Funding arb · Price arb /

STBL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0175%/8h= −19.2% APRpaid last 24h −0.072%

Price spread now: MEXC against Hyperliquid+0.216%7-day average +0.175% · you sell dearer than you buy

Net, funding: paid 7d − costs−$146as in the Funding arb table

Net, price: spread back to 7d avg − costs−$125as in the Price arb table

costs, in and out, $10k−$1301.295% of the position

Long on Hyperliquid Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.166%−$17 on $10k

Price spread, last 4 days (all we have)+0.035%+$4 · spread now +0.216%, 7d avg +0.175%

Together, before fees−0.131%+ Points / potential airdropHyperliquid: Season 2 · farm board−$13 on $10k · with fees, hour by hour

The price spread pays, funding is against you. MEXC is 0.041% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.216% now, against its 7-day average of +0.175%): +$4 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 19 hours. At the pace of the last 7 days (−0.166% in total) that is about 41 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid STBL	0.02637	0.0275	pay 0.0034% / 1h	22m 55s	$1.9M	$285K	3x
Short	MEXC STBL_USDT	0.02643	0.0100	get 0.0050% / 4h	2h 22m	$366K	$149K	100x

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 +0.216%Rate

Funding earned: −$36.79
Price spread: +0.216% → +0.175%: $4.09
Slippage, 4 orders: −$116.51
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$162.22
Costs to cover: 1.295%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 8 min ago; MEXC: live order book, 59 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, 8 min ago	2.27 bp	26.7 bp −$27	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 59 min ago	3.80 bp	36.9 bp −$37	110.9 bp −$1,109	265.8 bp −$26.6K	doesn't fit

STBL on 12 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
BloFin STBL-USDT	+0.0061%	4h	0.02644	+0.254%	$128K	$22K	50x	as long as short
Lighter STBL	+0.0096%	1h	0.02632	−0.201%	$79K	$2K	3x	as long as short
Binance STBLUSDT	+0.0100%	4h	0.02642	+0.178%	$1.9M	$2.2M	50x	as long as short
MEXC STBL_USDTshort	+0.0100%	4h	0.02643	+0.216%	$366K	$149K	100x
KuCoin STBLUSDTM	+0.0100%	4h	0.02630	−0.277%	$1.1M	$229K	20x	as long as short
Variational Omni STBL	+0.0100%	4h	0.02640	+0.118%	$965	$282	—	as long as short
SunX STBL-USDT	+0.0100%	4h	0.02638	+0.027%	$1K	$1.1M	20x	as long as short
Hyperliquid STBLlong	+0.0275%	1h	0.02637	long leg	$1.9M	$285K	3x
Bybit STBLUSDT	+0.0429%	4h	0.02639	+0.064%	$1.5M	$686K	20x	as long as short
BingX STBL-USDT	+0.0520%	4h	0.02640	+0.102%	—	$6.6M	—	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster STBLUSDT	+0.1052%	4h	0.02641	+0.141%	$88K	$5K	5x	as long as short
Gate STBL_USDT	+0.1090%	4h	0.02641	+0.140%	$1.2M	$117K	50x	as long as short