Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.048%

Price spread now: Hyperliquid against MEXC+0.074%7-day average +0.091% · you sell dearer than you buy

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$330.326% of the position

Long on MEXC Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.104%+$10 on $10k

Price spread, last 7 days−0.023%−$2 · spread now +0.074%, 7d avg +0.091%

Together, before fees+0.080%+ Points / potential airdropHyperliquid: Season 2 · farm board+$8 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC XPL_USDT	0.09697	0.0100	pay 0.0050% / 4h	1h 26m	$12.6M	$7.6M	100x
Short	Hyperliquid XPL	0.09704	0.0100	get 0.0013% / 1h	26m 45s	$62.7M	$47.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against MEXC. 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 MEXCbpFee HyperliquidbpOrdersPrice spread, now +0.074%Rate

Funding earned: $0
Price spread: +0.074% → +0.091%: −$1.71
Slippage, 4 orders: −$23.59
Fee MEXC: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$34.31
Costs to cover: 0.326%
Break-even: never at this rate

Slippage from MEXC: live order book, 2 min ago; Hyperliquid: live order book, 7 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 MEXC live order book, 2 min ago	0.52 bp	1.7 bp −$2	5.2 bp −$52	96.2 bp −$9,619	241.4 bp −$120.7K
Sell Hyperliquid live order book, 7 min ago	0.36 bp	15.5 bp −$16	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
Backpack XPL_USDC_PERP	−0.0363%	1h	0.09700	+0.031%	$176K	$281K	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0265%	1h	0.09708	+0.113%	$47K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0216%	1h	0.09695	−0.021%	$564	$708	5x	as long as short
Lighter XPL	−0.0208%	1h	0.09680	−0.175%	$4.4M	$4.1M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0107% / S +0.0503%	1h	0.09708	+0.115%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09702	+0.054%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−21.931%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09707	+0.105%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0073%	4h	0.09706	+0.093%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0084%	8h	0.09686	−0.111%	$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	0.09701	+0.039%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPLshort	+0.0100%	1h	0.09704	+0.074%	$62.7M	$47.7M	10x
Aster XPLUSDT	+0.0100%	4h	0.09700	+0.036%	$251K	$526K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09698	+0.010%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09684	−0.132%	$43.6M	$106.5M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09691	−0.062%	$47.0M	$54.2M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09692	−0.052%	$8.9M	$53.5M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09688	−0.091%	$141K	$10K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09693	−0.041%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDTlong	+0.0100%	4h	0.09697	long leg	$12.6M	$7.6M	100x
KuCoin XPLUSDTM	+0.0100%	4h	0.09703	+0.062%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09698	+0.010%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09691	−0.062%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09693	−0.038%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09720	+0.238%	$259K	$787K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09730	+0.340%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09717	+0.206%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09690	−0.072%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09700	+0.031%	$446	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09713	+0.165%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09695	−0.023%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09714	+0.176%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09691	−0.062%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09712	+0.155%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09760	+0.650%	$72K	$104K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4603%	1h	0.09752	+0.569%	$560K	$989K	10x	as long as short