TxFlow Level Up: trade perps and earn up to 300 USDC at $4M volume. Until Nov 2 Join
Settings8H · net · $10k
LanguageThe language of the site
ThemeDark, or a soft blue-grey
FundingPeriod funding rates are shown in
UnitsPercent or basis points
CostsCount taker fees and slippage in Net
SizePosition per leg used for Net and slippage
ExchangesWhich exchanges to include everywhere
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Funding arb · Price arb / Crypto

XTEN

All XTEN markets →
Backtest 30d
LegExchangePriceFund. /8hEach paymentNext inOIVol 24hLev
LONG
HyperliquidXTEN
0.2981+0.0705pay 0.0088% / 1h31m 58s$380K$1.3M3xLong Hyperliquid4% off
SHORT
LighterXTEN
0.2908+0.0352get 0.0044% / 1h31m 58s$153K$1.1M5xShort Lighter7d free
Price gap−2.472%
Funding gap−0.0353% /8h

The gap pays +$23 on $10k if it goes back to its 7d average, but funding costs $11 a day and eats that in about 2.1 days. At the last 7 days' pace that is about 14 days.

If you open now and hold

on $10k a leg · figures of the last 7D, not a forecast
Funding$0−0.0353% /8h now · paid −0.003% over the last 4 hours (all we have)
Price+$23spread −2.472% now, avg −2.698% → +0.226% if it goes back
Costs−$8358.354% of $10k · taker + slippage, in and out
Result−$813−8.13%+ Points / potential airdropHyperliquid: Season 2 · Lighter: Season 3 · farm boardWhat the last 7D really paid, hour by hour → backtest

The current funding rate is far below what this pair has been paying: over the last 4 hours it paid −0.003% in total, about −0.0054%/8h on average.

Price and funding

1h · history
ENTRY / EXIT · 7D
Entry now—
Entry average—
Best entry—
Exit now—
Exit average—
Best exit—
Exit free—
PRICE SPREAD · 7D
Now−2.472%
Average—
Range—
Wider than now—
FUNDING SPREAD · 7D
Average /8h—
Highest—
Lowest—
Paid you—

Where the spread has been, last 7D

share of time at each level

Funding on every exchange

/8h

XTEN on 3 exchanges

lowest funding first

Before you open

4 ok · 2 to watch
  • Watch: Thin at this size368.4 / 179.6 bp
    At $10k entering Hyperliquid costs 368.4 bp, fee and slippage, 2.1× Lighter’s.
  • Note: Margin at max leverage$3,333 + $2,000
    Hyperliquid 3x, Lighter 5x. Keep about 2× this so a sharp move doesn’t liquidate one leg.
  • OK: Same payment interval1h / 1h
    Both legs pay at the same time.
    Next 24h at the current rates, on $10k a leg: −$10.59Long Hyperliquid: 24 payments, −$21.15; short Lighter: 24 payments, +$10.56.
  • OK: Entry gap works for you−2.472% vs −2.698%
    You short the dearer leg. If the gap goes back to average, the short gains.
  • Watch: Short leg is thinner$153K vs $380K OI
    Lighter sets your exit cost. Check its book before closing.
  • OK: Points on a legHyperliquid Season 2 · Lighter Season 3
    Volume here counts toward the points program.
  • OK: No KYC on either legHyperliquid No · Lighter No
    Both exchanges let you trade without ID.

Profit calculator

both legs, in and out
Position, each leg
Hold for
Orders
Price spread
Funding rate
Funding earned−0.0054%/8h × 21 periods−$11.41
Price spread−2.472% → −2.698% (7d avg)+$22.57
Slippage, 4 orderslive order books−$826.40
Fee Hyperliquid bp × 2 orders−$9.00
Fee Lighter bp × 2 orders$0.00
Net · 7 days · $10k−$824.23
Costs to cover8.354%Break-evennever at this rate
Slippage: Hyperliquid: live order book, 8 min ago; Lighter: live order book, 3 min ago

Cost to enter

taker + slippage from mid, one side
BUY · LONGHyperliquid16.79368.4 bp−$368doesn’t fitdoesn’t fitdoesn’t fit
SELL · SHORTLighter16.19179.6 bp−$180doesn’t fitdoesn’t fitdoesn’t fit

Closing costs about the same again.

Alert

XTEN news

posts that mention XTEN, from every exchangeSearch all news →
10-27 10:05AsterListingnew market XTENUSDT ($XTEN) seen by our collector
10-27 09:51AsterListing$XTEN pre-launch perps has landed on Aster with up to 5x leverage. @Aster_DEX on X ↗
10-27 06:49HyperliquidOtherAs a reminder, hyperps do not rely on any external data for the oracle price. Hyperps trade like perpetual contracts that users are familiar with, but do not require an external spot or index oracle price. Instead, the funding rate is determined relative to a moving average of the hyperp mark price. This makes the hyperp price more stable and less susceptible to manipulation, unlike usual pre-launch futures. When trading hyperps, funding rates are important to consider. If there is heavy price momentum in one direction, funding will heavily incentivize positions in the opposite direction for the next eight hours. As always, be sure to understand the contract before trading. Trading is on low leverage and isolated margin only. Beware of low liquidity, high volatility, potentially extreme funding, and increased liquidation risk. Note: XTEN-USDC will convert to a vanilla perp upon CEX listing. See Docs for more. XTEN-USDC is a hyperp contract that poses higher than normal risk. Do not trade contracts you are unfamiliar with and do not understand the risks for. Read the Docs to learn more about the hyperp mechanism and how it differs from vanilla perps. NFA. @HyperliquidX on X ↗
10-27 06:49HyperliquidListingBy community request, Extended (XTEN) hyperp has been listed with up to 3x leverage. @HyperliquidX on X ↗
10-27 06:41HyperliquidListingnew market XTEN ($XTEN) seen by our collector
10-26 14:44Lighter RHListingNew perp listing! You can now trade $XTEN (pre-market) on Lighter Core at 5x leverage. @Lighter_xyz on X ↗