Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0276%/8h= −30.2% APRpaid last 24h −0.201%

Price spread now: BingX against Coinbase International−0.367%7-day average — · you buy dearer than you sell

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

Long on Coinbase International Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.014%+$1 on $10k

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 −$8 a day on $10k at the current rate, and BingX is 0.367% cheaper against Coinbase International than usual: you would sell low and buy high (−$37 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.014% in total (about 0.7% 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	Coinbase International XPL-PERP-INTX	0.09815	0.0376	pay 0.0047% / 1h	42m 31s	$72K	$97K	50x
Short	BingX XPL-USDT	0.09779	0.0100	get 0.0050% / 4h	3h 42m	—	$7.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Coinbase International. 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 Coinbase InternationalbpFee BingXbpOrdersPrice spread, now −0.367%Rate

Funding earned: −$57.96
Price spread: −0.367% → 0.000%: −$36.68
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$114.64
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; BingX: live order book, 5 min ago. 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 Coinbase International no order-book sample	—	—	—	—	—
Sell BingX live order book, 5 min ago	5.14 bp	16.0 bp −$16	27.5 bp −$275	88.2 bp −$8,824	doesn't fit

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
Backpack XPL_USDC_PERP	−0.0323%	1h	0.09767	−0.489%	$181K	$282K	10x	as long as short
Lighter XPL	−0.0264%	1h	0.09763	−0.530%	$4.4M	$4.2M	10x	as long as short
01 Exchange XPLUSD	−0.0192%	1h	0.09784	−0.316%	$569	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0158% / S +0.0537%	1h	0.09771	−0.444%	$113K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0057%	1h	0.09768	−0.479%	$47K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09768	−0.474%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.869%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09770	−0.458%	$76K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0030%	4h	0.09769	−0.469%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0032%	8h	0.09779	−0.365%	$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
Hyperliquid XPL	+0.0100%	1h	0.09800	−0.157%	$63.2M	$47.5M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09775	−0.411%	$253K	$533K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09775	−0.403%	$222K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09781	−0.344%	$44.7M	$108.7M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09779	−0.367%	$47.4M	$55.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09776	−0.397%	$8.6M	$55.2M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09780	−0.357%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09773	−0.428%	$12.9M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09768	−0.479%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09784	−0.316%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDTshort	+0.0100%	4h	0.09779	−0.367%	—	$7.9M	—
Variational Omni XPL	+0.0100%	4h	0.09735	−0.815%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09743	−0.735%	$266K	$827K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09740	−0.764%	$25K	$87K	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09781	−0.346%	$1.4M	$2.6M	10x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09792	−0.236%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09740	−0.764%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09770	−0.458%	$193	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09754	−0.621%	$141K	$241K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09720	−0.966%	$142K	$2K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09777	−0.388%	$658K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09770	−0.463%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0163%	1h	0.09753	−0.632%	$197K	$655K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09763	−0.530%	$1.7M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTXlong	+0.0376%	1h	0.09815	long leg	$72K	$97K	50x
Kraken Futures PF_XPLUSD	+0.5068%	1h	0.09816	+0.012%	$569K	$1.0M	10x	as long as short