Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0240%/8h= +26.3% APRpaid last 24h +0.024%

Price spread now: BloFin against Hyperliquid−0.340%7-day average −0.168% · you buy dearer than you sell

Net, funding: paid 7d − costs−$9as in the Funding arb table

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$440.444% of the position

Long on Hyperliquid Short on BloFin

What this pair did over the last

the charts below follow

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

Price spread, last 4 days (all we have)−0.050%−$5 · spread now −0.340%, 7d avg −0.168%

Together, before fees+0.309%+ Points / potential airdropHyperliquid: Season 2 · farm board+$31 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.173% cheaper against Hyperliquid than usual: you would sell low and buy high (spread −0.340% now, against its 7-day average of −0.168%). If the spread goes back, that is −$17 on $10k: about 2.4 days of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid XPL	0.09545	0.0100	pay 0.0013% / 1h	45m 17s	$59.8M	$47.1M	10x
Short	BloFin XPL-USDT	0.09513	0.0340	get 0.0170% / 4h	45m 17s	$1.7M	$980K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.340%Rate

Funding earned: $50.4
Price spread: −0.340% → −0.168%: −$17.29
Slippage, 4 orders: −$23.38
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$11.27
Costs to cover: 0.444%
Break-even: 8.6 days

Slippage from Hyperliquid: live order book, 8 min ago; BloFin: live order book, 2 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	1.25 bp	8.9 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 2 min ago	5.25 bp	15.4 bp −$15	28.5 bp −$285	85.3 bp −$8,527	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
01 Exchange XPLUSD	−0.0336%	1h	0.09523	−0.236%	$554	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0293% / S +0.0604%	1h	0.09531	−0.149%	$105K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0275%	1h	0.09524	−0.225%	$46K	$18K	25x	as long as short
Bybit XPLUSDT	−0.0115%	4h	0.09516	−0.309%	$45.1M	$55.3M	75x	as long as short
Backpack XPL_USDC_PERP	−0.0085%	1h	0.09546	+0.005%	$176K	$224K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09539	−0.072%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.688%	—	—	—	as long as short
Orderly PERP_XPL_USDC	+0.0004%	4h	0.09524	−0.225%	$29K	$339K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09530	−0.159%	$72K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0074%	8h	0.09532	−0.144%	$12K	$2K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPL	+0.0096%	1h	0.09511	−0.361%	$4.3M	$3.3M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09533	−0.131%	$1.2M	$2.7M	10x	as long as short
Hyperliquid XPLlong	+0.0100%	1h	0.09545	long leg	$59.8M	$47.1M	10x
Aster XPLUSDT	+0.0100%	4h	0.09541	−0.046%	$243K	$486K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09538	−0.081%	$218K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09515	−0.317%	$43.1M	$104.5M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09515	−0.320%	$8.2M	$49.4M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09532	−0.141%	$3.0M	$3.6M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09530	−0.162%	$12.3M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09529	−0.173%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09527	−0.194%	$8.5M	$10.2M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09523	−0.236%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09536	−0.102%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09510	−0.372%	$253K	$955K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09540	−0.058%	$25K	$79K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09543	−0.028%	$127K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09510	−0.372%	$3K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09520	−0.267%	$188	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09544	−0.016%	$140K	$246K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09565	+0.204%	$139K	$5K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09518	−0.291%	$646K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09527	−0.196%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09551	+0.058%	$193K	$617K	10x	as long as short
BloFin XPL-USDTshort	+0.0340%	4h	0.09513	−0.340%	$1.7M	$980K	75x
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09557	+0.120%	$74K	$86K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3339%	1h	0.09554	+0.089%	$542K	$977K	10x	as long as short