Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.042%

Price spread now: Hyperliquid against Pacifica+0.267%7-day average +0.099% · you sell dearer than you buy

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$760.757% of the position

Long on Pacifica 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 4 days (all we have)−0.143%−$14 · spread now +0.267%, 7d avg +0.099%

Together, before fees−0.069%+ Points / potential airdropPacifica: Active · Hyperliquid: Season 2 · farm board−$7 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 0.168% dearer against Pacifica than usual: you sell high and buy low, +$17 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	Pacifica XPL	0.09565	0.0100	pay 0.0013% / 1h	0m 52s	$219K	$46K	10x
Short	Hyperliquid XPL	0.09591	0.0100	get 0.0013% / 1h	0m 52s	$60.6M	$46.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Pacifica. 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 PacificabpFee HyperliquidbpOrdersPrice spread, now +0.267%Rate

Funding earned: $0
Price spread: +0.267% → +0.099%: $16.81
Slippage, 4 orders: −$58.69
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$58.88
Costs to cover: 0.757%
Break-even: never at this rate

Slippage from Pacifica: live order book, 37 min ago; Hyperliquid: live order book, 3 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 Pacifica live order book, 37 min ago	10.47 bp	27.4 bp −$27	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 3 min ago	0.26 bp	11.3 bp −$11	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	−0.1344%	1h	0.09558	−0.073%	$4.3M	$3.2M	10x	as long as short
01 Exchange XPLUSD	−0.0448%	1h	0.09551	−0.146%	$555	$873	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0234% / S +0.0570%	1h	0.09579	+0.151%	$106K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0167%	1h	0.09579	+0.146%	$46K	$18K	25x	as long as short
Bybit XPLUSDT	−0.0054%	4h	0.09561	−0.042%	$45.5M	$53.8M	75x	as long as short
Paradex XPL-USD-PERP	−0.0047%	8h	0.09554	−0.119%	$12K	$696	5x	as long as short
Orderly PERP_XPL_USDC	−0.0026%	4h	0.09573	+0.084%	$30K	$277K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09562	−0.030%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.849%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09580	+0.154%	$72K	—	150x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX XPL-USDT-SWAP	+0.0020%	4h	0.09561	−0.042%	$7.7M	$47.6M	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09568	+0.031%	$1.3M	$2.2M	10x	as long as short
Hyperliquid XPLshort	+0.0100%	1h	0.09591	+0.267%	$60.6M	$46.1M	10x
Aster XPLUSDT	+0.0100%	4h	0.09574	+0.099%	$253K	$406K	20x	as long as short
Pacifica XPLlong	+0.0100%	1h	0.09565	long leg	$219K	$46K	10x
Binance XPLUSDT	+0.0100%	4h	0.09561	−0.037%	$43.3M	$97.7M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09563	−0.019%	$139K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09569	+0.042%	$2.9M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09568	+0.031%	$12.5M	$6.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09578	+0.136%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09577	+0.125%	$9.0M	$9.8M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09562	−0.031%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09579	+0.146%	$179K	$180K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09553	−0.123%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09571	+0.062%	$257K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09580	+0.157%	$25K	$75K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09581	+0.162%	$126K	$1.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09550	−0.157%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09570	+0.052%	$194	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09565	0.000%	$132K	$212K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09563	−0.024%	$595K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09571	+0.068%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0249%	1h	0.09583	+0.188%	$194K	$495K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09571	+0.063%	$1.7M	$931K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0808%	1h	0.09596	+0.324%	$64K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2734%	1h	0.09596	+0.325%	$542K	$940K	10x	as long as short