Funding arb · Price arb /

NIL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.1046%/8h= +114.5% APRpaid last 24h +0.418%

Price spread now: Hyperliquid against MEXC+0.208%7-day average +0.208% · you sell dearer than you buy

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$115as in the Price arb table

costs, in and out, $10k−$1151.150% of the position

Long on MEXC Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.595%+$59 on $10k

Price spread, last 7 days−0.047%−$5 · spread now +0.208%, 7d avg +0.208%

Together, before fees+0.548%+ Points / potential airdropHyperliquid: Season 2 · farm board+$55 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.208%, so right now this pair is about funding alone: +$31 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.595% in total (about 31.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC NIL_USDT	0.06924	0.0100	pay 0.0050% / 4h	3h 02m	$2.2M	$4.2M	100x
Short	Hyperliquid NIL	0.06938	0.1146	get 0.0143% / 1h	2m 45s	$4.3M	$4.7M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against MEXC. 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 MEXCbpFee HyperliquidbpOrdersPrice spread, now +0.208%Rate

Funding earned: $219.65
Price spread: +0.208% → +0.208%: $0.05
Slippage, 4 orders: −$102.03
Fee MEXC: 2 bp × 2 orders: −$4
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $104.67
Costs to cover: 1.150%
Break-even: 3.7 days

Slippage from MEXC: live order book, 5 min ago; Hyperliquid: live order book, 9 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 MEXC live order book, 5 min ago	1.45 bp	19.7 bp −$20	140.1 bp −$1,401	313.7 bp −$31.4K	619.4 bp −$309.7K
Sell Hyperliquid live order book, 9 min ago	3.17 bp	20.4 bp −$20	doesn't fit	doesn't fit	doesn't fit

NIL on 12 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
Aster NILUSDT	+0.0100%	4h	0.06929	+0.070%	$23K	$315K	5x	as long as short
Binance NILUSDT	+0.0100%	4h	0.06914	−0.144%	$5.2M	$72.8M	50x	as long as short
Bybit NILUSDT	+0.0100%	4h	0.06933	+0.130%	$3.8M	$13.6M	20x	as long as short
Gate NIL_USDT	+0.0100%	4h	0.06924	0.000%	$448K	$2.0M	50x	as long as short
MEXC NIL_USDTlong	+0.0100%	4h	0.06924	long leg	$2.2M	$4.2M	100x
KuCoin NILUSDTM	+0.0100%	4h	0.06930	+0.087%	$583K	$689K	30x	as long as short
Bitget NILUSDT	+0.0100%	4h	0.06921	−0.043%	$1.9M	$8.5M	50x	as long as short
BingX NIL-USDT	+0.0100%	4h	0.06921	−0.043%	—	$8.4M	—	as long as short
Variational Omni NIL	+0.0100%	4h	0.06944	+0.293%	$178K	$264K	—	as long as short
Extended NIL-USD	+0.0104%	1h	0.06915	−0.129%	$17K	$177K	5x	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin NIL-USDT	+0.0118%	4h	0.06938	+0.202%	$344K	$123K	50x	as long as short
Hyperliquid NILshort	+0.1146%	1h	0.06938	+0.208%	$4.3M	$4.7M	3x