Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0016%/8h= −1.8% APRpaid last 24h −0.064%

Price spread now: Orderly against Hyperliquid−0.187%7-day average −0.179% · you buy dearer than you sell

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

Long on Hyperliquid Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.298%−$30 on $10k

Price spread, last 3 days (all we have)−0.245%−$24 · spread now −0.187%, 7d avg −0.179%

Together, before fees−0.543%+ Points / potential airdropHyperliquid: Season 2 · farm board−$54 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.179%, so right now this pair is about funding alone: $0 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid XPL	0.09828	0.0100	pay 0.0013% / 1h	25m 18s	$63.2M	$47.1M	10x
Short	Orderly PERP_XPL_USDC	0.09810	0.0083	get 0.0042% / 4h	2h 25m	$27K	$333K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.187%Rate

Funding earned: −$3.46
Price spread: −0.187% → −0.179%: −$0.79
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$19.25
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 8 min ago; Orderly: no order-book sample. 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 Hyperliquid live order book, 8 min ago	1.69 bp	7.8 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
GMX XPL/USD [WBTC.b-USDC]	L −0.0079% / S +0.0485%	1h	0.09812	−0.166%	$113K	—	100x	as long as short
Lighter XPL	−0.0056%	1h	0.09800	−0.289%	$4.4M	$4.3M	10x	as long as short
01 Exchange XPLUSD	−0.0016%	1h	0.09816	−0.126%	$571	$582	5x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09812	−0.165%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.973%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09817	−0.116%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09812	−0.168%	$72K	—	150x	as long as short
Backpack XPL_USDC_PERP	+0.0019%	1h	0.09818	−0.106%	$179K	$283K	10x	as long as short
Orderly PERP_XPL_USDCshort	+0.0083%	4h	0.09810	−0.187%	$27K	$333K	10x
Paradex XPL-USD-PERP	+0.0095%	8h	0.09813	−0.152%	$13K	$2K	5x	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	0.09813	−0.159%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPLlong	+0.0100%	1h	0.09828	long leg	$63.2M	$47.1M	10x
Aster XPLUSDT	+0.0100%	4h	0.09816	−0.123%	$254K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09817	−0.121%	$222K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09811	−0.177%	$44.3M	$104.7M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09812	−0.167%	$47.9M	$53.4M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09807	−0.218%	$9.1M	$53.4M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09740	−0.899%	$140K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09806	−0.228%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09811	−0.177%	$12.8M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09816	−0.126%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09814	−0.147%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09808	−0.208%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09812	−0.165%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09807	−0.218%	$265K	$786K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09810	−0.187%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09823	−0.051%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09790	−0.391%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09810	−0.187%	$208	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09798	−0.309%	$139K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09810	−0.186%	$664K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09813	−0.153%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09811	−0.177%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09825	−0.035%	$199K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09832	+0.037%	$74K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3464%	1h	0.09871	+0.435%	$519K	$940K	10x	as long as short