Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.006%

Price spread now: Extended against Binance+0.042%7-day average −0.044% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$400.404% of the position

Long on Binance Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.029%−$3 on $10k

Price spread, last 4 days (all we have)−0.090%−$9 · spread now +0.042%, 7d avg −0.044%

Together, before fees−0.119%+ Points / potential airdropExtended: Active · farm board−$12 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: Extended is 0.087% dearer against Binance than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of −0.044%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance XPLUSDT	0.09757	0.0100	pay 0.0050% / 4h	2h 54m	$44.5M	$103.0M	75x
Short	Extended XPL-USD	0.09761	0.0104	get 0.0013% / 1h	54m 51s	$690K	$1.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Binance. 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 BinancebpFee ExtendedbpOrdersPrice spread, now +0.042%Rate

Funding earned: $0.84
Price spread: +0.042% → −0.044%: $8.67
Slippage, 4 orders: −$25.41
Fee Binance: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$30.9
Costs to cover: 0.404%
Break-even: 264.5 days

Slippage from Binance: live order book, 3 min ago; Extended: live order book, 3 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 Binance live order book, 3 min ago	0.51 bp	9.7 bp −$10	27.8 bp −$278	137.9 bp −$13.8K	doesn't fit
Sell Extended live order book, 3 min ago	0.51 bp	4.1 bp −$4	17.0 bp −$170	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
Deribit XPL_USDC-PERPETUAL	−0.0260%	1h	0.09798	+0.422%	$49K	$17K	25x	as long as short
Backpack XPL_USDC_PERP	−0.0186%	1h	0.09793	+0.371%	$183K	$282K	10x	as long as short
Lighter XPL	−0.0128%	1h	0.09788	+0.319%	$4.4M	$4.2M	10x	as long as short
01 Exchange XPLUSD	−0.0104%	1h	0.09787	+0.309%	$569	$582	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0065% / S +0.0476%	1h	0.09801	+0.456%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09789	+0.329%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.403%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09800	+0.447%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0080%	4h	0.09796	+0.401%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0097%	8h	0.09789	+0.327%	$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
Nado XPL-PERP	+0.0100%	1h	0.09791	+0.348%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09736	−0.211%	$63.5M	$46.2M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09773	+0.167%	$253K	$515K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09794	+0.383%	$222K	$19K	10x	as long as short
Binance XPLUSDTlong	+0.0100%	4h	0.09757	long leg	$44.5M	$103.0M	75x
Bybit XPLUSDT	+0.0100%	4h	0.09726	−0.316%	$46.9M	$52.1M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09735	−0.224%	$9.1M	$52.7M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09901	+1.478%	$143K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09761	+0.043%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09755	−0.019%	$13.0M	$7.5M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09749	−0.080%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09729	−0.285%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09754	−0.029%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09837	+0.826%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09841	+0.864%	$267K	$782K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09840	+0.852%	$25K	$82K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09804	+0.489%	$132K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09780	+0.237%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09790	+0.340%	$204	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09833	+0.781%	$139K	$245K	20x	as long as short
Extended XPL-USDshort	+0.0104%	1h	0.09761	+0.042%	$690K	$1.0M	25x
Aevo XPL-PERP	+0.0104%	1h	0.09802	+0.464%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0318%	1h	0.09887	+1.334%	$202K	$646K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09798	+0.422%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09965	+2.134%	$75K	$106K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3466%	1h	0.09865	+1.104%	$310K	$691K	10x	as long as short