Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against MEXC+0.053%7-day average +0.031% · you sell dearer than you buy

Net, funding: paid 7d − costs−$87as in the Funding arb table

Net, price: spread back to 7d avg − costs−$77as in the Price arb table

costs, in and out, $10k−$790.794% of the position

Long on MEXC Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.074%−$7 on $10k

Price spread, last 4 days (all we have)−0.104%−$10 · spread now +0.053%, 7d avg +0.031%

Together, before fees−0.178%+ Points / potential airdropHyperliquid: Season 2 · farm board−$18 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 0.021% dearer against MEXC than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of +0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC IO_USDT	0.1521	0.0100	pay 0.0050% / 4h	2h 23m	$1.2M	$229K	125x
Short	Hyperliquid IO	0.1522	0.0100	get 0.0013% / 1h	23m 52s	$1.0M	$386K	3x

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

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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 +0.053%Rate

Funding earned: $0
Price spread: +0.053% → +0.031%: $2.13
Slippage, 4 orders: −$66.39
Fee MEXC: 2 bp × 2 orders: −$4
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$77.26
Costs to cover: 0.794%
Break-even: never at this rate

Slippage from MEXC: live order book, 2 min ago; Hyperliquid: live order book, 6 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	6.57 bp	22.6 bp −$23	178.0 bp −$1,780	375.1 bp −$37.5K	doesn't fit
Sell Hyperliquid live order book, 6 min ago	1.31 bp	15.3 bp −$15	doesn't fit	doesn't fit	doesn't fit

IO on 13 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
Hyperliquid IOshort	+0.0100%	1h	0.1522	+0.053%	$1.0M	$386K	3x
Aster IOUSDT	+0.0100%	4h	0.1523	+0.137%	$6K	$32K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1523	+0.131%	$3.0M	$6.6M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1520	−0.059%	$1.1M	$914K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1520	−0.039%	$236K	$560K	50x	as long as short
MEXC IO_USDTlong	+0.0100%	4h	0.1521	long leg	$1.2M	$229K	125x
KuCoin IOUSDTM	+0.0100%	4h	0.1523	+0.131%	$356K	$679K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1523	+0.131%	$1.3M	$1.2M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1522	+0.066%	—	$1.3M	—	as long as short
Variational Omni IO	+0.0100%	4h	0.1523	+0.148%	$33K	$13K	—	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended IO-USD	+0.0104%	1h	0.1522	+0.039%	$3K	$132K	5x	as long as short
Injective IO/USDC PERP	+0.1587%	1h	0.1502	−1.249%	$2K	$201	5.5x	as long as short
Kraken Futures PF_IOUSD	+2.1524%	1h	0.1521	+0.024%	$39K	$18K	10x	as long as short