Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.047%

Price spread now: Hyperliquid against Nado+0.691%7-day average +0.131% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs+$24as in the Price arb table

costs, in and out, $10k−$320.322% of the position

Long on Nado Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.084%+$8 on $10k

Price spread, last 3 days (all we have)−0.772%−$77 · spread now +0.691%, 7d avg +0.131%

Together, before fees−0.688%+ Points / potential airdropNado: Active · Hyperliquid: Season 2 · farm board−$69 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 0.560% dearer against Nado than usual: you sell high and buy low, +$56 on $10k if it goes back to its 7-day average of +0.131%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado XPL-PERP	0.09698	0.0100	pay 0.0012% / 1h	10m 36s	$1.4M	$2.6M	10x
Short	Hyperliquid XPL	0.09765	0.0100	get 0.0013% / 1h	10m 36s	$63.0M	$48.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Nado. 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 NadobpFee HyperliquidbpOrdersPrice spread, now +0.691%Rate

Funding earned: $0
Price spread: +0.691% → +0.131%: $56.04
Slippage, 4 orders: −$16.21
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $23.83
Costs to cover: 0.322%
Break-even: from the start

Slippage from Nado: live order book, 3 min ago; Hyperliquid: live order book, 3 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 Nado live order book, 3 min ago	1.03 bp	7.6 bp −$8	23.2 bp −$232	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 3 min ago	0.10 bp	10.2 bp −$10	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
Lighter XPL	−0.0520%	1h	0.09751	+0.549%	$4.4M	$4.2M	10x	as long as short
01 Exchange XPLUSD	−0.0384%	1h	0.09775	+0.797%	$568	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0144% / S +0.0528%	1h	0.09705	+0.076%	$112K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0059%	1h	0.09708	+0.106%	$47K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09768	+0.726%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−21.937%	—	—	—	as long as short
Paradex XPL-USD-PERP	+0.0005%	8h	0.09760	+0.646%	$13K	$2K	5x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09706	+0.084%	$76K	—	150x	as long as short
Gate XPL_USDT	+0.0038%	4h	0.09770	+0.745%	$3.1M	$4.1M	75x	as long as short
Orderly PERP_XPL_USDC	+0.0040%	4h	0.09700	+0.023%	$29K	$335K	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-PERPlong	+0.0100%	1h	0.09698	long leg	$1.4M	$2.6M	10x
Hyperliquid XPLshort	+0.0100%	1h	0.09765	+0.691%	$63.0M	$48.2M	10x
Aster XPLUSDT	+0.0100%	4h	0.09741	+0.448%	$253K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09760	+0.642%	$222K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09758	+0.625%	$44.5M	$108.7M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09763	+0.673%	$47.3M	$55.6M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09764	+0.683%	$8.7M	$55.0M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09711	+0.138%	$141K	$9K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09760	+0.642%	$12.8M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09755	+0.590%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09785	+0.900%	$8.8M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09775	+0.797%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09714	+0.168%	$179K	$282K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09698	+0.004%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09702	+0.046%	$260K	$806K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09720	+0.229%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09707	+0.092%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09680	−0.183%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09700	+0.023%	$199	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09703	+0.054%	$138K	$242K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09771	+0.754%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09705	+0.075%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0327%	1h	0.09715	+0.178%	$197K	$651K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09692	−0.059%	$1.7M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09735	+0.384%	$72K	$96K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5120%	1h	0.09750	+0.535%	$563K	$1.0M	10x	as long as short