Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0577%/8h= +63.2% APRpaid last 24h +0.212%

Price spread now: Coinbase International against Bybit+0.341%7-day average — · you sell dearer than you buy

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

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.126%+$13 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$17 a day on $10k at the current rate, and Coinbase International is 0.341% dearer against Bybit than usual: you sell high and buy low: +$34 more if the spread goes back to zero (this spread has no 7-day history yet).

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.126% in total (about 6.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit XPLUSDT	0.09689	0.0063	pay 0.0032% / 4h	3h 31m	$45.9M	$54.2M	75x
Short	Coinbase International XPL-PERP-INTX	0.09722	0.0640	get 0.0080% / 1h	31m 38s	$75K	$76K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bybit. 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 BybitbpFee Coinbase InternationalbpOrdersPrice spread, now +0.341%Rate

Funding earned: $121.14
Price spread: +0.341% → 0.000%: $34.06
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $134.2
Costs to cover: 0.210%
Break-even: from the start

Slippage unknown: Bybit: live order book, 2 min ago; Coinbase International: 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 Bybit live order book, 2 min ago	0.52 bp	13.4 bp −$13	33.3 bp −$333	doesn't fit	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

Coinbase International: 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	−0.0392%	1h	0.09680	−0.093%	$563	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0304% / S +0.0610%	1h	0.09685	−0.040%	$107K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0085%	1h	0.09685	−0.041%	$176K	$189K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09691	+0.022%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.862%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09684	−0.052%	$46K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09686	−0.029%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0011%	4h	0.09680	−0.093%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERP	+0.0047%	8h	0.09679	−0.107%	$13K	$2K	5x	as long as short
Bybit XPLUSDTlong	+0.0063%	4h	0.09689	long leg	$45.9M	$54.2M	75x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPL	+0.0096%	1h	0.09684	−0.052%	$4.4M	$3.0M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09679	−0.101%	$1.2M	$2.4M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09709	+0.203%	$61.6M	$46.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09697	+0.083%	$253K	$454K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09698	+0.093%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09690	+0.010%	$44.0M	$101.4M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09688	−0.010%	$8.2M	$49.0M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09691	+0.021%	$3.1M	$3.5M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09691	+0.021%	$12.8M	$7.0M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09697	+0.083%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09702	+0.134%	$8.9M	$9.6M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09697	+0.083%	—	$7.8M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09694	+0.050%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09690	+0.010%	$256K	$1.0M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09720	+0.320%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09691	+0.025%	$129K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09660	−0.299%	$2K	$1.7M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09680	−0.093%	$204	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09687	−0.021%	$142K	$192K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09680	−0.093%	$141K	$5K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09694	+0.048%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09680	−0.093%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09709	+0.206%	$197K	$573K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09694	+0.052%	$1.7M	$969K	75x	as long as short
Coinbase International XPL-PERP-INTXshort	+0.0640%	1h	0.09722	+0.341%	$75K	$76K	50x
Kraken Futures PF_XPLUSD	+0.3102%	1h	0.09710	+0.218%	$552K	$990K	10x	as long as short