Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.043%

Price spread now: Hyperliquid against MEXC+0.143%7-day average +0.096% · you sell dearer than you buy

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$280.281% of the position

Long on MEXC Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.099%+$10 on $10k

Price spread, last 7 days−0.069%−$7 · spread now +0.143%, 7d avg +0.096%

Together, before fees+0.030%+ 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: Hyperliquid is 0.047% dearer against MEXC than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of +0.096%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC XPL_USDT	0.09535	0.0100	pay 0.0050% / 4h	2h 40m	$12.5M	$6.9M	100x
Short	Hyperliquid XPL	0.09549	0.0100	get 0.0013% / 1h	40m 51s	$60.3M	$46.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against MEXC. 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 MEXCbpFee HyperliquidbpOrdersPrice spread, now +0.143%Rate

Funding earned: $0
Price spread: +0.143% → +0.096%: $4.7
Slippage, 4 orders: −$19.06
Fee MEXC: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$23.35
Costs to cover: 0.281%
Break-even: never at this rate

Slippage from MEXC: live order book, 2 min ago; Hyperliquid: live order book, 13 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 MEXC live order book, 2 min ago	0.52 bp	2.7 bp −$3	7.5 bp −$75	90.0 bp −$9,002	236.1 bp −$118.0K
Sell Hyperliquid live order book, 13 min ago	1.30 bp	11.2 bp −$11	doesn't fit	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	−0.0273%	1h	0.09551	+0.168%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0234% / S +0.0570%	1h	0.09556	+0.215%	$105K	—	100x	as long as short
01 Exchange XPLUSD	−0.0208%	1h	0.09549	+0.147%	$555	$708	5x	as long as short
Lighter XPL	−0.0048%	1h	0.09526	−0.094%	$4.3M	$3.0M	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09538	+0.036%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.599%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09557	+0.231%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0015%	4h	0.09548	+0.136%	$29K	$320K	10x	as long as short
Backpack XPL_USDC_PERP	+0.0038%	1h	0.09543	+0.084%	$173K	$190K	10x	as long as short
Paradex XPL-USD-PERP	+0.0064%	8h	0.09556	+0.221%	$12K	$696	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	0.09550	+0.163%	$1.2M	$2.4M	10x	as long as short
Hyperliquid XPLshort	+0.0100%	1h	0.09549	+0.143%	$60.3M	$46.8M	10x
Aster XPLUSDT	+0.0100%	4h	0.09541	+0.066%	$247K	$430K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09536	+0.008%	$218K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09524	−0.115%	$43.2M	$100.4M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09523	−0.126%	$45.1M	$54.3M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09525	−0.105%	$8.1M	$48.0M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09565	+0.319%	$139K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09537	+0.021%	$3.0M	$3.4M	75x	as long as short
MEXC XPL_USDTlong	+0.0100%	4h	0.09535	long leg	$12.5M	$6.9M	100x
KuCoin XPLUSDTM	+0.0100%	4h	0.09536	+0.010%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09543	+0.084%	$9.1M	$9.7M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09534	−0.010%	—	$7.8M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09544	+0.099%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09588	+0.561%	$258K	$1.1M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09570	+0.367%	$25K	$77K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09563	+0.298%	$125K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09530	−0.052%	$3K	$1.7M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09550	+0.157%	$203	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09592	+0.598%	$140K	$184K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09529	−0.064%	$632K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09549	+0.150%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09575	+0.420%	$194K	$536K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09548	+0.136%	$1.7M	$943K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0592%	1h	0.09640	+1.101%	$67K	$90K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2901%	1h	0.09584	+0.513%	$545K	$988K	10x	as long as short