Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0159%/8h= −17.4% APRpaid last 24h −0.074%

Price spread now: Deribit against Bybit−0.051%7-day average — · you buy dearer than you sell

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

Long on Bybit 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

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Deribit is 0.051% cheaper against Bybit than usual: you would sell low and buy high (−$5 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit XPLUSDT	0.09723	0.0100	pay 0.0050% / 4h	27m 57s	$47.3M	$55.3M	75x
Short	Deribit XPL_USDC-PERPETUAL	0.09718	−0.0059	pay 0.0007% / 1h	27m 57s	$47K	$18K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.051%Rate

Funding earned: −$33.31
Price spread: −0.051% → 0.000%: −$5.14
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$56.45
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 1 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 Bybit live order book, 1 min ago	0.51 bp	8.8 bp −$9	34.3 bp −$343	doesn't fit	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
Lighter XPL	−0.0592%	1h	0.09711	−0.123%	$4.4M	$4.2M	10x	as long as short
01 Exchange XPLUSD	−0.0408%	1h	0.09710	−0.134%	$565	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0136% / S +0.0522%	1h	0.09720	−0.033%	$112K	—	100x	as long as short
Deribit XPL_USDC-PERPETUALshort	−0.0059%	1h	0.09718	−0.051%	$47K	$18K	25x
dYdX XPL-USD	0.0000%	1h	0.09720	−0.030%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.139%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09720	−0.031%	$76K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0021%	8h	0.09718	−0.050%	$13K	$2K	5x	as long as short
Orderly PERP_XPL_USDC	+0.0050%	4h	0.09715	−0.082%	$29K	$335K	10x	as long as short
Gate XPL_USDT	+0.0074%	4h	0.09720	−0.031%	$3.0M	$4.0M	75x	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	0.09732	+0.097%	$62.8M	$48.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09726	+0.028%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09724	+0.008%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09725	+0.023%	$44.2M	$108.2M	75x	as long as short
Bybit XPLUSDTlong	+0.0100%	4h	0.09723	long leg	$47.3M	$55.3M	75x
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09721	−0.021%	$8.8M	$54.3M	50x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09724	+0.010%	$12.7M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09723	0.000%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09729	+0.062%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09722	−0.010%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09721	−0.021%	$179K	$281K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09696	−0.274%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09699	−0.249%	$260K	$806K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09710	−0.134%	$25K	$88K	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09716	−0.072%	$1.4M	$2.6M	10x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09728	+0.046%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09690	−0.339%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09720	−0.031%	$198	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09716	−0.072%	$138K	$233K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09700	−0.238%	$141K	$9K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09720	−0.029%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09720	−0.031%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0327%	1h	0.09714	−0.093%	$197K	$651K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09720	−0.031%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09825	+1.049%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5108%	1h	0.09773	+0.519%	$564K	$1.0M	10x	as long as short