Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0062%/8h= −6.8% APRpaid last 24h −0.048%

Price spread now: Gate against Hyperliquid−0.198%7-day average −0.076% · you buy dearer than you sell

Net, funding: paid 7d − costs−$100as in the Funding arb table

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$720.717% of the position

Long on Hyperliquid Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.282%−$28 on $10k

Price spread, last 7 days+0.159%+$16 · spread now −0.198%, 7d avg −0.076%

Together, before fees−0.124%+ Points / potential airdropHyperliquid: Season 2 · farm board−$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Gate is 0.122% cheaper against Hyperliquid than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.076%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid XPL	0.09781	0.0100	pay 0.0013% / 1h	7m 33s	$63.1M	$48.1M	10x
Short	Gate XPL_USDT	0.09762	0.0038	get 0.0019% / 4h	7m 33s	$3.0M	$4.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.198%Rate

Funding earned: −$13.02
Price spread: −0.198% → −0.076%: −$12.2
Slippage, 4 orders: −$47.67
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$96.89
Costs to cover: 0.717%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 6 min ago; Gate: live order book, 5 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, 6 min ago	0.10 bp	9.9 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 5 min ago	2.06 bp	30.2 bp −$30	150.4 bp −$1,504	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	−0.0536%	1h	0.09751	−0.311%	$4.4M	$4.2M	10x	as long as short
01 Exchange XPLUSD	−0.0376%	1h	0.09745	−0.372%	$567	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0364%	1h	0.09759	−0.229%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0146% / S +0.0529%	1h	0.09762	−0.200%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09762	−0.202%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.604%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09762	−0.195%	$76K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0009%	8h	0.09759	−0.233%	$13K	$2K	5x	as long as short
Gate XPL_USDTshort	+0.0038%	4h	0.09762	−0.198%	$3.0M	$4.1M	75x
Orderly PERP_XPL_USDC	+0.0039%	4h	0.09752	−0.301%	$29K	$335K	10x	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	0.09749	−0.331%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPLlong	+0.0100%	1h	0.09781	long leg	$63.1M	$48.1M	10x
Aster XPLUSDT	+0.0100%	4h	0.09770	−0.116%	$253K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09769	−0.126%	$222K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09749	−0.329%	$44.5M	$108.7M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09760	−0.219%	$47.3M	$55.6M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09757	−0.249%	$8.7M	$55.0M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09760	−0.219%	$142K	$9K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09758	−0.239%	$12.8M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09761	−0.209%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09763	−0.188%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09753	−0.290%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09762	−0.198%	$181K	$282K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09698	−0.852%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09750	−0.321%	$258K	$814K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09780	−0.014%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09765	−0.168%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09740	−0.423%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09760	−0.219%	$200	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09755	−0.270%	$141K	$242K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09753	−0.289%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09766	−0.158%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0327%	1h	0.09715	−0.679%	$197K	$651K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09756	−0.260%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09735	−0.474%	$72K	$96K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5095%	1h	0.09798	+0.174%	$566K	$1.0M	10x	as long as short