Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: Nado against BingX−0.182%53s7-day average +0.072% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$390.389% of the position

Long on BingX Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)0.000%$0 on $10k

Price spread, last 7 days+0.354%+$35 · spread now −0.182%, 7d avg +0.072%

Together, before fees+0.354%+ Points / potential airdropNado: Active · farm board+$35 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: Nado is 0.254% cheaper against BingX than usual: you would sell low and buy high, −$25 on $10k if it goes back to its 7-day average of +0.072%. The two prices were read 53 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	BingX XPL-USDT	0.09611	0.0100	pay 0.0050% / 4h	1h 42m	—	$8.0M	—
Short	Nado XPL-PERP	0.09594	0.0100	get 0.0013% / 1h	42m 40s	$1.2M	$2.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.182%Rate

Funding earned: $0
Price spread: −0.182% → +0.072%: −$25.37
Slippage, 4 orders: −$21.93
Fee BingX: 5 bp × 2 orders: −$10
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$64.3
Costs to cover: 0.389%
Break-even: never at this rate

Slippage from BingX: live order book, 10 min ago; Nado: live order book, 1 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 BingX live order book, 10 min ago	5.20 bp	13.8 bp −$14	28.2 bp −$282	89.2 bp −$8,918	doesn't fit
Sell Nado live order book, 1 min ago	0.52 bp	5.6 bp −$6	17.8 bp −$178	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
Backpack XPL_USDC_PERP	−0.0644%	1h	0.09606	−0.052%	$180K	$242K	10x	as long as short
01 Exchange XPLUSD	−0.0424%	1h	0.09611	0.000%	$559	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0246% / S +0.0575%	1h	0.09604	−0.076%	$105K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0166%	1h	0.09603	−0.083%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDC	−0.0004%	4h	0.09597	−0.146%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09619	+0.080%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.228%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09604	−0.077%	$72K	—	150x	as long as short
Lighter XPL	+0.0016%	1h	0.09613	+0.021%	$4.4M	$4.2M	10x	as long as short
OKX XPL-USDT-SWAP	+0.0035%	4h	0.09620	+0.094%	$8.3M	$53.3M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0052%	8h	0.09624	+0.140%	$13K	$2K	5x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09624	+0.130%	$60.5M	$48.2M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09618	+0.072%	$244K	$500K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09625	+0.148%	$220K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09619	+0.082%	$43.6M	$108.7M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09617	+0.062%	$45.6M	$56.8M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09540	−0.739%	$139K	$7K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09618	+0.073%	$3.0M	$3.7M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09623	+0.125%	$12.4M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09609	−0.021%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09622	+0.114%	$8.5M	$11.1M	75x	as long as short
BingX XPL-USDTlong	+0.0100%	4h	0.09611	long leg	—	$8.0M	—
Variational Omni XPL	+0.0100%	4h	0.09526	−0.886%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09550	−0.635%	$258K	$901K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09580	−0.323%	$25K	$83K	50x	as long as short
Nado XPL-PERPshort	+0.0100%	1h	0.09594	−0.182%	$1.2M	$2.8M	10x
Polymarket Perps XPL-USD	+0.0100%	1h	0.09594	−0.177%	$127K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09580	−0.323%	$2K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09600	−0.114%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09574	−0.385%	$144K	$264K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09614	+0.036%	$632K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09600	−0.114%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09573	−0.395%	$194K	$629K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09590	−0.218%	$1.7M	$1.0M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0672%	1h	0.09613	+0.021%	$74K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3567%	1h	0.09637	+0.269%	$546K	$1.0M	10x	as long as short