Funding arb · Price arb /

NOT

all NOT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: MEXC against Hyperliquid+0.040%7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$93as in the Funding arb table

Net, price: spread back to 7d avg − costs−$111as in the Price arb table

costs, in and out, $10k−$1141.140% of the position

Long on Hyperliquid Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.213%+$21 on $10k

Price spread, last 4 days (all we have)+0.024%+$2 · spread now +0.040%, 7d avg +0.005%

Together, before fees+0.237%+ Points / potential airdropHyperliquid: Season 2 · farm board+$24 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: MEXC is 0.034% dearer against Hyperliquid than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid NOT	0.0005060	0.0100	pay 0.0013% / 1h	36m 39s	$369K	$51K	3x
Short	MEXC NOT_USDT	0.0005062	0.0100	get 0.0050% / 4h	1h 36m	$1.3M	$439K	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 +0.040%Rate

Funding earned: $0
Price spread: +0.040% → +0.005%: $3.44
Slippage, 4 orders: −$101.01
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$110.57
Costs to cover: 1.140%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 63 min ago; MEXC: live order book, 10 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, 63 min ago	19.72 bp	60.8 bp −$61	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 10 min ago	0.99 bp	9.9 bp −$10	46.4 bp −$464	87.4 bp −$8,743	108.0 bp −$54.0K

NOT on 16 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
Variational Omni NOT	−0.0336%	4h	0.0005057	−0.059%	$71K	$39K	—	as long as short
KuCoin NOTUSDTM	−0.0192%	4h	0.0005058	−0.040%	$465K	$129K	50x	as long as short
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−3.676%	$1K	$13K	5.5x	as long as short
BloFin NOT-USDT	+0.0050%	4h	0.0005062	+0.040%	$111K	$16K	50x	as long as short
Bybit NOTUSDT	+0.0079%	4h	0.0005060	0.000%	$2.1M	$862K	25x	as long as short
Lighter 1000NOT	+0.0096%	1h	0.0005073	+0.259%	$11K	$4K	3x	as long as short
Hyperliquid NOTlong	+0.0100%	1h	0.0005060	long leg	$369K	$51K	3x
Aster NOTUSDT	+0.0100%	4h	0.0005061	+0.024%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005064	+0.075%	$2.1M	$3.1M	50x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005063	+0.059%	$633K	$652K	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate NOT_USDT	+0.0100%	4h	0.0005059	−0.020%	$143K	$68K	50x	as long as short
MEXC NOT_USDTshort	+0.0100%	4h	0.0005062	+0.040%	$1.3M	$439K	200x
Bitget NOTUSDT	+0.0100%	4h	0.0005064	+0.079%	$672K	$411K	50x	as long as short
BingX NOT-USDT	+0.0100%	4h	0.0005061	+0.020%	—	$8.8M	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005062	+0.042%	$4K	$491	5x	as long as short
Kraken Futures PF_NOTUSD	+0.1954%	1h	0.0005063	+0.054%	$49K	$9K	10x	as long as short