Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0724%/8h= −79.3% APRpaid last 24h −0.196%

Price spread now: HTX against Coinbase International−0.631%7-day average −0.737% · you buy dearer than you sell

Net, funding: paid 7d − costs−$173as in the Funding arb table

Net, price: spread back to 7d avg − costs−$186as in the Price arb table

costs, in and out, $10k−$1961.961% of the position

Long on Coinbase International Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.235%+$24 on $10k

Price spread, last 3 days (all we have)−0.426%−$43 · spread now −0.631%, 7d avg −0.737%

Together, before fees−0.190%−$19 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.106% dearer against Coinbase International than usual: you sell high and buy low (spread −0.631% now, against its 7-day average of −0.737%): +$11 on $10k if it goes back. Holding the pair costs −$22 a day in funding at the current rate, which eats that in about 12 hours. Mind the row above: over the last 7 days funding on this pair paid +0.235%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.235% in total (about 12.3% 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	0.09818	0.0824	pay 0.0103% / 1h	26m 27s	$74K	$103K	50x
Short	HTX XPL-USDT	0.09756	0.0100	get 0.0050% / 4h	2h 26m	$138K	$245K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.631%Rate

Funding earned: −$152.04
Price spread: −0.631% → −0.737%: $10.57
Slippage, 4 orders: −$174.13
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$337.6
Costs to cover: 1.961%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 61 min ago; HTX: live order book, 60 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, 61 min ago	32.79 bp	38.1 bp −$38	231.6 bp −$2,316	doesn't fit	doesn't fit
Sell HTX live order book, 60 min ago	10.11 bp	78.4 bp −$78	doesn't fit	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
GMX XPL/USD [WBTC.b-USDC]	L −0.0078% / S +0.0484%	1h	0.09794	−0.249%	$113K	—	100x	as long as short
Lighter XPL	−0.0072%	1h	0.09803	−0.153%	$4.4M	$4.3M	10x	as long as short
01 Exchange XPLUSD	−0.0016%	1h	0.09808	−0.102%	$570	$582	5x	as long as short
Backpack XPL_USDC_PERP	−0.0002%	1h	0.09804	−0.143%	$179K	$283K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09812	−0.059%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.891%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09804	−0.143%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09793	−0.254%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0083%	4h	0.09799	−0.194%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0095%	8h	0.09804	−0.140%	$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	0.09806	−0.117%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09820	+0.017%	$63.1M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09817	−0.008%	$254K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09818	0.000%	$222K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09807	−0.112%	$44.3M	$104.7M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09803	−0.153%	$47.8M	$53.4M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09803	−0.153%	$9.1M	$53.4M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09740	−0.794%	$140K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09806	−0.122%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09810	−0.081%	$12.8M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09801	−0.173%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09810	−0.081%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09802	−0.163%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09744	−0.753%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09750	−0.693%	$264K	$786K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09760	−0.591%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09818	0.000%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09770	−0.489%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09800	−0.183%	$204	$10K	10x	as long as short
HTX XPL-USDTshort	+0.0100%	4h	0.09756	−0.631%	$138K	$245K	20x
Extended XPL-USD	+0.0104%	1h	0.09804	−0.141%	$664K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09804	−0.146%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09791	−0.275%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09791	−0.275%	$198K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTXlong	+0.0824%	1h	0.09818	long leg	$74K	$103K	50x
Kraken Futures PF_XPLUSD	+0.3472%	1h	0.09848	+0.310%	$518K	$940K	10x	as long as short