Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.048%

Price spread now: Hyperliquid against OKX+0.304%7-day average +0.088% · you sell dearer than you buy

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

Long on OKX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.131%+$13 on $10k

Price spread, last 7 days−0.292%−$29 · spread now +0.304%, 7d avg +0.088%

Together, before fees−0.161%+ Points / potential airdropHyperliquid: Season 2 · farm board−$16 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 0.216% dearer against OKX than usual: you sell high and buy low, +$22 on $10k if it goes back to its 7-day average of +0.088%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX XPL-USDT-SWAP	0.09717	0.0100	pay 0.0050% / 4h	3h 46m	$8.6M	$54.9M	50x
Short	Hyperliquid XPL	0.09746	0.0100	get 0.0013% / 1h	46m 23s	$62.9M	$47.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against OKX. 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 OKXbpFee HyperliquidbpOrdersPrice spread, now +0.304%Rate

Funding earned: $0
Price spread: +0.304% → +0.088%: $21.56
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $2.56
Costs to cover: 0.190%
Break-even: from the start

Slippage unknown: OKX: live order book, 2 min ago; Hyperliquid: live order book, 7 min ago. 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 OKX live order book, 2 min ago	0.51 bp	10.9 bp −$11	30.5 bp −$305	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 7 min ago	1.28 bp	doesn't fit	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
Backpack XPL_USDC_PERP	−0.0289%	1h	0.09740	+0.237%	$180K	$282K	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0263%	1h	0.09740	+0.237%	$47K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0248%	1h	0.09738	+0.216%	$566	$708	5x	as long as short
Lighter XPL	−0.0232%	1h	0.09728	+0.113%	$4.4M	$4.2M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0156% / S +0.0536%	1h	0.09721	+0.037%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09738	+0.216%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.091%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09720	+0.032%	$76K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0026%	8h	0.09743	+0.264%	$13K	$2K	5x	as long as short
Orderly PERP_XPL_USDC	+0.0030%	4h	0.09718	+0.010%	$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-PERP	+0.0100%	1h	0.09730	+0.129%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPLshort	+0.0100%	1h	0.09746	+0.304%	$62.9M	$47.4M	10x
Aster XPLUSDT	+0.0100%	4h	0.09743	+0.265%	$252K	$533K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09745	+0.285%	$222K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09717	0.000%	$44.4M	$108.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09718	+0.010%	$47.1M	$55.8M	75x	as long as short
OKX XPL-USDT-SWAPlong	+0.0100%	4h	0.09717	long leg	$8.6M	$54.9M	50x
Gate XPL_USDT	+0.0100%	4h	0.09717	0.000%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09724	+0.072%	$12.8M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09730	+0.134%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09726	+0.093%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09718	+0.010%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09735	+0.185%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09723	+0.059%	$266K	$827K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09730	+0.134%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09740	+0.238%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09720	+0.031%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09730	+0.134%	$199	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09784	+0.690%	$142K	$241K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09720	+0.033%	$142K	$2K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09737	+0.201%	$654K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09720	+0.034%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0163%	1h	0.09719	+0.021%	$197K	$655K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09738	+0.216%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0376%	1h	0.09815	+1.009%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5085%	1h	0.09784	+0.691%	$566K	$1.0M	10x	as long as short