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 BingX+0.110%7-day average +0.100% · you sell dearer than you buy

Net, funding: paid 7d − costs−$33as in the Funding arb table

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

costs, in and out, $10k−$410.409% of the position

Long on BingX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.080%+$8 on $10k

Price spread, last 7 days−0.073%−$7 · spread now +0.110%, 7d avg +0.100%

Together, before fees+0.007%+ Points / potential airdropHyperliquid: Season 2 · farm board+$1 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX XPL-USDT	0.09596	0.0100	pay 0.0050% / 4h	1h 40m	—	$8.0M	—
Short	Hyperliquid XPL	0.09607	0.0100	get 0.0013% / 1h	40m 44s	$60.4M	$48.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BingX. 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 BingXbpFee HyperliquidbpOrdersPrice spread, now +0.110%Rate

Funding earned: $0
Price spread: +0.110% → +0.100%: $1.02
Slippage, 4 orders: −$21.92
Fee BingX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$39.9
Costs to cover: 0.409%
Break-even: never at this rate

Slippage from BingX: live order book, 12 min ago; Hyperliquid: live order book, 3 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 BingX live order book, 12 min ago	5.20 bp	13.8 bp −$14	28.2 bp −$282	89.2 bp −$8,918	doesn't fit
Sell Hyperliquid live order book, 3 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	−0.0606%	1h	0.09594	−0.021%	$181K	$242K	10x	as long as short
01 Exchange XPLUSD	−0.0432%	1h	0.09586	−0.104%	$557	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0271%	1h	0.09592	−0.042%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0247% / S +0.0576%	1h	0.09602	+0.066%	$106K	—	100x	as long as short
Orderly PERP_XPL_USDC	−0.0005%	4h	0.09592	−0.042%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09605	+0.090%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.106%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09602	+0.068%	$72K	—	150x	as long as short
Lighter XPL	+0.0032%	1h	0.09589	−0.073%	$4.3M	$4.2M	10x	as long as short
OKX XPL-USDT-SWAP	+0.0034%	4h	0.09602	+0.063%	$8.3M	$53.2M	50x	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	+0.0052%	8h	0.09608	+0.123%	$12K	$2K	5x	as long as short
Gate XPL_USDT	+0.0086%	4h	0.09597	+0.010%	$2.9M	$3.7M	75x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09599	+0.034%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPLshort	+0.0100%	1h	0.09607	+0.110%	$60.4M	$48.2M	10x
Aster XPLUSDT	+0.0100%	4h	0.09606	+0.101%	$244K	$500K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09605	+0.090%	$219K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09597	+0.010%	$43.4M	$108.6M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09591	−0.052%	$45.5M	$56.7M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09540	−0.583%	$139K	$7K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09597	+0.010%	$12.4M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09586	−0.104%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09602	+0.063%	$8.5M	$11.1M	75x	as long as short
BingX XPL-USDTlong	+0.0100%	4h	0.09596	long leg	—	$8.0M	—
Variational Omni XPL	+0.0100%	4h	0.09587	−0.098%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09616	+0.206%	$260K	$901K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09620	+0.250%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09610	+0.145%	$128K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09580	−0.167%	$2K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09590	−0.063%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09605	+0.094%	$144K	$264K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09597	+0.005%	$632K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09590	−0.063%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09573	−0.240%	$194K	$629K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09603	+0.073%	$1.7M	$1.0M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0672%	1h	0.09640	+0.459%	$74K	$93K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3569%	1h	0.09631	+0.364%	$546K	$1.0M	10x	as long as short