Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0071%/8h= −7.8% APRpaid last 24h −0.010%

Price spread now: MEXC against Hyperliquid−0.230%7-day average −0.075% · you buy dearer than you sell

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$400.399% of the position

Long on Hyperliquid Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.040%−$4 on $10k

Price spread, last 7 days+0.212%+$21 · spread now −0.230%, 7d avg −0.075%

Together, before fees+0.172%+ Points / potential airdropHyperliquid: Season 2 · farm board+$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and MEXC is 0.155% cheaper against Hyperliquid than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of −0.075%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid WIF	0.2481	0.0171	pay 0.0021% / 1h	48m 16s	$8.0M	$4.7M	5x
Short	MEXC WIF_USDT	0.2475	0.0100	get 0.0050% / 4h	2h 48m	$22.4M	$11.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Hyperliquid. 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 HyperliquidbpFee MEXCbpOrdersPrice spread, now −0.230%Rate

Funding earned: −$14.9
Price spread: −0.230% → −0.075%: −$15.49
Slippage, 4 orders: −$26.92
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$70.31
Costs to cover: 0.399%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 4 min ago; MEXC: live order book, 5 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 Hyperliquid live order book, 4 min ago	4.03 bp	12.0 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 5 min ago	2.02 bp	8.1 bp −$8	22.2 bp −$222	126.4 bp −$12.6K	164.5 bp −$82.3K

WIF on 32 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
Injective WIF/USDC PERP	−0.0783%	1h	0.2470	−0.431%	$11K	$10K	12x	as long as short
Gate WIF_USDT	−0.0178%	4h	0.2477	−0.149%	$1.2M	$7.3M	50x	as long as short
Kraken Futures PF_WIFUSD	−0.0074%	1h	0.2479	−0.086%	$646K	$2.3M	50x	as long as short
KuCoin WIFUSDTM	−0.0036%	4h	0.2475	−0.230%	$4.5M	$12.8M	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2482	+0.052%	$19K	$589	10x	as long as short
Deribit WIF_USDC-PERPETUAL	0.0000%	1h	0.2477	−0.149%	$49K	$289K	25x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S +0.0001%	1h	0.2476	−0.189%	$800	—	150x	as long as short
Lighter WIF	+0.0096%	1h	0.2485	+0.161%	$148K	$607K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2479	−0.069%	$56K	$497K	20x	as long as short
Orderly PERP_WIF_USDC	+0.0099%	4h	0.2477	−0.149%	$5K	$1.3M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster WIFUSDT	+0.0100%	4h	0.2483	+0.086%	$35K	$274K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2482	+0.070%	$77K	$53K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2477	−0.149%	$18.8M	$111.4M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2476	−0.189%	$17.0M	$37.9M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2477	−0.149%	$6.0M	$34.5M	50x	as long as short
MEXC WIF_USDTshort	+0.0100%	4h	0.2475	−0.230%	$22.4M	$11.0M	50x
Bitget WIFUSDT	+0.0100%	4h	0.2477	−0.149%	$7.5M	$12.4M	50x	as long as short
BingX WIF-USDC	+0.0100%	4h	0.2473	−0.310%	—	$2.3M	—	as long as short
Backpack WIF_USDC_PERP	+0.0100%	1h	0.2484	+0.133%	$77K	$269K	10x	as long as short
Variational Omni WIF	+0.0100%	4h	0.2475	−0.225%	$75K	$70K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2476	−0.189%	$275K	$1.9M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2479	−0.069%	$43K	$631K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2473	−0.310%	$2K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2478	−0.125%	$563	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2487	+0.254%	$170K	$747K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2478	−0.114%	$11K	$155K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2478	−0.123%	$83K	$85	3x	as long as short
Hyperliquid WIFlong	+0.0171%	1h	0.2481	long leg	$8.0M	$4.7M	5x
GMX WIF/USD [WBTC.b-USDC]	L +0.0179% / S −0.0043%	1h	0.2475	−0.223%	$8K	—	100x	as long as short
Coinbase International WIF-PERP-INTX	+0.0304%	1h	0.2484	+0.133%	$327K	$2.5M	50x	as long as short
BloFin WIF-USDT	+0.0340%	4h	0.2487	+0.254%	$997K	$710K	75x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2474	−0.286%	$0	—	15x	as long as short