Funding arb · Price arb /

NOT

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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: Hyperliquid against MEXC−0.040%7-day average −0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$135as in the Funding arb table

Net, price: spread back to 7d avg − costs−$117as in the Price arb table

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

Long on MEXC Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.213%−$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: Hyperliquid is 0.034% cheaper against MEXC than usual: you would sell low and buy high, −$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	MEXC NOT_USDT	0.0005062	0.0100	pay 0.0050% / 4h	1h 36m	$1.3M	$439K	200x
Short	Hyperliquid NOT	0.0005060	0.0100	get 0.0013% / 1h	36m 32s	$369K	$51K	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 −0.040%Rate

Funding earned: $0
Price spread: −0.040% → −0.005%: −$3.44
Slippage, 4 orders: −$101.01
Fee MEXC: 2 bp × 2 orders: −$4
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$117.45
Costs to cover: 1.140%
Break-even: never at this rate

Slippage from MEXC: live order book, 10 min ago; Hyperliquid: live order book, 63 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, 10 min ago	0.99 bp	9.4 bp −$9	52.6 bp −$526	93.4 bp −$9,336	114.5 bp −$57.3K
Sell Hyperliquid live order book, 63 min ago	19.72 bp	33.9 bp −$34	doesn't fit	doesn't fit	doesn't fit

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	−0.099%	$71K	$39K	—	as long as short
KuCoin NOTUSDTM	−0.0192%	4h	0.0005058	−0.079%	$465K	$129K	50x	as long as short
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−3.714%	$1K	$13K	5.5x	as long as short
BloFin NOT-USDT	+0.0050%	4h	0.0005062	0.000%	$111K	$16K	50x	as long as short
Bybit NOTUSDT	+0.0079%	4h	0.0005060	−0.040%	$2.1M	$862K	25x	as long as short
Lighter 1000NOT	+0.0096%	1h	0.0005073	+0.219%	$11K	$4K	3x	as long as short
Hyperliquid NOTshort	+0.0100%	1h	0.0005060	−0.040%	$369K	$51K	3x
Aster NOTUSDT	+0.0100%	4h	0.0005061	−0.016%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005064	+0.036%	$2.1M	$3.1M	50x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005063	+0.020%	$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	−0.059%	$143K	$68K	50x	as long as short
MEXC NOT_USDTlong	+0.0100%	4h	0.0005062	long leg	$1.3M	$439K	200x
Bitget NOTUSDT	+0.0100%	4h	0.0005064	+0.040%	$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	+0.003%	$4K	$491	5x	as long as short
Kraken Futures PF_NOTUSD	+0.1954%	1h	0.0005063	+0.015%	$49K	$9K	10x	as long as short