Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0263%/8h= −28.8% APRpaid last 24h −0.073%

Price spread now: Deribit against BingX+0.062%7-day average — · you sell dearer than you buy

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

Long on BingX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Deribit is 0.062% dearer against BingX than usual: you sell high and buy low (spread +0.062% now, against zero (this spread has no 7-day history yet)): +$6 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 19 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX XPL-USDT	0.09670	0.0100	pay 0.0050% / 4h	2h 08m	—	$7.9M	—
Short	Deribit XPL_USDC-PERPETUAL	0.09676	−0.0163	pay 0.0020% / 1h	8m 08s	$46K	$18K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against BingX. 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 BingXbpFee DeribitbpOrdersPrice spread, now +0.062%Rate

Funding earned: −$55.28
Price spread: +0.062% → 0.000%: $6.2
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$66.07
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 15 min ago; Deribit: 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 BingX live order book, 15 min ago	5.68 bp	13.9 bp −$14	26.0 bp −$260	90.6 bp −$9,057	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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 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	−0.0288%	1h	0.09658	−0.124%	$562	$708	5x	as long as short
Backpack XPL_USDC_PERP	−0.0219%	1h	0.09675	+0.052%	$179K	$243K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0206% / S +0.0567%	1h	0.09679	+0.091%	$111K	—	100x	as long as short
Deribit XPL_USDC-PERPETUALshort	−0.0163%	1h	0.09676	+0.062%	$46K	$18K	25x
Orderly PERP_XPL_USDC	−0.0001%	4h	0.09673	+0.031%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09669	−0.015%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.711%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09680	+0.100%	$60K	—	150x	as long as short
Lighter XPL	+0.0032%	1h	0.09661	−0.093%	$4.4M	$4.2M	10x	as long as short
Paradex XPL-USD-PERP	+0.0046%	8h	0.09661	−0.093%	$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
OKX XPL-USDT-SWAP	+0.0046%	4h	0.09669	−0.010%	$8.4M	$53.8M	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09666	−0.044%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09682	+0.121%	$61.7M	$47.4M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09671	+0.010%	$246K	$500K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09671	+0.006%	$220K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09670	0.000%	$43.9M	$108.4M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09668	−0.021%	$46.5M	$56.6M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09660	−0.103%	$141K	$7K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09669	−0.010%	$3.0M	$3.9M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09669	−0.010%	$12.7M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09663	−0.072%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09671	+0.010%	$8.6M	$11.2M	75x	as long as short
BingX XPL-USDTlong	+0.0100%	4h	0.09670	long leg	—	$7.9M	—
Variational Omni XPL	+0.0100%	4h	0.09671	+0.008%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09670	0.000%	$257K	$891K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09680	+0.103%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09679	+0.091%	$132K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09670	0.000%	$2K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09670	0.000%	$193	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09664	−0.062%	$144K	$249K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09669	−0.008%	$655K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09670	0.000%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09687	+0.176%	$196K	$657K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09766	+0.993%	$78K	$95K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4404%	1h	0.09712	+0.439%	$551K	$1.0M	10x	as long as short