Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0692%/8h= −75.8% APRpaid last 24h −0.200%

Price spread now: Bybit against Coinbase International−0.990%7-day average −0.750% · you buy dearer than you sell

Net, funding: paid 7d − costs−$141as in the Funding arb table

Net, price: spread back to 7d avg − costs−$158as in the Price arb table

costs, in and out, $10k−$1341.343% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.067%−$7 on $10k

Price spread, last 3 days (all we have)+0.315%+$31 · spread now −0.990%, 7d avg −0.750%

Together, before fees+0.248%+$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and Bybit is 0.240% cheaper against Coinbase International than usual: you would sell low and buy high (−$24 if the spread goes back to its 7-day average of −0.750%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.067% in total (about -3.5% 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	0.09794	0.0792	pay 0.0099% / 1h	51m 34s	$74K	$103K	50x
Short	Bybit XPLUSDT	0.09697	0.0100	get 0.0050% / 4h	1h 51m	$47.3M	$53.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.990%Rate

Funding earned: −$145.32
Price spread: −0.990% → −0.750%: −$24.03
Slippage, 4 orders: −$113.28
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$303.64
Costs to cover: 1.343%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 31 min ago; Bybit: live order book, 2 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 Coinbase International live order book, 31 min ago	38.25 bp	45.0 bp −$45	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.51 bp	13.8 bp −$14	36.5 bp −$365	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	−0.0176%	1h	0.09686	−1.103%	$4.4M	$4.1M	10x	as long as short
Backpack XPL_USDC_PERP	−0.0168%	1h	0.09703	−0.929%	$177K	$281K	10x	as long as short
01 Exchange XPLUSD	−0.0168%	1h	0.09692	−1.041%	$563	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0095% / S +0.0496%	1h	0.09704	−0.916%	$112K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0059%	1h	0.09703	−0.929%	$47K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09703	−0.933%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.701%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09704	−0.914%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0080%	4h	0.09700	−0.960%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0090%	8h	0.09695	−1.016%	$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
Nado XPL-PERP	+0.0100%	1h	0.09720	−0.758%	$1.4M	$2.7M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09715	−0.803%	$62.6M	$47.4M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09705	−0.914%	$251K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09703	−0.928%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09696	−1.001%	$43.5M	$105.8M	75x	as long as short
Bybit XPLUSDTshort	+0.0100%	4h	0.09697	−0.990%	$47.3M	$53.9M	75x
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09694	−1.021%	$8.9M	$53.2M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09695	−1.011%	$140K	$8K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09697	−0.990%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09696	−1.001%	$12.5M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09701	−0.950%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09703	−0.929%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09698	−0.980%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09767	−0.274%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09760	−0.347%	$264K	$775K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09790	−0.041%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09727	−0.688%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09700	−0.960%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09700	−0.960%	$201	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09715	−0.807%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09698	−0.980%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09704	−0.921%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09726	−0.694%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09726	−0.694%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTXlong	+0.0792%	1h	0.09794	long leg	$74K	$103K	50x
Kraken Futures PF_XPLUSD	+0.4604%	1h	0.09750	−0.453%	$513K	$952K	10x	as long as short