Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h +0.001%

Price spread now: Nado against Bulk−0.113%54s7-day average −0.030% · 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—prices read too far apart to compare

costs, in and out, $10k−$350.353% of the position

Long on Bulk Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.001%$0 on $10k

Price spread, last 3 days (all we have)+0.454%+$45 · spread now −0.113%, 7d avg −0.030%

Together, before fees+0.455%+ Points / potential airdropNado: Active · farm board+$45 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Nado is 0.083% cheaper against Bulk than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of −0.030%. The two prices were read 54 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	Bulk XPL-USD	0.09760	0.0100	pay 0.0013% / 1h	7m 39s	$142K	$9K	10x
Short	Nado XPL-PERP	0.09749	0.0100	get 0.0012% / 1h	7m 39s	$1.4M	$2.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Bulk. 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 BulkbpFee NadobpOrdersPrice spread, now −0.113%Rate

Funding earned: $0
Price spread: −0.113% → −0.030%: −$8.29
Slippage, 4 orders: −$21.26
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$43.55
Costs to cover: 0.353%
Break-even: never at this rate

Slippage from Bulk: live order book, 6 min ago; Nado: live order book, 1 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 Bulk live order book, 6 min ago	5.15 bp	8.7 bp −$9	14.8 bp −$148	45.9 bp −$4,591	doesn't fit
Sell Nado live order book, 1 min ago	1.54 bp	7.9 bp −$8	19.2 bp −$192	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	−0.0536%	1h	0.09751	−0.092%	$4.4M	$4.2M	10x	as long as short
01 Exchange XPLUSD	−0.0376%	1h	0.09745	−0.154%	$567	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0364%	1h	0.09759	−0.010%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0146% / S +0.0529%	1h	0.09762	+0.018%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09762	+0.017%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.434%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09762	+0.024%	$76K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0009%	8h	0.09759	−0.015%	$13K	$2K	5x	as long as short
Gate XPL_USDT	+0.0038%	4h	0.09762	+0.020%	$3.0M	$4.1M	75x	as long as short
Orderly PERP_XPL_USDC	+0.0039%	4h	0.09752	−0.082%	$29K	$335K	10x	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	0.09749	−0.113%	$1.4M	$2.6M	10x
Hyperliquid XPL	+0.0100%	1h	0.09781	+0.219%	$63.1M	$48.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09770	+0.103%	$253K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09769	+0.093%	$222K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09749	−0.111%	$44.5M	$108.7M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09760	0.000%	$47.3M	$55.6M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09757	−0.031%	$8.7M	$55.0M	50x	as long as short
Bulk XPL-USDlong	+0.0100%	1h	0.09760	long leg	$142K	$9K	10x
MEXC XPL_USDT	+0.0100%	4h	0.09758	−0.020%	$12.8M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09761	+0.010%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09763	+0.031%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09753	−0.072%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09762	+0.020%	$181K	$282K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09698	−0.634%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09750	−0.102%	$258K	$814K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09780	+0.205%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09765	+0.051%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09740	−0.205%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09760	0.000%	$200	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09755	−0.051%	$141K	$242K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09753	−0.071%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09766	+0.060%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0327%	1h	0.09715	−0.461%	$197K	$651K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09756	−0.041%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09735	−0.256%	$72K	$96K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5095%	1h	0.09798	+0.393%	$566K	$1.0M	10x	as long as short