Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.042%

Price spread now: Hyperliquid against Binance+0.157%7-day average +0.100% · you sell dearer than you buy

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$420.425% of the position

Long on Binance Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.098%+$10 on $10k

Price spread, last 7 days−0.063%−$6 · spread now +0.157%, 7d avg +0.100%

Together, before fees+0.036%+ Points / potential airdropHyperliquid: Season 2 · farm board+$4 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 0.056% dearer against Binance than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.100%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance XPLUSDT	0.09578	0.0100	pay 0.0050% / 4h	1h 37m	$43.3M	$97.2M	75x
Short	Hyperliquid XPL	0.09593	0.0100	get 0.0013% / 1h	37m 11s	$60.6M	$46.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Binance. 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 BinancebpFee HyperliquidbpOrdersPrice spread, now +0.157%Rate

Funding earned: $0
Price spread: +0.157% → +0.100%: $5.64
Slippage, 4 orders: −$23.47
Fee Binance: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$36.83
Costs to cover: 0.425%
Break-even: never at this rate

Slippage from Binance: live order book, 6 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 Binance live order book, 6 min ago	0.52 bp	11.0 bp −$11	20.2 bp −$202	116.7 bp −$11.7K	doesn't fit
Sell Hyperliquid live order book, 6 min ago	0.99 bp	9.7 bp −$10	doesn't fit	doesn't fit	doesn't fit

XPL on 36 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
Lighter XPL	−0.1120%	1h	0.09564	−0.147%	$4.3M	$3.2M	10x	as long as short
01 Exchange XPLUSD	−0.0376%	1h	0.09581	+0.030%	$557	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09590	+0.121%	$106K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0167%	1h	0.09588	+0.103%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDC	−0.0001%	4h	0.09583	+0.051%	$30K	$277K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09588	+0.107%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.958%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09604	+0.272%	$72K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0052%	8h	0.09583	+0.049%	$12K	$696	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09584	+0.067%	$1.2M	$2.2M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid XPLshort	+0.0100%	1h	0.09593	+0.157%	$60.6M	$46.1M	10x
Aster XPLUSDT	+0.0100%	4h	0.09591	+0.138%	$253K	$415K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09591	+0.139%	$219K	$46K	10x	as long as short
Binance XPLUSDTlong	+0.0100%	4h	0.09578	long leg	$43.3M	$97.2M	75x
Bybit XPLUSDT	+0.0100%	4h	0.09576	−0.022%	$45.4M	$52.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09577	−0.011%	$7.9M	$47.7M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09595	+0.177%	$140K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09579	+0.009%	$3.0M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09580	+0.020%	$12.5M	$6.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09582	+0.041%	$2.3M	$1.3M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09585	+0.072%	$8.7M	$9.5M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09576	−0.022%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09582	+0.041%	$177K	$189K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09599	+0.216%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09598	+0.204%	$255K	$1.2M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09620	+0.438%	$25K	$77K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09596	+0.189%	$125K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09570	−0.084%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09580	+0.020%	$201	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09577	−0.011%	$132K	$215K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09583	+0.047%	$603K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09585	+0.072%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09619	+0.427%	$195K	$506K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09586	+0.083%	$1.7M	$934K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0664%	1h	0.09718	+1.461%	$66K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2847%	1h	0.09615	+0.390%	$545K	$936K	10x	as long as short