Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0096%/8h= −10.5% APRpaid last 24h −0.048%

Price spread now: BingX against Hyperliquid−0.102%7-day average −0.099% · you buy dearer than you sell

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

Long on Hyperliquid Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.080%−$8 on $10k

Price spread, last 7 days+0.066%+$7 · spread now −0.102%, 7d avg −0.099%

Together, before fees−0.014%+ Points / potential airdropHyperliquid: Season 2 · farm board−$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.099%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid XPL	0.09942	0.0196	pay 0.0024% / 1h	14m 27s	$64.5M	$47.1M	10x
Short	BingX XPL-USDT	0.09932	0.0100	get 0.0050% / 4h	3h 14m	—	$8.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.102%Rate

Funding earned: −$20.11
Price spread: −0.102% → −0.099%: −$0.21
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$39.32
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 9 min ago; BingX: live order book, 9 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 Hyperliquid live order book, 9 min ago	1.41 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 9 min ago	5.55 bp	14.3 bp −$14	25.6 bp −$256	87.5 bp −$8,753	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
Deribit XPL_USDC-PERPETUAL	−0.0354%	1h	0.09920	−0.222%	$48K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0192%	1h	0.09914	−0.283%	$576	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0172% / S +0.0546%	1h	0.09940	−0.017%	$114K	—	100x	as long as short
Lighter XPL	0.0000%	1h	0.09907	−0.353%	$4.5M	$4.2M	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09923	−0.193%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−23.854%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09938	−0.041%	$78K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0020%	4h	0.09932	−0.102%	$30K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0045%	8h	0.09919	−0.229%	$13K	$2K	5x	as long as short
OKX XPL-USDT-SWAP	+0.0092%	4h	0.09930	−0.122%	$8.8M	$56.3M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XPL-PERP	+0.0100%	1h	0.09920	−0.220%	$1.5M	$2.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09928	−0.140%	$257K	$535K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09920	−0.222%	$226K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09933	−0.088%	$45.5M	$108.9M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09935	−0.071%	$48.3M	$56.1M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09870	−0.725%	$144K	$2K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09933	−0.092%	$3.1M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09924	−0.182%	$13.1M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09930	−0.122%	$2.5M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09935	−0.071%	$8.9M	$11.2M	75x	as long as short
BingX XPL-USDTshort	+0.0100%	4h	0.09932	−0.102%	—	$8.0M	—
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09918	−0.242%	$186K	$253K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09912	−0.303%	$1.8M	$2.0M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09914	−0.282%	$263K	$844K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09910	−0.323%	$26K	$89K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09936	−0.065%	$133K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09910	−0.323%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09920	−0.222%	$499	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09929	−0.132%	$144K	$243K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09917	−0.257%	$673K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09924	−0.178%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0163%	1h	0.09918	−0.242%	$201K	$655K	10x	as long as short
Hyperliquid XPLlong	+0.0196%	1h	0.09942	long leg	$64.5M	$47.1M	10x
BloFin XPL-USDT	+0.0340%	4h	0.09929	−0.132%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0376%	1h	0.09980	+0.381%	$74K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4990%	1h	0.09970	+0.285%	$576K	$1.0M	10x	as long as short