Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0061%/8h= −6.7% APRpaid last 24h −0.045%

Price spread now: Paradex against Hyperliquid−0.290%7-day average — · you buy dearer than you sell

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

Long on Hyperliquid Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · Paradex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Paradex is 0.290% cheaper against Hyperliquid than usual: you would sell low and buy high (−$29 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid XPL	0.09851	0.0160	pay 0.0020% / 1h	57m 04s	$65.1M	$45.2M	10x
Short	Paradex XPL-USD-PERP	0.09823	0.0099	get 0.0099% / 8h	2h 57m	$13K	$2K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.290%Rate

Funding earned: −$12.78
Price spread: −0.290% → 0.000%: −$28.98
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$54.76
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 7 min ago; Paradex: 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, 7 min ago	0.40 bp	11.1 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: 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	−0.0186%	1h	0.09843	−0.085%	$184K	$283K	10x	as long as short
Lighter XPL	−0.0072%	1h	0.09832	−0.197%	$4.4M	$4.2M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0064% / S +0.0475%	1h	0.09840	−0.112%	$113K	—	100x	as long as short
01 Exchange XPLUSD	−0.0016%	1h	0.09836	−0.156%	$572	$582	5x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09836	−0.156%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−23.148%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09845	−0.065%	$49K	$17K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09842	−0.094%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0080%	4h	0.09842	−0.095%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERPshort	+0.0099%	8h	0.09823	−0.290%	$13K	$2K	5x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XPL-PERP	+0.0100%	1h	0.09840	−0.116%	$1.4M	$2.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09842	−0.094%	$255K	$514K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09840	−0.116%	$223K	$19K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09840	−0.116%	$44.8M	$102.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09837	−0.146%	$47.6M	$51.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09840	−0.116%	$9.2M	$53.2M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09901	+0.503%	$143K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09837	−0.146%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09842	−0.095%	$13.2M	$7.5M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09844	−0.075%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09848	−0.035%	$8.7M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09835	−0.166%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09899	+0.480%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09866	+0.150%	$268K	$782K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09890	+0.392%	$26K	$82K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09852	+0.008%	$133K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09820	−0.319%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09840	−0.116%	$202	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09863	+0.118%	$140K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09842	−0.099%	$701K	$1.0M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09846	−0.054%	$38K	$5K	3x	as long as short
Hyperliquid XPLlong	+0.0160%	1h	0.09851	long leg	$65.1M	$45.2M	10x
Phoenix XPL	+0.0318%	1h	0.09887	+0.361%	$202K	$646K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09826	−0.258%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09965	+1.153%	$75K	$106K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3462%	1h	0.09877	+0.259%	$295K	$673K	10x	as long as short