Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.049%

Price spread now: KuCoin against Hyperliquid−0.102%7-day average −0.080% · you buy dearer than you sell

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

Long on Hyperliquid Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.075%−$7 on $10k

Price spread, last 7 days+0.085%+$9 · spread now −0.102%, 7d avg −0.080%

Together, before fees+0.011%+ Points / potential airdropHyperliquid: Season 2 · farm board+$1 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: KuCoin is 0.022% cheaper against Hyperliquid than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.080%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid XPL	0.09679	0.0100	pay 0.0013% / 1h	21m 15s	$61.8M	$47.7M	10x
Short	KuCoin XPLUSDTM	0.09669	0.0100	get 0.0050% / 4h	2h 21m	$2.3M	$1.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.102%Rate

Funding earned: $0
Price spread: −0.102% → −0.080%: −$2.18
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$23.18
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 12 min ago; KuCoin: live order book, 10 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, 12 min ago	1.34 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 10 min ago	11.83 bp	27.8 bp −$28	146.2 bp −$1,462	doesn't fit	doesn't fit

XPL on 35 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	−0.0224%	1h	0.09664	−0.154%	$562	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0199% / S +0.0563%	1h	0.09669	−0.105%	$111K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0153%	1h	0.09670	−0.092%	$179K	$244K	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0060%	1h	0.09671	−0.082%	$46K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09667	−0.122%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.781%	—	—	—	as long as short
Orderly PERP_XPL_USDC	+0.0001%	4h	0.09668	−0.113%	$29K	$335K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09669	−0.097%	$60K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0057%	4h	0.09665	−0.144%	$8.4M	$54.9M	50x	as long as short
Paradex XPL-USD-PERP	+0.0063%	8h	0.09662	−0.170%	$13K	$2K	5x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPL	+0.0096%	1h	0.09659	−0.206%	$4.4M	$4.2M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09665	−0.138%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPLlong	+0.0100%	1h	0.09679	long leg	$61.8M	$47.7M	10x
Aster XPLUSDT	+0.0100%	4h	0.09672	−0.067%	$246K	$513K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09667	−0.125%	$220K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09667	−0.125%	$43.9M	$110.0M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09665	−0.144%	$46.6M	$57.7M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09675	−0.037%	$141K	$7K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09663	−0.164%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09667	−0.123%	$12.7M	$7.9M	100x	as long as short
KuCoin XPLUSDTMshort	+0.0100%	4h	0.09669	−0.102%	$2.3M	$1.5M	50x
Bitget XPLUSDT	+0.0100%	4h	0.09668	−0.113%	$8.6M	$11.3M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09663	−0.164%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09672	−0.072%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09673	−0.064%	$264K	$877K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09680	+0.011%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09678	−0.013%	$129K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09650	−0.299%	$3K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09670	−0.092%	$194	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09676	−0.030%	$143K	$258K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09664	−0.153%	$655K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09673	−0.058%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09686	+0.073%	$196K	$657K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09766	+0.900%	$78K	$95K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4405%	1h	0.09710	+0.325%	$551K	$1.0M	10x	as long as short