Funding arb · Price arb /

STBL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0286%/8h= +31.3% APRpaid last 24h +0.066%

Price spread now: Hyperliquid against MEXC−0.157%7-day average −0.171% · you buy dearer than you sell

Net, funding: paid 7d − costs−$117as in the Funding arb table

Net, price: spread back to 7d avg − costs−$135as in the Price arb table

costs, in and out, $10k−$1361.361% of the position

Long on MEXC Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.193%+$19 on $10k

Price spread, last 4 days (all we have)−0.048%−$5 · spread now −0.157%, 7d avg −0.171%

Together, before fees+0.145%+ Points / potential airdropHyperliquid: Season 2 · farm board+$15 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.171%, so right now this pair is about funding alone: +$9 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 0.193% in total (about 10.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC STBL_USDT	0.02615	0.0100	pay 0.0050% / 4h	10m 00s	$353K	$132K	100x
Short	Hyperliquid STBL	0.02611	0.0386	get 0.0048% / 1h	10m 00s	$1.9M	$202K	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 −0.157%Rate

Funding earned: $60.01
Price spread: −0.157% → −0.171%: $1.39
Slippage, 4 orders: −$123.13
Fee MEXC: 2 bp × 2 orders: −$4
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$74.73
Costs to cover: 1.361%
Break-even: 15.7 days

Slippage from MEXC: live order book, 13 min ago; Hyperliquid: live order book, 4 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, 13 min ago	3.81 bp	30.5 bp −$31	114.5 bp −$1,145	241.0 bp −$24.1K	doesn't fit
Sell Hyperliquid live order book, 4 min ago	1.72 bp	32.0 bp −$32	doesn't fit	doesn't fit	doesn't fit

STBL on 12 exchanges

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
Lighter STBL	+0.0096%	1h	0.02600	−0.574%	$78K	$969	3x	as long as short
Aster STBLUSDT	+0.0100%	4h	0.02614	−0.038%	$87K	$3K	5x	as long as short
Binance STBLUSDT	+0.0100%	4h	0.02616	+0.045%	$1.9M	$1.5M	50x	as long as short
Bybit STBLUSDT	+0.0100%	4h	0.02615	0.000%	$1.5M	$350K	20x	as long as short
MEXC STBL_USDTlong	+0.0100%	4h	0.02615	long leg	$353K	$132K	100x
KuCoin STBLUSDTM	+0.0100%	4h	0.02621	+0.229%	$1.1M	$155K	20x	as long as short
BingX STBL-USDT	+0.0100%	4h	0.02616	+0.038%	—	$6.6M	—	as long as short
Variational Omni STBL	+0.0100%	4h	0.02615	−0.008%	$974	$293	—	as long as short
SunX STBL-USDT	+0.0100%	4h	0.02610	−0.191%	$2K	$892K	20x	as long as short
BloFin STBL-USDT	+0.0126%	4h	0.02613	−0.076%	$122K	$20K	50x	as long as short

Show all 12 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid STBLshort	+0.0386%	1h	0.02611	−0.157%	$1.9M	$202K	3x
Gate STBL_USDT	+0.0396%	4h	0.02620	+0.191%	$1.1M	$50K	50x	as long as short