Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0659%/8h= −72.2% APRpaid last 24h −0.181%

Price spread now: MEXC against Hyperliquid+0.063%7-day average −0.100% · you sell dearer than you buy

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$1as in the Price arb table

costs, in and out, $10k−$180.175% of the position

Long on Hyperliquid Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.410%−$41 on $10k

Price spread, last 7 days−0.051%−$5 · spread now +0.063%, 7d avg −0.100%

Together, before fees−0.461%+ Points / potential airdropHyperliquid: Season 2 · farm board−$46 on $10k · with fees, hour by hour

The price spread pays, funding is against you. MEXC is 0.163% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.063% now, against its 7-day average of −0.100%): +$16 on $10k if it goes back. Holding the pair costs −$20 a day in funding at the current rate, which eats that in about 20 hours. At the pace of the last 7 days (−0.410% in total) that is about 2.8 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.410% in total (about -21.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid NEAR	4.4402	0.0759	pay 0.0095% / 1h	4m 20s	$369.0M	$325.7M	10x
Short	MEXC NEAR_USDT	4.4430	0.0100	get 0.0100% / 8h	5h 04m	$75.2M	$150.2M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Hyperliquid. 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 HyperliquidbpFee MEXCbpOrdersPrice spread, now +0.063%Rate

Funding earned: −$138.49
Price spread: +0.063% → −0.100%: $16.34
Slippage, 4 orders: −$8.55
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee MEXC: 0 bp × 2 orders: $0
Net: −$139.7
Costs to cover: 0.175%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 min ago; MEXC: live order book, 5 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 Hyperliquid live order book, 10 min ago	1.64 bp	6.9 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 5 min ago	1.10 bp	2.4 bp −$2	4.2 bp −$42	48.4 bp −$4,839	90.1 bp −$45.1K

NEAR on 45 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
Reya NEARRUSDPERP	−0.0171%	1h	4.4362	−0.089%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0016%	1h	4.4520	+0.266%	$2.2M	$15.5M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.4468	+0.149%	$110K	$70K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.4580	+0.401%	$584K	$21.8M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.4416	+0.032%	$166K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−6.738%	$578	$302K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.4380	−0.050%	$115K	$516K	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.4495	+0.208%	$425K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.4443	+0.093%	$272.7M	$1.12B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.4408	+0.014%	$222.5M	$428.9M	75x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.4400	−0.005%	$63.4M	$304.3M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.4470	+0.152%	$253K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.4404	+0.005%	$32.2M	$65.3M	75x	as long as short
MEXC NEAR_USDTshort	+0.0100%	8h	4.4430	+0.063%	$75.2M	$150.2M	200x
KuCoin NEARUSDTM	+0.0100%	8h	4.4370	−0.072%	$54.9M	$46.2M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.4435	+0.074%	$73.2M	$131.1M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.4420	+0.041%	—	$147.0M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.4486	+0.190%	$8.6M	$18.2M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.4994	+1.334%	$270K	$977K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.5311	+2.047%	$1.5M	$1.4M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.5320	+2.067%	$174K	$797K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.4400	−0.005%	$256K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.4436	+0.077%	$57K	$237K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.4510	+0.243%	$1K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.4478	+0.171%	$8K	$53K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.4620	+0.491%	$457K	$4.1M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.4600	+0.446%	$3.8M	$8.4M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0102%	8h	4.4425	+0.052%	$32K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.4470	+0.153%	$207K	$40K	3x	as long as short
Extended NEAR-USD	+0.0200%	1h	4.4386	−0.035%	$4.0M	$19.5M	25x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.4500	+0.221%	$14.0M	$33.4M	75x	as long as short
Aster NEARUSDT	+0.0281%	8h	4.4418	+0.035%	$3.1M	$5.5M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0352% / S −0.0235%	1h	4.4411	+0.020%	$266K	—	100x	as long as short
01 Exchange NEARUSD	+0.0384%	1h	4.4405	+0.007%	$13K	$7K	10x	as long as short
Arcus NEAR-USD	+0.0410%	1h	4.4480	+0.176%	$215K	$1.8M	10x	as long as short
Nado NEAR-PERP	+0.0481%	1h	4.4336	−0.149%	$1.9M	$3.2M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0493%	1h	4.4458	+0.126%	$1.9M	$4.5M	25x	as long as short
Backpack NEAR_USDC_PERP	+0.0536%	1h	4.4509	+0.241%	$1.4M	$6.7M	20x	as long as short
Kraken Futures PF_NEARUSD	+0.0691%	1h	4.4563	+0.362%	$8.3M	$41.3M	50x	as long as short
Lighter RH NEAR	+0.0696%	1h	4.4511	+0.245%	$1.5M	$7.2M	10x	as long as short
Hyperliquid NEARlong	+0.0759%	1h	4.4402	long leg	$369.0M	$325.7M	10x
Phoenix NEAR	+0.0855%	1h	4.5453	+2.367%	$1.9M	$2.7M	10x	as long as short
RISEx NEAR/USDC	+0.0924%	1h	4.4432	+0.067%	$570K	$1.4M	10x	as long as short
Lighter NEAR	+0.1120%	1h	4.4531	+0.291%	$17.9M	$27.1M	15x	as long as short
Aftermath Perps NEARUSD	+0.1646%	1h	4.4963	+1.264%	$6K	$12K	10x	as long as short