Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.048%

Price spread now: OKX against Hyperliquid−0.141%7-day average −0.089% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$470.472% of the position

Long on Hyperliquid Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.132%−$13 on $10k

Price spread, last 7 days+0.099%+$10 · spread now −0.141%, 7d avg −0.089%

Together, before fees−0.033%+ Points / potential airdropHyperliquid: Season 2 · farm board−$3 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: OKX is 0.051% cheaper against Hyperliquid than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.089%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid XPL	0.09676	0.0100	pay 0.0013% / 1h	31m 20s	$61.0M	$46.9M	10x
Short	OKX XPL-USDT-SWAP	0.09662	0.0100	get 0.0050% / 4h	31m 20s	$8.3M	$49.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.141%Rate

Funding earned: $0
Price spread: −0.141% → −0.089%: −$5.11
Slippage, 4 orders: −$28.25
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: −$52.35
Costs to cover: 0.472%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 12 min ago; OKX: live order book, 2 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, 12 min ago	0.73 bp	8.2 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	0.52 bp	14.1 bp −$14	36.6 bp −$366	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
01 Exchange XPLUSD	−0.0400%	1h	0.09648	−0.285%	$561	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0304% / S +0.0610%	1h	0.09661	−0.153%	$107K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0269%	1h	0.09630	−0.471%	$46K	$18K	25x	as long as short
Bybit XPLUSDT	−0.0105%	4h	0.09661	−0.151%	$45.7M	$54.8M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09659	−0.175%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.754%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09664	−0.124%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0013%	4h	0.09663	−0.130%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERP	+0.0078%	8h	0.09662	−0.138%	$13K	$2K	5x	as long as short
Lighter XPL	+0.0096%	1h	0.09646	−0.306%	$4.4M	$3.3M	10x	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	0.09662	−0.143%	$1.2M	$2.7M	10x	as long as short
Hyperliquid XPLlong	+0.0100%	1h	0.09676	long leg	$61.0M	$46.9M	10x
Aster XPLUSDT	+0.0100%	4h	0.09660	−0.161%	$243K	$460K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09660	−0.161%	$220K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09664	−0.120%	$43.9M	$103.1M	75x	as long as short
OKX XPL-USDT-SWAPshort	+0.0100%	4h	0.09662	−0.141%	$8.3M	$49.7M	50x
Bulk XPL-USD	+0.0100%	1h	0.09550	−1.298%	$139K	$5K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09662	−0.141%	$3.0M	$3.6M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09657	−0.192%	$12.4M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09643	−0.337%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09667	−0.089%	$8.6M	$10.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09660	−0.161%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09640	−0.368%	$179K	$221K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09520	−1.610%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09551	−1.290%	$259K	$975K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09630	−0.471%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09669	−0.068%	$125K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09620	−0.575%	$3K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09640	−0.368%	$194	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09627	−0.502%	$141K	$208K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09652	−0.239%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09635	−0.420%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09585	−0.936%	$194K	$617K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09619	−0.585%	$1.7M	$983K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09571	−1.081%	$74K	$86K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3299%	1h	0.09668	−0.074%	$548K	$975K	10x	as long as short