Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0240%/8h= −26.3% APRpaid last 24h −0.024%

Price spread now: Hyperliquid against BloFin+0.085%67s7-day average +0.154% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on BloFin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.358%−$36 on $10k

Price spread, last 3 days (all we have)+0.111%+$11 · spread now +0.085%, 7d avg +0.154%

Together, before fees−0.247%+ Points / potential airdropHyperliquid: Season 2 · farm board−$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Hyperliquid is 0.069% cheaper against BloFin than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.154%). Swap the legs. The two prices were read 67 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin XPL-USDT	0.09795	0.0340	pay 0.0170% / 4h	3h 57m	$1.8M	$1.2M	75x
Short	Hyperliquid XPL	0.09803	0.0100	get 0.0013% / 1h	57m 58s	$63.2M	$48.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BloFin. 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 BloFinbpFee HyperliquidbpOrdersPrice spread, now +0.085%Rate

Funding earned: −$50.4
Price spread: +0.085% → +0.154%: −$6.91
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$78.31
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 10 min ago; Hyperliquid: live order book, 6 min ago. Net counts fees only.

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 BloFin live order book, 10 min ago	4.62 bp	12.3 bp −$12	24.6 bp −$246	71.2 bp −$7,121	doesn't fit
Sell Hyperliquid live order book, 6 min ago	0.05 bp	15.8 bp −$16	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	−0.0416%	1h	0.09778	−0.174%	$4.4M	$4.2M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0151% / S +0.0532%	1h	0.09795	+0.002%	$113K	—	100x	as long as short
01 Exchange XPLUSD	−0.0136%	1h	0.09791	−0.041%	$569	$708	5x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09799	+0.037%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.712%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09792	−0.031%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09798	+0.027%	$76K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0023%	8h	0.09794	−0.011%	$13K	$2K	5x	as long as short
Orderly PERP_XPL_USDC	+0.0035%	4h	0.09789	−0.061%	$29K	$335K	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09788	−0.074%	$1.4M	$2.6M	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	0.09803	+0.085%	$63.2M	$48.2M	10x
Aster XPLUSDT	+0.0100%	4h	0.09792	−0.036%	$254K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09798	+0.033%	$223K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09789	−0.061%	$44.7M	$108.9M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09786	−0.092%	$47.5M	$55.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09781	−0.143%	$8.7M	$55.3M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09796	+0.005%	$143K	$4K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09788	−0.071%	$3.1M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09784	−0.112%	$12.9M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09788	−0.071%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09795	0.000%	$8.8M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09788	−0.071%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09793	−0.020%	$181K	$282K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09787	−0.080%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09788	−0.066%	$259K	$814K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09800	+0.051%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09800	+0.048%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09770	−0.255%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09790	−0.051%	$199	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09797	+0.020%	$142K	$242K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09785	−0.100%	$658K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09794	−0.013%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0327%	1h	0.09812	+0.174%	$199K	$650K	10x	as long as short
BloFin XPL-USDTlong	+0.0340%	4h	0.09795	long leg	$1.8M	$1.2M	75x
Coinbase International XPL-PERP-INTX	+0.0376%	1h	0.09815	+0.204%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5055%	1h	0.09842	+0.480%	$569K	$1.0M	10x	as long as short