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 −0.044%

Price spread now: SoDEX against Hyperliquid−0.036%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 SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 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 · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: SoDEX is 0.036% cheaper against Hyperliquid than usual: you would sell low and buy high, −$4 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid XPL	0.09743	0.0100	pay 0.0013% / 1h	54m 12s	$63.5M	$46.4M	10x
Short	SoDEX XPL-USD	0.09740	0.0100	get 0.0013% / 1h	54m 12s	$205	$10K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.036%Rate

Funding earned: $0
Price spread: −0.036% → 0.000%: −$3.59
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$20.59
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 9 min ago; SoDEX: 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, 9 min ago	0.40 bp	11.1 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell SoDEX no order-book sample	—	—	—	—	—

SoDEX: 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
Lighter XPL	−0.0408%	1h	0.09732	−0.118%	$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	−0.009%	$111K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09738	−0.051%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.298%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09744	+0.005%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09741	−0.024%	$72K	—	150x	as long as short
01 Exchange XPLUSD	+0.0016%	1h	0.09787	+0.446%	$569	$582	5x	as long as short
Orderly PERP_XPL_USDC	+0.0079%	4h	0.09739	−0.046%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0096%	8h	0.09726	−0.175%	$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-PERP	+0.0100%	1h	0.09717	−0.275%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPLlong	+0.0100%	1h	0.09743	long leg	$63.5M	$46.4M	10x
Aster XPLUSDT	+0.0100%	4h	0.09730	−0.139%	$252K	$515K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09732	−0.119%	$220K	$19K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09743	−0.010%	$44.4M	$103.3M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09736	−0.077%	$47.0M	$52.2M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09740	−0.036%	$9.1M	$52.7M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09901	+1.616%	$143K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09735	−0.087%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09740	−0.036%	$12.9M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09732	−0.118%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09746	+0.026%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09739	−0.046%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09837	+0.964%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09841	+1.002%	$267K	$782K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09840	+0.990%	$25K	$82K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09728	−0.160%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09720	−0.241%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USDshort	+0.0100%	1h	0.09740	−0.036%	$205	$10K	10x
HTX XPL-USDT	+0.0100%	4h	0.09742	−0.015%	$138K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09738	−0.062%	$654K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09746	+0.025%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0318%	1h	0.09887	+1.473%	$202K	$646K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09798	+0.559%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09965	+2.273%	$75K	$106K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3472%	1h	0.09848	+1.070%	$397K	$805K	10x	as long as short