Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0478%/8h= −52.3% APRpaid last 24h −0.202%

Price spread now: Gate against Coinbase International−1.221%7-day average −0.710% · you buy dearer than you sell

Net, funding: paid 7d − costs−$112as in the Funding arb table

Net, price: spread back to 7d avg − costs−$145as in the Price arb table

costs, in and out, $10k−$940.936% of the position

Long on Coinbase International Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.182%−$18 on $10k

Price spread, last 3 days (all we have)+0.556%+$56 · spread now −1.221%, 7d avg −0.710%

Together, before fees+0.375%+$37 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Gate is 0.512% cheaper against Coinbase International than usual: you would sell low and buy high (−$51 if the spread goes back to its 7-day average of −0.710%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.182% in total (about -9.5% 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	0.09825	0.0568	pay 0.0071% / 1h	35m 09s	$72K	$97K	50x
Short	Gate XPL_USDT	0.09705	0.0090	get 0.0045% / 4h	35m 09s	$3.0M	$4.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −1.221%Rate

Funding earned: −$100.38
Price spread: −1.221% → −0.710%: −$51.15
Slippage, 4 orders: −$68.58
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$245.12
Costs to cover: 0.936%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 43 min ago; Gate: live order book, 3 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, 43 min ago	17.51 bp	22.5 bp −$23	130.6 bp −$1,306	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	3.09 bp	17.4 bp −$17	135.5 bp −$1,355	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	−0.0672%	1h	0.09695	−1.323%	$4.4M	$4.1M	10x	as long as short
01 Exchange XPLUSD	−0.0400%	1h	0.09700	−1.272%	$564	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0162%	1h	0.09712	−1.150%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0133% / S +0.0520%	1h	0.09716	−1.109%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09709	−1.176%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.948%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09715	−1.124%	$76K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0022%	8h	0.09706	−1.207%	$13K	$2K	5x	as long as short
Orderly PERP_XPL_USDC	+0.0054%	4h	0.09707	−1.201%	$29K	$335K	10x	as long as short
Gate XPL_USDTshort	+0.0090%	4h	0.09705	−1.221%	$3.0M	$4.0M	75x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XPL-PERP	+0.0100%	1h	0.09710	−1.170%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09724	−1.031%	$62.8M	$48.0M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09715	−1.119%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09715	−1.123%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09713	−1.140%	$44.1M	$108.0M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09714	−1.130%	$47.4M	$55.2M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09712	−1.150%	$8.8M	$54.3M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09740	−0.864%	$142K	$9K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09711	−1.160%	$12.6M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09714	−1.130%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09718	−1.089%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09710	−1.170%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09714	−1.130%	$179K	$281K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09708	−1.187%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09715	−1.118%	$260K	$806K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09720	−1.069%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09720	−1.067%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09690	−1.374%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09710	−1.170%	$197	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09711	−1.160%	$138K	$234K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09707	−1.201%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09706	−1.211%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0327%	1h	0.09751	−0.753%	$197K	$651K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09706	−1.211%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTXlong	+0.0568%	1h	0.09825	long leg	$72K	$97K	50x
Kraken Futures PF_XPLUSD	+0.5109%	1h	0.09771	−0.549%	$563K	$1.0M	10x	as long as short