Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0008%/8h= +0.9% APRpaid last 24h +0.050%

Price spread now: Hyperliquid against Paradex+0.138%7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Hyperliquid

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 airdropParadex: Active · Hyperliquid: 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: Hyperliquid is 0.138% dearer against Paradex than usual: you sell high and buy low, +$14 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	Paradex XPL-USD-PERP	0.09744	0.0092	pay 0.0092% / 8h	2h 14m	$13K	$2K	5x
Short	Hyperliquid XPL	0.09757	0.0100	get 0.0013% / 1h	14m 33s	$62.7M	$47.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Paradex. 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 ParadexbpFee HyperliquidbpOrdersPrice spread, now +0.138%Rate

Funding earned: $1.76
Price spread: +0.138% → 0.000%: $13.82
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $2.59
Costs to cover: 0.130%
Break-even: from the start

Slippage unknown: Paradex: no order-book sample; Hyperliquid: live order book, 9 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 Paradex no order-book sample	—	—	—	—	—
Sell Hyperliquid live order book, 9 min ago	0.97 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

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
Deribit XPL_USDC-PERPETUAL	−0.0159%	1h	0.09765	+0.219%	$47K	$18K	25x	as long as short
Lighter XPL	−0.0096%	1h	0.09735	−0.089%	$4.4M	$4.3M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0084% / S +0.0488%	1h	0.09742	−0.014%	$112K	—	100x	as long as short
01 Exchange XPLUSD	−0.0048%	1h	0.09747	+0.035%	$567	$582	5x	as long as short
Backpack XPL_USDC_PERP	−0.0022%	1h	0.09756	+0.127%	$178K	$283K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09750	+0.061%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.302%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09746	+0.023%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0083%	4h	0.09741	−0.027%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERPlong	+0.0092%	8h	0.09744	long leg	$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	0.09747	+0.037%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPLshort	+0.0100%	1h	0.09757	+0.138%	$62.7M	$47.2M	10x
Aster XPLUSDT	+0.0100%	4h	0.09749	+0.056%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09749	+0.055%	$221K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09747	+0.035%	$44.0M	$105.1M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09749	+0.055%	$47.5M	$53.5M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09748	+0.045%	$9.0M	$53.3M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09815	+0.732%	$141K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09740	−0.037%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09744	+0.004%	$12.7M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09748	+0.045%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09749	+0.055%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09745	+0.014%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09749	+0.056%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09751	+0.071%	$264K	$775K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09770	+0.271%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09749	+0.054%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09720	−0.243%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09760	+0.168%	$201	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09753	+0.096%	$138K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09744	+0.004%	$661K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09766	+0.234%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09764	+0.209%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09771	+0.281%	$198K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09783	+0.404%	$74K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3484%	1h	0.09815	+0.738%	$517K	$944K	10x	as long as short