Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0484%/8h= +53.0% APRpaid last 24h +0.124%

Price spread now: Coinbase International against BloFin+1.192%7-day average +0.735% · you sell dearer than you buy

Net, funding: paid 7d − costs−$174as in the Funding arb table

Net, price: spread back to 7d avg − costs−$79as in the Price arb table

costs, in and out, $10k−$1251.250% of the position

Long on BloFin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.494%−$49 on $10k

Price spread, last 3 days (all we have)−0.277%−$28 · spread now +1.192%, 7d avg +0.735%

Together, before fees−0.771%−$77 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$15 a day on $10k at the current rate, and Coinbase International is 0.457% dearer against BloFin than usual: you sell high and buy low: +$46 more if the spread goes back to its 7-day average of +0.735%. Mind the row above: over the last 7 days funding on this pair cost −0.494%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin XPL-USDT	0.09728	0.0340	pay 0.0170% / 4h	2h 32m	$1.7M	$1.1M	75x
Short	Coinbase International XPL-PERP-INTX	0.09844	0.0824	get 0.0103% / 1h	32m 20s	$74K	$105K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against BloFin. 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 BloFinbpFee Coinbase InternationalbpOrdersPrice spread, now +1.192%Rate

Funding earned: $101.64
Price spread: +1.192% → +0.735%: $45.74
Slippage, 4 orders: −$103.03
Fee BloFin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $22.35
Costs to cover: 1.250%
Break-even: 5.5 days

Slippage from BloFin: live order book, 5 min ago; Coinbase International: live order book, 55 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 BloFin live order book, 5 min ago	1.02 bp	10.9 bp −$11	17.7 bp −$177	68.5 bp −$6,854	doesn't fit
Sell Coinbase International live order book, 55 min ago	32.79 bp	63.5 bp −$64	doesn't fit	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	−0.0128%	1h	0.09734	+0.062%	$4.4M	$4.3M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0076% / S +0.0483%	1h	0.09745	+0.175%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09745	+0.175%	$8K	—	5x	as long as short
01 Exchange XPLUSD	0.0000%	1h	0.09744	+0.164%	$567	$582	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.178%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09735	+0.072%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09745	+0.174%	$72K	—	150x	as long as short
Backpack XPL_USDC_PERP	+0.0016%	1h	0.09734	+0.062%	$177K	$283K	10x	as long as short
Orderly PERP_XPL_USDC	+0.0083%	4h	0.09737	+0.093%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0095%	8h	0.09742	+0.142%	$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	0.09741	+0.139%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09756	+0.287%	$62.7M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09747	+0.193%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09747	+0.196%	$221K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09745	+0.179%	$44.0M	$104.5M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09735	+0.072%	$47.5M	$53.3M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09734	+0.062%	$9.0M	$53.0M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09822	+0.971%	$142K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09742	+0.144%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09744	+0.164%	$12.7M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09740	+0.123%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09748	+0.206%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09739	+0.113%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09764	+0.372%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09764	+0.368%	$264K	$786K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09780	+0.535%	$25K	$86K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09753	+0.261%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09730	+0.021%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09730	+0.021%	$202	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09764	+0.370%	$138K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09742	+0.145%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09738	+0.100%	$38K	$5K	3x	as long as short
BloFin XPL-USDTlong	+0.0340%	4h	0.09728	long leg	$1.7M	$1.1M	75x
Phoenix XPL	+0.0485%	1h	0.09773	+0.463%	$198K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTXshort	+0.0824%	1h	0.09844	+1.192%	$74K	$105K	50x
Kraken Futures PF_XPLUSD	+0.3495%	1h	0.09785	+0.587%	$515K	$940K	10x	as long as short