Funding arb · Price arb /

XPL

all XPL markets

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: HTX against Hyperliquid−0.145%7-day average −0.163% · you buy dearer than you sell

Net, funding: paid 7d − costs−$75as in the Funding arb table

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$850.854% of the position

Long on Hyperliquid Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.100%+$10 on $10k

Price spread, last 3 days (all we have)−0.190%−$19 · spread now −0.145%, 7d avg −0.163%

Together, before fees−0.090%+ Points / potential airdropHyperliquid: Season 2 · farm board−$9 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid XPL	0.09715	0.0100	pay 0.0013% / 1h	24m 44s	$62.7M	$48.1M	10x
Short	HTX XPL-USDT	0.09701	0.0100	get 0.0050% / 4h	24m 44s	$138K	$233K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.145%Rate

Funding earned: $0
Price spread: −0.145% → −0.163%: $1.82
Slippage, 4 orders: −$64.36
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee HTX: 6 bp × 2 orders: −$12
Net: −$83.54
Costs to cover: 0.854%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 9 min ago; HTX: live order book, 52 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, 9 min ago	0.05 bp	5.2 bp −$5	doesn't fit	doesn't fit	doesn't fit
Sell HTX live order book, 52 min ago	26.28 bp	38.8 bp −$39	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	−0.0544%	1h	0.09695	−0.207%	$4.4M	$4.2M	10x	as long as short
01 Exchange XPLUSD	−0.0392%	1h	0.09693	−0.227%	$564	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0162%	1h	0.09709	−0.063%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0137% / S +0.0523%	1h	0.09709	−0.065%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09701	−0.150%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.076%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09708	−0.070%	$76K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0020%	8h	0.09701	−0.141%	$13K	$2K	5x	as long as short
Orderly PERP_XPL_USDC	+0.0050%	4h	0.09704	−0.114%	$29K	$335K	10x	as long as short
Gate XPL_USDT	+0.0064%	4h	0.09704	−0.114%	$3.0M	$4.0M	75x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XPL-PERP	+0.0100%	1h	0.09701	−0.145%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPLlong	+0.0100%	1h	0.09715	long leg	$62.7M	$48.1M	10x
Aster XPLUSDT	+0.0100%	4h	0.09713	−0.018%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09704	−0.112%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09693	−0.231%	$44.1M	$108.3M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09694	−0.217%	$47.1M	$55.4M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09691	−0.248%	$8.7M	$54.2M	50x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09707	−0.083%	$12.7M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09709	−0.063%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09700	−0.155%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09691	−0.248%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09706	−0.094%	$179K	$281K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09715	+0.003%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09720	+0.050%	$260K	$806K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09730	+0.153%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09711	−0.041%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09680	−0.361%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09710	−0.052%	$204	$10K	10x	as long as short
HTX XPL-USDTshort	+0.0100%	4h	0.09701	−0.145%	$138K	$233K	20x
Bulk XPL-USD	+0.0100%	1h	0.09700	−0.157%	$141K	$9K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09688	−0.279%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09710	−0.052%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0327%	1h	0.09734	+0.195%	$197K	$651K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09705	−0.104%	$1.7M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09825	+1.131%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5111%	1h	0.09767	+0.536%	$563K	$1.0M	10x	as long as short