Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0240%/8h= −26.3% APRpaid last 24h −0.071%

Price spread now: Nado against BloFin−0.066%7-day average +0.012% · 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−$48as in the Price arb table

costs, in and out, $10k−$400.403% of the position

Long on BloFin Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.234%−$23 on $10k

Price spread, last 3 days (all we have)+0.249%+$25 · spread now −0.066%, 7d avg +0.012%

Together, before fees+0.015%+ Points / potential airdropNado: Active · farm board+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Nado is 0.079% cheaper against BloFin than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.012%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin XPL-USDT	0.09791	0.0340	pay 0.0170% / 4h	2h 27m	$1.8M	$1.2M	75x
Short	Nado XPL-PERP	0.09785	0.0100	get 0.0012% / 1h	27m 13s	$1.4M	$2.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.066%Rate

Funding earned: −$50.4
Price spread: −0.066% → +0.012%: −$7.87
Slippage, 4 orders: −$21.29
Fee BloFin: 6 bp × 2 orders: −$12
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$98.56
Costs to cover: 0.403%
Break-even: never at this rate

Slippage from BloFin: live order book, 6 min ago; Nado: live order book, 2 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, 6 min ago	1.03 bp	12.8 bp −$13	22.0 bp −$220	84.3 bp −$8,429	doesn't fit
Sell Nado live order book, 2 min ago	1.02 bp	7.1 bp −$7	19.9 bp −$199	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
GMX XPL/USD [WBTC.b-USDC]	L −0.0078% / S +0.0484%	1h	0.09794	+0.027%	$113K	—	100x	as long as short
Lighter XPL	−0.0072%	1h	0.09792	+0.010%	$4.4M	$4.3M	10x	as long as short
01 Exchange XPLUSD	−0.0016%	1h	0.09785	−0.061%	$569	$582	5x	as long as short
Backpack XPL_USDC_PERP	−0.0002%	1h	0.09804	+0.133%	$179K	$283K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09794	+0.032%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.678%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09804	+0.133%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09793	+0.021%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0083%	4h	0.09799	+0.082%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0095%	8h	0.09787	−0.043%	$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-PERPshort	+0.0100%	1h	0.09785	−0.066%	$1.4M	$2.6M	10x
Hyperliquid XPL	+0.0100%	1h	0.09817	+0.260%	$63.1M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09797	+0.063%	$253K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09792	+0.006%	$222K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09804	+0.131%	$44.3M	$104.6M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09802	+0.112%	$47.8M	$53.3M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09796	+0.051%	$9.1M	$53.3M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09740	−0.521%	$140K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09796	+0.051%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09805	+0.143%	$12.8M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09800	+0.092%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09808	+0.174%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09800	+0.092%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09744	−0.479%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09750	−0.419%	$264K	$786K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09760	−0.317%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09801	+0.098%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09770	−0.214%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09800	+0.092%	$204	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09756	−0.357%	$138K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09799	+0.078%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09804	+0.130%	$38K	$5K	3x	as long as short
BloFin XPL-USDTlong	+0.0340%	4h	0.09791	long leg	$1.8M	$1.2M	75x
Phoenix XPL	+0.0485%	1h	0.09791	0.000%	$198K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09818	+0.276%	$74K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3472%	1h	0.09848	+0.587%	$518K	$940K	10x	as long as short