Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: Hyperliquid against Bybit+0.167%7-day average +0.109% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.181%+$18 on $10k

Price spread, last 7 days−0.122%−$12 · spread now +0.167%, 7d avg +0.109%

Together, before fees+0.058%+ Points / potential airdropHyperliquid: Season 2 · farm board+$6 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 0.058% dearer against Bybit than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.109%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit XPLUSDT	0.09799	0.0100	pay 0.0050% / 4h	51m 28s	$48.1M	$55.0M	75x
Short	Hyperliquid XPL	0.09815	0.0100	get 0.0013% / 1h	51m 28s	$63.4M	$47.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bybit. 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 BybitbpFee HyperliquidbpOrdersPrice spread, now +0.167%Rate

Funding earned: $0
Price spread: +0.167% → +0.109%: $5.79
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$14.21
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 2 min ago; Hyperliquid: live order book, 12 min ago. Net counts fees only.

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 Bybit live order book, 2 min ago	0.51 bp	13.1 bp −$13	36.5 bp −$365	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 12 min ago	0.51 bp	11.8 bp −$12	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
Lighter XPL	−0.0376%	1h	0.09800	+0.010%	$4.4M	$4.1M	10x	as long as short
01 Exchange XPLUSD	−0.0256%	1h	0.09801	+0.020%	$570	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0158%	1h	0.09812	+0.133%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0125% / S +0.0515%	1h	0.09804	+0.047%	$113K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09808	+0.093%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.742%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09804	+0.048%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0063%	4h	0.09797	−0.020%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0082%	8h	0.09802	+0.027%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09802	+0.033%	$1.4M	$2.6M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid XPLshort	+0.0100%	1h	0.09815	+0.167%	$63.4M	$47.9M	10x
Aster XPLUSDT	+0.0100%	4h	0.09809	+0.102%	$254K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09811	+0.120%	$223K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09798	−0.010%	$44.4M	$107.7M	75x	as long as short
Bybit XPLUSDTlong	+0.0100%	4h	0.09799	long leg	$48.1M	$55.0M	75x
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09799	0.000%	$8.9M	$54.6M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09798	−0.010%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09801	+0.020%	$12.8M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09805	+0.061%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09810	+0.112%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09798	−0.010%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09812	+0.133%	$178K	$279K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09788	−0.110%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09812	+0.131%	$261K	$787K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09820	+0.214%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09810	+0.107%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09790	−0.092%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09810	+0.112%	$451	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09811	+0.122%	$139K	$246K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09790	−0.092%	$143K	$9K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09801	+0.024%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09810	+0.112%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0327%	1h	0.09824	+0.255%	$199K	$651K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09816	+0.173%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09825	+0.265%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5065%	1h	0.09857	+0.592%	$567K	$1.0M	10x	as long as short