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% APRpaid last 24h +0.048%

Price spread now: Hyperliquid against OKX+0.161%7-day average +0.089% · you sell dearer than you buy

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$480.477% of the position

Long on OKX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.132%+$13 on $10k

Price spread, last 7 days−0.119%−$12 · spread now +0.161%, 7d avg +0.089%

Together, before fees+0.013%+ Points / potential airdropHyperliquid: Season 2 · farm board+$1 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 0.071% dearer against OKX than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.089%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX XPL-USDT-SWAP	0.09657	0.0100	pay 0.0050% / 4h	3h 54m	$8.3M	$49.4M	50x
Short	Hyperliquid XPL	0.09673	0.0100	get 0.0013% / 1h	54m 08s	$61.0M	$46.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against OKX. 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 OKXbpFee HyperliquidbpOrdersPrice spread, now +0.161%Rate

Funding earned: $0
Price spread: +0.161% → +0.089%: $7.1
Slippage, 4 orders: −$28.67
Fee OKX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$40.56
Costs to cover: 0.477%
Break-even: never at this rate

Slippage from OKX: live order book, 5 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 OKX live order book, 5 min ago	0.52 bp	13.4 bp −$13	40.4 bp −$404	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 9 min ago	0.98 bp	8.4 bp −$8	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	−0.0472%	1h	0.09659	+0.021%	$562	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0371%	1h	0.09655	−0.021%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0304% / S +0.0610%	1h	0.09662	+0.050%	$107K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0209%	1h	0.09660	+0.031%	$178K	$199K	10x	as long as short
Gate XPL_USDT	−0.0026%	4h	0.09658	+0.010%	$3.0M	$3.4M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09683	+0.267%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.602%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09663	+0.058%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0017%	4h	0.09653	−0.041%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERP	+0.0057%	8h	0.09677	+0.209%	$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
Lighter XPL	+0.0096%	1h	0.09652	−0.052%	$4.4M	$3.0M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09659	+0.023%	$1.2M	$2.6M	10x	as long as short
Hyperliquid XPLshort	+0.0100%	1h	0.09673	+0.161%	$61.0M	$46.7M	10x
Aster XPLUSDT	+0.0100%	4h	0.09670	+0.135%	$252K	$469K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09688	+0.323%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09666	+0.093%	$43.8M	$102.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09655	−0.021%	$45.7M	$54.6M	75x	as long as short
OKX XPL-USDT-SWAPlong	+0.0100%	4h	0.09657	long leg	$8.3M	$49.4M	50x
Bulk XPL-USD	+0.0100%	1h	0.09670	+0.134%	$141K	$5K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09654	−0.031%	$12.5M	$7.0M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09653	−0.041%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09665	+0.083%	$8.8M	$10.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09657	0.000%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09661	+0.039%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09665	+0.082%	$260K	$1.0M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09670	+0.135%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09672	+0.152%	$127K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09650	−0.072%	$3K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09650	−0.072%	$203	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09677	+0.207%	$142K	$206K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09652	−0.053%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09660	+0.029%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09681	+0.249%	$196K	$573K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09674	+0.176%	$1.7M	$987K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0640%	1h	0.09708	+0.528%	$75K	$85K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3106%	1h	0.09698	+0.423%	$550K	$974K	10x	as long as short