Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0572%/8h= −62.6% APRpaid last 24h −0.072%

Price spread now: Deribit against Bitget−0.103%7-day average — · you buy dearer than you sell

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

Long on Bitget 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

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and Deribit is 0.103% cheaper against Bitget than usual: you would sell low and buy high (−$10 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget XPLUSDT	0.09701	0.0100	pay 0.0050% / 4h	2h 55m	$8.7M	$11.2M	75x
Short	Deribit XPL_USDC-PERPETUAL	0.09691	−0.0472	pay 0.0059% / 1h	55m 39s	$46K	$18K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.103%Rate

Funding earned: −$120.07
Price spread: −0.103% → 0.000%: −$10.31
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$149.38
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 3 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 Bitget live order book, 3 min ago	4.11 bp	16.0 bp −$16	35.6 bp −$356	doesn't fit	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 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-PERPETUALshort	−0.0472%	1h	0.09691	−0.103%	$46K	$18K	25x
01 Exchange XPLUSD	−0.0280%	1h	0.09672	−0.299%	$562	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0182% / S +0.0552%	1h	0.09705	+0.037%	$111K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09703	+0.021%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.960%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09704	+0.026%	$58K	—	150x	as long as short
Lighter XPL	+0.0008%	1h	0.09690	−0.113%	$4.4M	$4.1M	10x	as long as short
Orderly PERP_XPL_USDC	+0.0012%	4h	0.09689	−0.124%	$29K	$335K	10x	as long as short
OKX XPL-USDT-SWAP	+0.0047%	4h	0.09613	−0.907%	$8.5M	$54.9M	50x	as long as short
Paradex XPL-USD-PERP	+0.0049%	8h	0.09706	+0.047%	$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	0.09590	−1.144%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09711	+0.102%	$62.9M	$47.2M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09703	+0.022%	$256K	$552K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09705	+0.042%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09683	−0.187%	$44.2M	$109.3M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09669	−0.330%	$46.9M	$56.7M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09698	−0.031%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09700	−0.010%	$12.9M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09707	+0.062%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDTlong	+0.0100%	4h	0.09701	long leg	$8.7M	$11.2M	75x
BingX XPL-USDT	+0.0100%	4h	0.09687	−0.144%	—	$8.0M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09686	−0.155%	$182K	$237K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09695	−0.062%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09750	+0.505%	$266K	$857K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09780	+0.814%	$25K	$89K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09718	+0.177%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09680	−0.216%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09690	−0.113%	$487	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09703	+0.021%	$141K	$247K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09755	+0.557%	$142K	$2K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09699	−0.018%	$656K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09684	−0.180%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0163%	1h	0.09794	+0.959%	$198K	$657K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09751	+0.515%	$1.8M	$1.1M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09776	+0.773%	$77K	$100K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4392%	1h	0.09740	+0.398%	$563K	$1.0M	10x	as long as short