Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0028%/8h= −3.0% APRpaid last 24h −0.016%

Price spread now: Orderly against Bulk+0.535%45s7-day average −0.075% · you sell dearer than you buy

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

Long on Bulk Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.047%−$5 on $10k

Price spread, last 3 days (all we have)−0.695%−$70 · spread now +0.535%, 7d avg −0.075%

Together, before fees−0.742%−$74 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Orderly is 0.610% dearer against Bulk than usual: you sell high and buy low (spread +0.535% now, against its 7-day average of −0.075%): +$61 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 2 months. The two prices were read 45 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	0.09688	0.0100	pay 0.0013% / 1h	23m 27s	$141K	$10K	10x
Short	Orderly PERP_XPL_USDC	0.09740	0.0072	get 0.0036% / 4h	1h 23m	$29K	$335K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Bulk. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 OrderlybpOrdersPrice spread, now +0.535%Rate

Funding earned: −$5.84
Price spread: +0.535% → −0.075%: $61.04
Slippage, 4 orders: no order book: not counted
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: $42.2
Costs to cover: 0.130%
Break-even: from the start

Slippage unknown: Bulk: live order book, 60 min ago; Orderly: 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 Bulk live order book, 60 min ago	5.11 bp	8.6 bp −$9	15.8 bp −$158	36.5 bp −$3,646	130.4 bp −$65.2K
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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
Backpack XPL_USDC_PERP	−0.0310%	1h	0.09748	+0.618%	$177K	$282K	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0263%	1h	0.09744	+0.576%	$47K	$18K	25x	as long as short
Lighter XPL	−0.0232%	1h	0.09733	+0.463%	$4.4M	$4.1M	10x	as long as short
01 Exchange XPLUSD	−0.0216%	1h	0.09739	+0.525%	$566	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0109% / S +0.0505%	1h	0.09757	+0.711%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09747	+0.606%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−21.858%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09743	+0.569%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDCshort	+0.0072%	4h	0.09740	+0.535%	$29K	$335K	10x
Paradex XPL-USD-PERP	+0.0082%	8h	0.09742	+0.557%	$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	0.09742	+0.551%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09755	+0.685%	$63.1M	$47.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09749	+0.628%	$252K	$526K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09749	+0.630%	$222K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09743	+0.566%	$44.0M	$106.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09746	+0.597%	$48.1M	$54.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09742	+0.556%	$9.0M	$54.0M	50x	as long as short
Bulk XPL-USDlong	+0.0100%	1h	0.09688	long leg	$141K	$10K	10x
Gate XPL_USDT	+0.0100%	4h	0.09740	+0.535%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09736	+0.494%	$12.6M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09741	+0.545%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09744	+0.576%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09741	+0.545%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09689	+0.012%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09766	+0.803%	$260K	$787K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09780	+0.948%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09752	+0.655%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09740	+0.535%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09740	+0.535%	$448	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09763	+0.773%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09740	+0.536%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09741	+0.550%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09764	+0.783%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09703	+0.153%	$196K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09760	+0.742%	$72K	$104K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4582%	1h	0.09798	+1.133%	$562K	$995K	10x	as long as short