Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.048%

Price spread now: Pacifica against Hyperliquid−0.129%7-day average −0.099% · you buy dearer than you sell

Net, funding: paid 7d − costs−$94as in the Funding arb table

Net, price: spread back to 7d avg − costs−$90as in the Price arb table

costs, in and out, $10k−$870.865% of the position

Long on Hyperliquid Short on Pacifica

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)+0.027%+$3 · spread now −0.129%, 7d avg −0.099%

Together, before fees−0.048%+ Points / potential airdropHyperliquid: Season 2 · Pacifica: Active · farm board−$5 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: Pacifica is 0.030% cheaper against Hyperliquid than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.099%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid XPL	0.09687	0.0100	pay 0.0013% / 1h	59m 41s	$61.1M	$46.9M	10x
Short	Pacifica XPL	0.09675	0.0100	get 0.0013% / 1h	59m 41s	$221K	$46K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now −0.129%Rate

Funding earned: $0
Price spread: −0.129% → −0.099%: −$2.96
Slippage, 4 orders: −$69.54
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$89.5
Costs to cover: 0.865%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 4 min ago; Pacifica: live order book, 58 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, 4 min ago	0.98 bp	15.9 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell Pacifica live order book, 58 min ago	15.70 bp	39.2 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
01 Exchange XPLUSD	−0.0544%	1h	0.09657	−0.311%	$561	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0304% / S +0.0610%	1h	0.09677	−0.099%	$107K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0147%	1h	0.09671	−0.166%	$179K	$223K	10x	as long as short
Bybit XPLUSDT	−0.0090%	4h	0.09672	−0.156%	$45.8M	$54.6M	75x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0060%	1h	0.09675	−0.125%	$46K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09680	−0.071%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.846%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09678	−0.098%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0017%	4h	0.09669	−0.187%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERP	+0.0057%	8h	0.09677	−0.099%	$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
Gate XPL_USDT	+0.0084%	4h	0.09674	−0.135%	$3.0M	$3.4M	75x	as long as short
Lighter XPL	+0.0096%	1h	0.09672	−0.156%	$4.4M	$3.0M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09673	−0.140%	$1.2M	$2.6M	10x	as long as short
Hyperliquid XPLlong	+0.0100%	1h	0.09687	long leg	$61.1M	$46.9M	10x
Aster XPLUSDT	+0.0100%	4h	0.09684	−0.031%	$252K	$468K	20x	as long as short
Pacifica XPLshort	+0.0100%	1h	0.09675	−0.129%	$221K	$46K	10x
Binance XPLUSDT	+0.0100%	4h	0.09676	−0.115%	$43.9M	$102.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09671	−0.166%	$8.3M	$49.5M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09631	−0.576%	$140K	$5K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09674	−0.135%	$12.5M	$7.0M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09666	−0.218%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09682	−0.053%	$8.8M	$10.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09671	−0.166%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09669	−0.189%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09656	−0.320%	$258K	$1.0M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09670	−0.177%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09682	−0.050%	$126K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09650	−0.383%	$2K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09670	−0.177%	$203	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09675	−0.125%	$141K	$206K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09670	−0.176%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09671	−0.162%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09670	−0.177%	$196K	$617K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09670	−0.177%	$1.8M	$987K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09698	+0.113%	$75K	$84K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3284%	1h	0.09715	+0.287%	$551K	$977K	10x	as long as short