Funding arb · Price arb /

XPL

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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: Aster against Hyperliquid−0.048%7-day average −0.093% · you buy dearer than you sell

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$510.511% of the position

Long on Hyperliquid Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.075%−$7 on $10k

Price spread, last 4 days (all we have)−0.015%−$1 · spread now −0.048%, 7d avg −0.093%

Together, before fees−0.089%+ Points / potential airdropHyperliquid: Season 2 · Aster: Stage 5 · farm board−$9 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: Aster is 0.045% dearer against Hyperliquid than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.093%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid XPL	0.09600	0.0100	pay 0.0013% / 1h	41m 36s	$60.3M	$48.2M	10x
Short	Aster XPLUSDT	0.09596	0.0100	get 0.0050% / 4h	1h 41m	$244K	$500K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster 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 AsterbpOrdersPrice spread, now −0.048%Rate

Funding earned: $0
Price spread: −0.048% → −0.093%: $4.54
Slippage, 4 orders: −$34.11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Aster: 4 bp × 2 orders: −$8
Net: −$46.57
Costs to cover: 0.511%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 12 min ago; Aster: live order book, 21 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, 12 min ago	0.05 bp	5.7 bp −$6	doesn't fit	doesn't fit	doesn't fit
Sell Aster live order book, 21 min ago	5.17 bp	15.6 bp −$16	122.7 bp −$1,227	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	−0.0603%	1h	0.09621	+0.215%	$180K	$242K	10x	as long as short
01 Exchange XPLUSD	−0.0432%	1h	0.09586	−0.150%	$557	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0246% / S +0.0575%	1h	0.09625	+0.256%	$106K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0062%	1h	0.09622	+0.225%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDC	−0.0004%	4h	0.09616	+0.162%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09596	−0.043%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.141%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09626	+0.268%	$73K	—	150x	as long as short
Lighter XPL	+0.0024%	1h	0.09581	−0.202%	$4.3M	$4.2M	10x	as long as short
OKX XPL-USDT-SWAP	+0.0035%	4h	0.09600	−0.004%	$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	0.09590	−0.105%	$12K	$2K	5x	as long as short
Gate XPL_USDT	+0.0098%	4h	0.09594	−0.067%	$2.9M	$3.7M	75x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09599	−0.012%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPLlong	+0.0100%	1h	0.09600	long leg	$60.3M	$48.2M	10x
Aster XPLUSDTshort	+0.0100%	4h	0.09596	−0.048%	$244K	$500K	20x
Pacifica XPL	+0.0100%	1h	0.09596	−0.041%	$219K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09597	−0.035%	$43.4M	$108.7M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09598	−0.025%	$45.5M	$56.8M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09540	−0.629%	$139K	$7K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09589	−0.119%	$12.4M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09597	−0.035%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09598	−0.025%	$8.5M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09593	−0.077%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09526	−0.777%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09616	+0.161%	$260K	$901K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09620	+0.204%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09633	+0.335%	$128K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09600	−0.004%	$2K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09620	+0.204%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09605	+0.048%	$144K	$264K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09592	−0.087%	$632K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09615	+0.152%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09573	−0.285%	$194K	$629K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09590	−0.108%	$1.7M	$1.0M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0672%	1h	0.09640	+0.412%	$74K	$93K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3559%	1h	0.09659	+0.606%	$548K	$1.0M	10x	as long as short