Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0195%/8h= +21.4% APRpaid last 24h +0.001%

Price spread now: Extended against Bybit+0.202%7-day average −0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$470.475% of the position

Long on Bybit Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.066%+$7 on $10k

Price spread, last 7 days−0.215%−$22 · spread now +0.202%, 7d avg −0.032%

Together, before fees−0.150%+ Points / potential airdropExtended: Active · farm board−$15 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Extended is 0.235% dearer against Bybit than usual: you sell high and buy low: +$23 more if the spread goes back to its 7-day average of −0.032%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.066% in total (about 3.4% 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	0.09628	−0.0091	get 0.0046% / 4h	29m 18s	$45.6M	$54.8M	75x
Short	Extended XPL-USD	0.09647	0.0104	get 0.0013% / 1h	29m 18s	$653K	$1.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now +0.202%Rate

Funding earned: $41.01
Price spread: +0.202% → −0.032%: $23.45
Slippage, 4 orders: −$31.45
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Extended: 2.5 bp × 2 orders: −$5
Net: $17.01
Costs to cover: 0.475%
Break-even: 4.1 days

Slippage from Bybit: live order book, 5 min ago; Extended: live order book, 4 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 Bybit live order book, 5 min ago	0.52 bp	15.5 bp −$16	37.8 bp −$378	doesn't fit	doesn't fit
Sell Extended live order book, 4 min ago	1.56 bp	7.0 bp −$7	19.6 bp −$196	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
01 Exchange XPLUSD	−0.0392%	1h	0.09646	+0.187%	$561	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0306% / S +0.0611%	1h	0.09655	+0.284%	$107K	—	100x	as long as short
Bybit XPLUSDTlong	−0.0091%	4h	0.09628	long leg	$45.6M	$54.8M	75x
dYdX XPL-USD	0.0000%	1h	0.09671	+0.443%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.367%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09653	+0.260%	$46K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09657	+0.302%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0013%	4h	0.09650	+0.229%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERP	+0.0079%	8h	0.09661	+0.339%	$13K	$2K	5x	as long as short
Lighter XPL	+0.0096%	1h	0.09642	+0.145%	$4.4M	$3.3M	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-PERP	+0.0100%	1h	0.09654	+0.270%	$1.2M	$2.7M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09669	+0.429%	$60.9M	$47.0M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09660	+0.334%	$243K	$460K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09670	+0.433%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09638	+0.104%	$43.7M	$103.3M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09635	+0.073%	$8.3M	$49.6M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09550	−0.810%	$139K	$5K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09655	+0.280%	$3.0M	$3.6M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09655	+0.280%	$12.4M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09645	+0.177%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09657	+0.301%	$8.6M	$10.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09651	+0.239%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09679	+0.530%	$179K	$221K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09656	+0.289%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09669	+0.429%	$262K	$975K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09630	+0.021%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09665	+0.385%	$125K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09640	+0.125%	$3K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09650	+0.229%	$198	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09673	+0.467%	$141K	$207K	20x	as long as short
Extended XPL-USDshort	+0.0104%	1h	0.09647	+0.202%	$653K	$1.1M	25x
Aevo XPL-PERP	+0.0104%	1h	0.09651	+0.241%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09585	−0.447%	$194K	$617K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09646	+0.187%	$1.7M	$994K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09676	+0.499%	$75K	$87K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3291%	1h	0.09693	+0.672%	$549K	$975K	10x	as long as short