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% APRnext payment +$0.00 per $10,000 · paid last 24h −0.048%

Price spread now: SoDEX against Hyperliquid−0.150%7-day average — · you buy dearer than you sell

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

Long on Hyperliquid Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: SoDEX is 0.150% cheaper against Hyperliquid than usual: you would sell low and buy high, −$15 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid XPL	0.09624	0.0100	pay 0.0013% / 1h	12m 10s	$60.4M	$48.3M	10x
Short	SoDEX XPL-USD	0.09610	0.0100	get 0.0013% / 1h	12m 10s	$2K	$11K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.150%Rate

Funding earned: $0
Price spread: −0.150% → 0.000%: −$14.96
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$31.96
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 11 min ago; SoDEX: 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, 11 min ago	1.03 bp	9.8 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell SoDEX no order-book sample	—	—	—	—	—

SoDEX: 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
01 Exchange XPLUSD	−0.0384%	1h	0.09599	−0.264%	$558	$708	5x	as long as short
Backpack XPL_USDC_PERP	−0.0272%	1h	0.09615	−0.098%	$178K	$231K	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0270%	1h	0.09613	−0.118%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0267% / S +0.0587%	1h	0.09617	−0.074%	$106K	—	100x	as long as short
Bybit XPLUSDT	−0.0112%	4h	0.09601	−0.243%	$45.5M	$56.7M	75x	as long as short
Orderly PERP_XPL_USDC	−0.0001%	4h	0.09610	−0.150%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09617	−0.081%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.339%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09617	−0.072%	$73K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0058%	4h	0.09610	−0.150%	$8.3M	$52.4M	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	+0.0060%	8h	0.09611	−0.136%	$12K	$2K	5x	as long as short
Lighter XPL	+0.0096%	1h	0.09605	−0.202%	$4.3M	$4.2M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09612	−0.129%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPLlong	+0.0100%	1h	0.09624	long leg	$60.4M	$48.3M	10x
Aster XPLUSDT	+0.0100%	4h	0.09618	−0.065%	$244K	$497K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09620	−0.048%	$219K	$48K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09606	−0.188%	$43.5M	$108.3M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09643	+0.198%	$140K	$5K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09611	−0.139%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09607	−0.181%	$12.5M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09612	−0.129%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09617	−0.077%	$8.5M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09609	−0.160%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09645	+0.210%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09649	+0.251%	$254K	$930K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09660	+0.370%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09618	−0.065%	$128K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09590	−0.357%	$2K	$1.9M	20x	as long as short
SoDEX XPL-USDshort	+0.0100%	1h	0.09610	−0.150%	$2K	$11K	10x
HTX XPL-USDT	+0.0100%	4h	0.09642	+0.183%	$145K	$263K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09609	−0.160%	$636K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09612	−0.132%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09660	+0.370%	$196K	$629K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09630	+0.058%	$1.7M	$1.0M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0672%	1h	0.09670	+0.474%	$75K	$93K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3561%	1h	0.09652	+0.289%	$547K	$1.0M	10x	as long as short