Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.048%

Price spread now: Hyperliquid against Binance+0.053%7-day average +0.098% · you sell dearer than you buy

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$360.356% of the position

Long on Binance Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.103%+$10 on $10k

Price spread, last 7 days−0.006%−$1 · spread now +0.053%, 7d avg +0.098%

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 0.045% cheaper against Binance than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of +0.098%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance XPLUSDT	0.09581	0.0100	pay 0.0050% / 4h	1h 37m	$43.3M	$108.6M	75x
Short	Hyperliquid XPL	0.09586	0.0100	get 0.0013% / 1h	37m 57s	$60.2M	$48.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Binance. 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 BinancebpFee HyperliquidbpOrdersPrice spread, now +0.053%Rate

Funding earned: $0
Price spread: +0.053% → +0.098%: −$4.51
Slippage, 4 orders: −$16.61
Fee Binance: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$40.12
Costs to cover: 0.356%
Break-even: never at this rate

Slippage from Binance: live order book, 5 min ago; Hyperliquid: live order book, 6 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 Binance live order book, 5 min ago	0.52 bp	9.3 bp −$9	18.9 bp −$189	109.6 bp −$11.0K	doesn't fit
Sell Hyperliquid live order book, 6 min ago	0.94 bp	7.9 bp −$8	doesn't fit	doesn't fit	doesn't fit

XPL on 36 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
Backpack XPL_USDC_PERP	−0.0605%	1h	0.09580	−0.010%	$180K	$242K	10x	as long as short
01 Exchange XPLUSD	−0.0432%	1h	0.09579	−0.021%	$557	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0249% / S +0.0577%	1h	0.09589	+0.082%	$105K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0167%	1h	0.09586	+0.052%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDC	−0.0005%	4h	0.09581	0.000%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09598	+0.173%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.981%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09589	+0.089%	$72K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0031%	4h	0.09582	+0.010%	$8.2M	$52.8M	50x	as long as short
Lighter XPL	+0.0032%	1h	0.09578	−0.031%	$4.3M	$4.2M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0053%	8h	0.09592	+0.116%	$12K	$2K	5x	as long as short
Gate XPL_USDT	+0.0080%	4h	0.09575	−0.063%	$2.9M	$3.7M	75x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09585	+0.042%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPLshort	+0.0100%	1h	0.09586	+0.053%	$60.2M	$48.1M	10x
Aster XPLUSDT	+0.0100%	4h	0.09586	+0.050%	$243K	$501K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09600	+0.197%	$219K	$48K	10x	as long as short
Binance XPLUSDTlong	+0.0100%	4h	0.09581	long leg	$43.3M	$108.6M	75x
Bybit XPLUSDT	+0.0100%	4h	0.09572	−0.094%	$45.4M	$56.7M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09540	−0.428%	$139K	$7K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09582	+0.010%	$12.3M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09584	+0.031%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09587	+0.063%	$8.5M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09572	−0.094%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09587	+0.059%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09616	+0.363%	$260K	$901K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09620	+0.407%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09592	+0.115%	$127K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09560	−0.219%	$3K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09580	−0.010%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09580	−0.010%	$144K	$264K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09581	−0.001%	$633K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09583	+0.023%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09608	+0.282%	$195K	$629K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09576	−0.052%	$1.7M	$1.0M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0672%	1h	0.09640	+0.616%	$74K	$93K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3572%	1h	0.09624	+0.446%	$546K	$1.0M	10x	as long as short