Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.047%

Price spread now: SoDEX against Hyperliquid−0.133%51s7-day average — · you buy dearer than you sell

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

Long on Hyperliquid Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: SoDEX is 0.133% cheaper against Hyperliquid than usual: you would sell low and buy high, −$13 on $10k if it goes back to zero (this spread has no 7-day history yet). The two prices were read 51 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	Hyperliquid XPL	0.09683	0.0100	pay 0.0013% / 1h	49m 22s	$61.1M	$46.7M	10x
Short	SoDEX XPL-USD	0.09670	0.0100	get 0.0013% / 1h	49m 22s	$201	$12K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.133%Rate

Funding earned: $0
Price spread: −0.133% → 0.000%: −$13.32
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$30.32
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 4 min ago; SoDEX: no order-book sample. 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, 4 min ago	0.98 bp	11.9 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell SoDEX no order-book sample	—	—	—	—	—

SoDEX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0432%	1h	0.09661	−0.226%	$562	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0370%	1h	0.09672	−0.113%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0304% / S +0.0610%	1h	0.09674	−0.093%	$107K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0047%	1h	0.09678	−0.051%	$179K	$198K	10x	as long as short
Gate XPL_USDT	−0.0032%	4h	0.09668	−0.154%	$3.0M	$3.4M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09678	−0.052%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.812%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09673	−0.097%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0018%	4h	0.09668	−0.154%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERP	+0.0055%	8h	0.09669	−0.145%	$13K	$2K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit XPLUSDT	+0.0058%	4h	0.09667	−0.164%	$45.8M	$54.4M	75x	as long as short
Lighter XPL	+0.0096%	1h	0.09666	−0.175%	$4.4M	$3.0M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09672	−0.113%	$1.2M	$2.5M	10x	as long as short
Hyperliquid XPLlong	+0.0100%	1h	0.09683	long leg	$61.1M	$46.7M	10x
Aster XPLUSDT	+0.0100%	4h	0.09684	+0.006%	$252K	$470K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09680	−0.030%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09667	−0.164%	$43.9M	$102.3M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09669	−0.144%	$8.3M	$49.3M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09670	−0.134%	$141K	$5K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09665	−0.185%	$12.5M	$7.0M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09675	−0.082%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09677	−0.061%	$8.8M	$9.8M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09666	−0.175%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09689	+0.061%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09693	+0.103%	$261K	$1.0M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09710	+0.280%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09677	−0.066%	$127K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09660	−0.236%	$3K	$1.8M	20x	as long as short
SoDEX XPL-USDshort	+0.0100%	1h	0.09670	−0.133%	$201	$12K	10x
HTX XPL-USDT	+0.0100%	4h	0.09693	+0.104%	$142K	$203K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09665	−0.186%	$656K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09676	−0.068%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09709	+0.270%	$197K	$573K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09690	+0.073%	$1.8M	$978K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0640%	1h	0.09734	+0.528%	$75K	$82K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3101%	1h	0.09712	+0.298%	$551K	$976K	10x	as long as short