Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0103%/8h= −11.3% APRpaid last 24h −0.064%

Price spread now: Orderly against Hyperliquid−0.090%7-day average −0.173% · you buy dearer than you sell

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

Long on Hyperliquid Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.296%−$30 on $10k

Price spread, last 4 days (all we have)−0.690%−$69 · spread now −0.090%, 7d avg −0.173%

Together, before fees−0.985%+ Points / potential airdropHyperliquid: Season 2 · farm board−$99 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Orderly is 0.083% dearer against Hyperliquid than usual: you sell high and buy low (spread −0.090% now, against its 7-day average of −0.173%): +$8 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid XPL	0.09558	0.0100	pay 0.0013% / 1h	46m 01s	$60.2M	$48.1M	10x
Short	Orderly PERP_XPL_USDC	0.09549	−0.0003	pay 0.0001% / 4h	1h 46m	$29K	$335K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.090%Rate

Funding earned: −$21.59
Price spread: −0.090% → −0.173%: $8.34
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$28.25
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 8 min ago; Orderly: no order-book sample. 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, 8 min ago	0.05 bp	5.7 bp −$6	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Backpack XPL_USDC_PERP	−0.0732%	1h	0.09551	−0.069%	$179K	$243K	10x	as long as short
01 Exchange XPLUSD	−0.0440%	1h	0.09518	−0.414%	$553	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0273%	1h	0.09553	−0.048%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0244% / S +0.0574%	1h	0.09542	−0.162%	$105K	—	100x	as long as short
Orderly PERP_XPL_USDCshort	−0.0003%	4h	0.09549	−0.090%	$29K	$335K	10x
dYdX XPL-USD	0.0000%	1h	0.09528	−0.312%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.790%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09544	−0.143%	$72K	—	150x	as long as short
Lighter XPL	+0.0008%	1h	0.09542	−0.163%	$4.3M	$4.2M	10x	as long as short
OKX XPL-USDT-SWAP	+0.0035%	4h	0.09536	−0.226%	$8.2M	$52.8M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0048%	8h	0.09528	−0.306%	$12K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09528	−0.308%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPLlong	+0.0100%	1h	0.09558	long leg	$60.2M	$48.1M	10x
Aster XPLUSDT	+0.0100%	4h	0.09548	−0.105%	$243K	$500K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09540	−0.186%	$218K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09546	−0.120%	$43.3M	$108.5M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09530	−0.289%	$45.2M	$56.8M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09640	+0.862%	$140K	$7K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09551	−0.069%	$2.9M	$3.7M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09550	−0.080%	$12.3M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09540	−0.184%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09544	−0.142%	$8.5M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09548	−0.100%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09526	−0.332%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09592	+0.359%	$260K	$901K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09550	−0.080%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09541	−0.179%	$127K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09520	−0.393%	$2K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09550	−0.080%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09558	+0.004%	$144K	$264K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09547	−0.113%	$629K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09546	−0.119%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09573	+0.161%	$194K	$629K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09558	+0.004%	—	$1.0M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0672%	1h	0.09455	−1.073%	$73K	$91K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3586%	1h	0.09585	+0.285%	$544K	$1.0M	10x	as long as short