.298%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09732	+0.113%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09710	−0.113%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09710	−0.113%	$202	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09691	−0.309%	$137K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09705	−0.166%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09713	−0.086%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09723	+0.021%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09771	+0.514%	$198K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09783	+0.638%	$74K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3503%	1h	0.09761	+0.415%	$514K	$944K	10x	as long as short