Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.041%

Price spread now: Hyperliquid against KuCoin+0.169%7-day average +0.087% · you sell dearer than you buy

Net, funding: paid 7d − costs−$81as in the Funding arb table

Net, price: spread back to 7d avg − costs−$80as in the Price arb table

costs, in and out, $10k−$890.886% of the position

Long on KuCoin Short on Hyperliquid

What this pair did over the last

the charts below follow

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

Price spread, last 7 days−0.058%−$6 · spread now +0.169%, 7d avg +0.087%

Together, before fees+0.016%+ Points / potential airdropHyperliquid: Season 2 · farm board+$2 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: Hyperliquid is 0.083% dearer against KuCoin than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of +0.087%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin XPLUSDTM	0.09499	0.0100	pay 0.0050% / 4h	3h 34m	$2.3M	$1.2M	50x
Short	Hyperliquid XPL	0.09515	0.0100	get 0.0013% / 1h	34m 31s	$60.2M	$45.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against KuCoin. 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 KuCoinbpFee HyperliquidbpOrdersPrice spread, now +0.169%Rate

Funding earned: $0
Price spread: +0.169% → +0.087%: $8.28
Slippage, 4 orders: −$67.65
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$80.37
Costs to cover: 0.886%
Break-even: never at this rate

Slippage from KuCoin: live order book, 2 min ago; Hyperliquid: live order book, 9 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 KuCoin live order book, 2 min ago	10.00 bp	26.9 bp −$27	145.6 bp −$1,456	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 9 min ago	0.37 bp	10.2 bp −$10	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	−0.1256%	1h	0.09492	−0.074%	$4.3M	$3.1M	10x	as long as short
01 Exchange XPLUSD	−0.0424%	1h	0.09493	−0.063%	$552	$873	5x	as long as short
Bybit XPLUSDT	−0.0383%	4h	0.09494	−0.053%	$45.1M	$54.2M	75x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0381%	1h	0.09499	0.000%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09505	+0.067%	$105K	—	100x	as long as short
Paradex XPL-USD-PERP	−0.0108%	8h	0.09495	−0.037%	$12K	$696	5x	as long as short
Gate XPL_USDT	−0.0062%	4h	0.09502	+0.032%	$2.9M	$3.3M	75x	as long as short
Backpack XPL_USDC_PERP	−0.0050%	1h	0.09501	+0.021%	$178K	$179K	10x	as long as short
OKX XPL-USDT-SWAP	−0.0034%	4h	0.09492	−0.074%	$7.6M	$47.3M	50x	as long as short
Orderly PERP_XPL_USDC	−0.0026%	4h	0.09498	−0.011%	$30K	$255K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX XPL-USD	0.0000%	1h	0.09506	+0.072%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.299%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09506	+0.072%	$72K	—	150x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09499	0.000%	$1.3M	$2.2M	10x	as long as short
Hyperliquid XPLshort	+0.0100%	1h	0.09515	+0.169%	$60.2M	$45.7M	10x
Aster XPLUSDT	+0.0100%	4h	0.09506	+0.078%	$251K	$402K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09509	+0.111%	$217K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09495	−0.041%	$43.3M	$98.0M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09510	+0.116%	$139K	$0	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09500	+0.011%	$12.5M	$6.5M	100x	as long as short
KuCoin XPLUSDTMlong	+0.0100%	4h	0.09499	long leg	$2.3M	$1.2M	50x
Bitget XPLUSDT	+0.0100%	4h	0.09501	+0.021%	$9.0M	$9.9M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09497	−0.021%	—	$7.8M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09502	+0.031%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09509	+0.105%	$254K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09510	+0.116%	$25K	$73K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09505	+0.063%	$125K	$1.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09480	−0.200%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09500	+0.011%	$192	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09500	+0.011%	$131K	$212K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09495	−0.042%	$588K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09495	−0.042%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09520	+0.221%	$193K	$494K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09495	−0.042%	$1.7M	$928K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0536%	1h	0.09596	+1.021%	$64K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2723%	1h	0.09525	+0.269%	$541K	$957K	10x	as long as short