Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0038%/8h= +4.2% APRpaid last 24h +0.011%

Price spread now: Nado against Bybit+0.313%7-day average +0.075% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$420.422% of the position

Long on Bybit Short on Nado

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.039%+$4 on $10k

Price spread, last 7 days−0.213%−$21 · spread now +0.313%, 7d avg +0.075%

Together, before fees−0.173%+ Points / potential airdropNado: Active · farm board−$17 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Nado is 0.238% dearer against Bybit than usual: you sell high and buy low: +$24 more if the spread goes back to its 7-day average of +0.075%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit XPLUSDT	0.09580	0.0062	pay 0.0031% / 4h	43m 07s	$45.7M	$53.7M	75x
Short	Nado XPL-PERP	0.09610	0.0100	get 0.0012% / 1h	43m 07s	$1.3M	$2.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.313%Rate

Funding earned: $8.03
Price spread: +0.313% → +0.075%: $23.79
Slippage, 4 orders: −$24.22
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$10.4
Costs to cover: 0.422%
Break-even: 16.1 days

Slippage from Bybit: live order book, 1 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 Bybit live order book, 1 min ago	0.52 bp	12.0 bp −$12	34.8 bp −$348	doesn't fit	doesn't fit
Sell Nado live order book, 1 min ago	1.04 bp	6.6 bp −$7	22.9 bp −$229	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	−0.1392%	1h	0.09574	−0.063%	$4.3M	$3.1M	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0479%	1h	0.09592	+0.125%	$46K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0472%	1h	0.09600	+0.209%	$558	$873	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09606	+0.277%	$106K	—	100x	as long as short
Orderly PERP_XPL_USDC	−0.0015%	4h	0.09589	+0.094%	$30K	$246K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09610	+0.314%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.974%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09601	+0.215%	$72K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0014%	8h	0.09625	+0.473%	$13K	$696	5x	as long as short
Bybit XPLUSDTlong	+0.0062%	4h	0.09580	long leg	$45.7M	$53.7M	75x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XPL-PERPshort	+0.0100%	1h	0.09610	+0.313%	$1.3M	$2.2M	10x
Hyperliquid XPL	+0.0100%	1h	0.09603	+0.242%	$60.7M	$46.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09595	+0.154%	$253K	$419K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09615	+0.365%	$220K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09581	+0.010%	$43.4M	$97.7M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09584	+0.042%	$7.7M	$47.8M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09577	−0.031%	$140K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09589	+0.094%	$3.0M	$3.3M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09589	+0.094%	$12.5M	$6.5M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09592	+0.125%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09597	+0.177%	$9.0M	$9.9M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09588	+0.084%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09595	+0.157%	$180K	$188K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09607	+0.278%	$1.7M	$2.0M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09606	+0.275%	$255K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09610	+0.313%	$25K	$75K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09612	+0.333%	$126K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09590	+0.104%	$2K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09590	+0.104%	$196	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09596	+0.167%	$133K	$213K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09590	+0.103%	$601K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09590	+0.104%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0249%	1h	0.09622	+0.438%	$195K	$495K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09600	+0.209%	$1.7M	$929K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0808%	1h	0.09718	+1.441%	$66K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2723%	1h	0.09634	+0.559%	$547K	$930K	10x	as long as short