Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0252%/8h= −27.6% APRpaid last 24h −0.126%

Price spread now: BloFin against Coinbase International−1.266%58s7-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 BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.416%+$42 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 BloFin is 1.266% cheaper against Coinbase International than usual: you would sell low and buy high (−$127 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.416%, so the current rate has only just turned against you. The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International XPL-PERP-INTX	0.09640	0.0592	pay 0.0074% / 1h	38m 10s	$67K	$90K	50x
Short	BloFin XPL-USDT	0.09518	0.0340	get 0.0170% / 4h	2h 38m	$1.7M	$940K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −1.266%Rate

Funding earned: −$52.92
Price spread: −1.266% → 0.000%: −$126.56
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$201.48
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; BloFin: 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 BloFin live order book, 5 min ago	1.05 bp	11.2 bp −$11	21.6 bp −$216	62.0 bp −$6,200	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
01 Exchange XPLUSD	−0.0240%	1h	0.09537	−1.068%	$554	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0234% / S +0.0570%	1h	0.09551	−0.920%	$105K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0169%	1h	0.09551	−0.923%	$46K	$18K	25x	as long as short
Lighter XPL	−0.0024%	1h	0.09545	−0.985%	$4.3M	$3.0M	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09545	−0.990%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.464%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09552	−0.908%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0013%	4h	0.09548	−0.954%	$29K	$320K	10x	as long as short
Backpack XPL_USDC_PERP	+0.0040%	1h	0.09560	−0.830%	$174K	$190K	10x	as long as short
Paradex XPL-USD-PERP	+0.0064%	8h	0.09536	−1.083%	$12K	$696	5x	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	0.09553	−0.900%	$1.2M	$2.4M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09569	−0.737%	$60.4M	$46.4M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09562	−0.813%	$251K	$430K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09549	−0.949%	$218K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09554	−0.895%	$43.4M	$100.3M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09550	−0.934%	$45.3M	$54.3M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09553	−0.902%	$8.1M	$48.2M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09565	−0.773%	$139K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09552	−0.913%	$3.0M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09553	−0.902%	$12.3M	$6.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09545	−0.985%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09561	−0.820%	$9.1M	$9.7M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09554	−0.892%	—	$7.8M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09544	−0.991%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09537	−1.073%	$257K	$1.1M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09550	−0.934%	$25K	$77K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09564	−0.784%	$125K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09530	−1.141%	$3K	$1.7M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09550	−0.934%	$202	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09544	−0.996%	$139K	$185K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09547	−0.968%	$632K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09550	−0.934%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09575	−0.674%	$194K	$536K	10x	as long as short
BloFin XPL-USDTshort	+0.0340%	4h	0.09518	−1.266%	$1.7M	$940K	75x
Coinbase International XPL-PERP-INTXlong	+0.0592%	1h	0.09640	long leg	$67K	$90K	50x
Kraken Futures PF_XPLUSD	+0.2903%	1h	0.09577	−0.654%	$544K	$989K	10x	as long as short