Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against MEXC−0.139%7-day average −0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$93as in the Funding arb table

Net, price: spread back to 7d avg − costs−$85as in the Price arb table

costs, in and out, $10k−$710.713% of the position

Long on MEXC Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.220%−$22 on $10k

Price spread, last 4 days (all we have)+0.123%+$12 · spread now −0.139%, 7d avg −0.007%

Together, before fees−0.097%+ Points / potential airdropHyperliquid: Season 2 · farm board−$10 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 0.132% cheaper against MEXC than usual: you would sell low and buy high, −$13 on $10k if it goes back to its 7-day average of −0.007%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC NOT_USDT	0.0005027	0.0100	pay 0.0050% / 4h	2h 13m	$1.3M	$450K	200x
Short	Hyperliquid NOT	0.0005020	0.0100	get 0.0013% / 1h	13m 06s	$338K	$68K	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

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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 −0.139%Rate

Funding earned: $0
Price spread: −0.139% → −0.007%: −$13.25
Slippage, 4 orders: −$58.33
Fee MEXC: 2 bp × 2 orders: −$4
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$84.58
Costs to cover: 0.713%
Break-even: never at this rate

Slippage from MEXC: live order book, 3 min ago; Hyperliquid: live order book, 57 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, 3 min ago	2.99 bp	10.4 bp −$10	42.7 bp −$427	94.0 bp −$9,404	122.6 bp −$61.3K
Sell Hyperliquid live order book, 57 min ago	9.93 bp	14.4 bp −$14	doesn't fit	doesn't fit	doesn't fit

NOT on 16 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
Variational Omni NOT	−0.0079%	4h	0.0005012	−0.305%	$71K	$38K	—	as long as short
KuCoin NOTUSDTM	−0.0014%	4h	0.0005018	−0.179%	$478K	$136K	50x	as long as short
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−3.044%	$1K	$13K	5.5x	as long as short
Lighter 1000NOT	+0.0096%	1h	0.0005037	+0.201%	$11K	$4K	3x	as long as short
Hyperliquid NOTshort	+0.0100%	1h	0.0005020	−0.139%	$338K	$68K	3x
Aster NOTUSDT	+0.0100%	4h	0.0005024	−0.062%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005026	−0.020%	$2.1M	$3.1M	50x	as long as short
Bybit NOTUSDT	+0.0100%	4h	0.0005022	−0.099%	$2.1M	$894K	25x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005028	+0.020%	$639K	$705K	20x	as long as short
Gate NOT_USDT	+0.0100%	4h	0.0005030	+0.060%	$138K	$73K	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC NOT_USDTlong	+0.0100%	4h	0.0005027	long leg	$1.3M	$450K	200x
Bitget NOTUSDT	+0.0100%	4h	0.0005024	−0.060%	$672K	$499K	50x	as long as short
BingX NOT-USDC	+0.0100%	4h	0.0005023	−0.080%	—	$729K	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005025	−0.046%	$4K	—	5x	as long as short
BloFin NOT-USDT	+0.0139%	4h	0.0005029	+0.040%	$108K	$18K	50x	as long as short
Kraken Futures PF_NOTUSD	+0.1684%	1h	0.0005028	+0.026%	$49K	$9K	10x	as long as short