Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0396%/8h= −43.3% APRpaid last 24h −0.144%

Price spread now: Deribit against BloFin+0.133%57s7-day average — · you sell dearer than you buy

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

Long on BloFin 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 0.133% dearer against BloFin than usual: you sell high and buy low (spread +0.133% now, against zero (this spread has no 7-day history yet)): +$13 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 27 hours. The two prices were read 57 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	BloFin XPL-USDT	0.09801	0.0340	pay 0.0170% / 4h	54m 02s	$1.8M	$1.2M	75x
Short	Deribit XPL_USDC-PERPETUAL	0.09814	−0.0056	pay 0.0007% / 1h	54m 02s	$47K	$18K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.133%Rate

Funding earned: −$83.07
Price spread: +0.133% → 0.000%: $13.26
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$88.81
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 4 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 BloFin live order book, 4 min ago	0.51 bp	8.6 bp −$9	15.8 bp −$158	59.6 bp −$5,964	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
01 Exchange XPLUSD	−0.0280%	1h	0.09808	+0.071%	$570	$708	5x	as long as short
Lighter XPL	−0.0272%	1h	0.09800	−0.010%	$4.4M	$4.1M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0123% / S +0.0514%	1h	0.09816	+0.151%	$113K	—	100x	as long as short
Deribit XPL_USDC-PERPETUALshort	−0.0056%	1h	0.09814	+0.133%	$47K	$18K	25x
dYdX XPL-USD	0.0000%	1h	0.09816	+0.155%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.759%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09813	+0.125%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0064%	4h	0.09809	+0.082%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0082%	8h	0.09806	+0.051%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09810	+0.097%	$1.4M	$2.6M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid XPL	+0.0100%	1h	0.09828	+0.278%	$63.7M	$47.8M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09818	+0.170%	$254K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09813	+0.125%	$223K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09809	+0.083%	$44.4M	$107.5M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09811	+0.102%	$48.2M	$55.0M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09807	+0.061%	$8.9M	$54.6M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09809	+0.082%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09809	+0.082%	$12.8M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09805	+0.041%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09820	+0.194%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09811	+0.102%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09816	+0.153%	$178K	$279K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09788	−0.131%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09777	−0.244%	$260K	$787K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09800	−0.010%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09821	+0.203%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09790	−0.112%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09810	+0.092%	$451	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09788	−0.133%	$139K	$246K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09790	−0.112%	$143K	$9K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09809	+0.084%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09814	+0.137%	$38K	$5K	3x	as long as short
BloFin XPL-USDTlong	+0.0340%	4h	0.09801	long leg	$1.8M	$1.2M	75x
Phoenix XPL	+0.0412%	1h	0.09802	+0.010%	$198K	$651K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09825	+0.245%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5064%	1h	0.09857	+0.576%	$567K	$1.0M	10x	as long as short