Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0468%/8h= +51.2% APRpaid last 24h +0.202%

Price spread now: Coinbase International against Bitget+1.101%7-day average +0.685% · you sell dearer than you buy

Net, funding: paid 7d − costs−$75as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$820.818% of the position

Long on Bitget Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.064%+$6 on $10k

Price spread, last 3 days (all we have)−0.454%−$45 · spread now +1.101%, 7d avg +0.685%

Together, before fees−0.390%−$39 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Coinbase International is 0.416% dearer against Bitget than usual: you sell high and buy low: +$42 more if the spread goes back to its 7-day average of +0.685%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.064% in total (about 3.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget XPLUSDT	0.09718	0.0100	pay 0.0050% / 4h	35m 09s	$8.7M	$11.1M	75x
Short	Coinbase International XPL-PERP-INTX	0.09825	0.0568	get 0.0071% / 1h	35m 09s	$72K	$97K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bitget. 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 BitgetbpFee Coinbase InternationalbpOrdersPrice spread, now +1.101%Rate

Funding earned: $98.28
Price spread: +1.101% → +0.685%: $41.61
Slippage, 4 orders: −$59.79
Fee Bitget: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $58.1
Costs to cover: 0.818%
Break-even: 2.9 days

Slippage from Bitget: live order book, 3 min ago; Coinbase International: live order book, 43 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 Bitget live order book, 3 min ago	3.09 bp	16.3 bp −$16	38.1 bp −$381	doesn't fit	doesn't fit
Sell Coinbase International live order book, 43 min ago	17.51 bp	23.4 bp −$23	166.8 bp −$1,668	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
Lighter XPL	−0.0672%	1h	0.09695	−0.237%	$4.4M	$4.1M	10x	as long as short
01 Exchange XPLUSD	−0.0400%	1h	0.09700	−0.185%	$564	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0162%	1h	0.09712	−0.062%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0133% / S +0.0520%	1h	0.09716	−0.021%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09709	−0.088%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.100%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09715	−0.036%	$76K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0022%	8h	0.09706	−0.120%	$13K	$2K	5x	as long as short
Orderly PERP_XPL_USDC	+0.0054%	4h	0.09707	−0.113%	$29K	$335K	10x	as long as short
Gate XPL_USDT	+0.0090%	4h	0.09705	−0.134%	$3.0M	$4.0M	75x	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	0.09710	−0.082%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09724	+0.059%	$62.8M	$48.0M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09715	−0.030%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09715	−0.034%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09713	−0.051%	$44.1M	$108.0M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09714	−0.041%	$47.4M	$55.2M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09712	−0.062%	$8.8M	$54.3M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09740	+0.228%	$142K	$9K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09711	−0.072%	$12.6M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09714	−0.041%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDTlong	+0.0100%	4h	0.09718	long leg	$8.7M	$11.1M	75x
BingX XPL-USDT	+0.0100%	4h	0.09710	−0.082%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09714	−0.041%	$179K	$281K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09708	−0.099%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09715	−0.029%	$260K	$806K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09720	+0.021%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09720	+0.023%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09690	−0.288%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09710	−0.082%	$197	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09711	−0.072%	$138K	$234K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09707	−0.113%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09706	−0.123%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0327%	1h	0.09751	+0.340%	$197K	$651K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09706	−0.123%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTXshort	+0.0568%	1h	0.09825	+1.101%	$72K	$97K	50x
Kraken Futures PF_XPLUSD	+0.5109%	1h	0.09771	+0.546%	$563K	$1.0M	10x	as long as short