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 +0.048%

Price spread now: Hyperliquid against SoDEX+0.288%7-day average — · you sell dearer than you buy

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

Long on SoDEX Short on Hyperliquid

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: Hyperliquid is 0.288% dearer against SoDEX than usual: you sell high and buy low, +$29 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	SoDEX XPL-USD	0.09730	0.0100	pay 0.0013% / 1h	38m 37s	$205	$10K	10x
Short	Hyperliquid XPL	0.09758	0.0100	get 0.0013% / 1h	38m 37s	$62.7M	$47.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against SoDEX. 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 SoDEXbpFee HyperliquidbpOrdersPrice spread, now +0.288%Rate

Funding earned: $0
Price spread: +0.288% → 0.000%: $28.78
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $11.78
Costs to cover: 0.170%
Break-even: from the start

Slippage unknown: SoDEX: no order-book sample; Hyperliquid: live order book, 5 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 SoDEX no order-book sample	—	—	—	—	—
Sell Hyperliquid live order book, 5 min ago	1.58 bp	10.1 bp −$10	doesn't fit	doesn't fit	doesn't fit

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
Deribit XPL_USDC-PERPETUAL	−0.0571%	1h	0.09737	+0.072%	$47K	$18K	25x	as long as short
Lighter XPL	−0.0192%	1h	0.09735	+0.051%	$4.4M	$4.3M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0072% / S +0.0481%	1h	0.09754	+0.246%	$112K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0002%	1h	0.09743	+0.134%	$178K	$283K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09750	+0.206%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.194%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09753	+0.237%	$72K	—	150x	as long as short
01 Exchange XPLUSD	+0.0008%	1h	0.09742	+0.123%	$566	$582	5x	as long as short
Orderly PERP_XPL_USDC	+0.0082%	4h	0.09742	+0.123%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0094%	8h	0.09748	+0.180%	$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	0.09747	+0.172%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPLshort	+0.0100%	1h	0.09758	+0.288%	$62.7M	$47.0M	10x
Aster XPLUSDT	+0.0100%	4h	0.09750	+0.206%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09750	+0.206%	$221K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09748	+0.185%	$44.1M	$104.2M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09746	+0.164%	$47.6M	$53.2M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09748	+0.185%	$9.0M	$53.0M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09822	+0.950%	$142K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09740	+0.103%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09746	+0.164%	$12.7M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09751	+0.216%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09748	+0.185%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09743	+0.134%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09799	+0.710%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09789	+0.604%	$265K	$786K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09790	+0.617%	$25K	$86K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09759	+0.296%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09730	0.000%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USDlong	+0.0100%	1h	0.09730	long leg	$205	$10K	10x
HTX XPL-USDT	+0.0100%	4h	0.09775	+0.462%	$139K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09744	+0.144%	$656K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09740	+0.107%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09750	+0.206%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09815	+0.874%	$200K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09844	+1.172%	$74K	$105K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3495%	1h	0.09785	+0.565%	$515K	$939K	10x	as long as short