Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0468%/8h= −51.2% APRpaid last 24h −0.222%

Price spread now: GRVT against Coinbase International−1.170%7-day average −0.745% · you buy dearer than you sell

Net, funding: paid 7d − costs−$156as in the Funding arb table

Net, price: spread back to 7d avg − costs−$199as in the Price arb table

costs, in and out, $10k−$1561.565% of the position

Long on Coinbase International Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days+0.006%+$1 on $10k

Price spread, last 3 days (all we have)+0.534%+$53 · spread now −1.170%, 7d avg −0.745%

Together, before fees+0.539%+ Points / potential airdropGRVT: Active · farm board+$54 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 GRVT is 0.425% cheaper against Coinbase International than usual: you would sell low and buy high (−$43 if the spread goes back to its 7-day average of −0.745%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.006% in total (about 0.3% 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	30m 57s	$72K	$97K	50x
Short	GRVT XPL_USDT_Perp	0.09710	0.0100	get 0.0050% / 4h	30m 57s	$260K	$806K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −1.170%Rate

Funding earned: −$98.28
Price spread: −1.170% → −0.745%: −$42.52
Slippage, 4 orders: −$137.45
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$297.25
Costs to cover: 1.565%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 47 min ago; GRVT: live order book, 47 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, 47 min ago	17.51 bp	22.5 bp −$23	130.6 bp −$1,306	doesn't fit	doesn't fit
Sell GRVT live order book, 47 min ago	5.15 bp	34.0 bp −$34	223.5 bp −$2,235	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	−0.0632%	1h	0.09685	−1.425%	$4.4M	$4.1M	10x	as long as short
01 Exchange XPLUSD	−0.0416%	1h	0.09692	−1.354%	$563	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0265%	1h	0.09700	−1.272%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0134% / S +0.0521%	1h	0.09705	−1.223%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09710	−1.165%	$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	0.09704	−1.227%	$76K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0021%	8h	0.09697	−1.305%	$13K	$2K	5x	as long as short
Orderly PERP_XPL_USDC	+0.0051%	4h	0.09697	−1.303%	$29K	$335K	10x	as long as short
Gate XPL_USDT	+0.0076%	4h	0.09696	−1.313%	$3.0M	$4.0M	75x	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	0.09698	−1.298%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09711	−1.162%	$62.7M	$48.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09706	−1.209%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09707	−1.200%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09698	−1.293%	$44.1M	$108.2M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09697	−1.303%	$47.2M	$55.3M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09691	−1.364%	$8.7M	$54.2M	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	0.09697	−1.303%	$12.6M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09705	−1.221%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09703	−1.242%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09700	−1.272%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09701	−1.262%	$179K	$281K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09696	−1.309%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perpshort	+0.0100%	4h	0.09710	−1.170%	$260K	$806K	10x
ApeX Omni XPLUSDT	+0.0100%	1h	0.09710	−1.170%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09709	−1.179%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09680	−1.476%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09700	−1.272%	$200	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09711	−1.160%	$138K	$233K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09696	−1.314%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09700	−1.272%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0327%	1h	0.09721	−1.059%	$197K	$651K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09700	−1.272%	$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	+0.5116%	1h	0.09758	−0.678%	$563K	$1.0M	10x	as long as short