Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0516%/8h= −56.5% APRpaid last 24h −0.203%

Price spread now: KuCoin against Coinbase International−0.331%51s7-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 KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.006%−$1 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 −$15 a day on $10k at the current rate, and KuCoin is 0.331% cheaper against Coinbase International than usual: you would sell low and buy high (−$33 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

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	0.09676	0.0616	pay 0.0077% / 1h	25m 33s	$75K	$87K	50x
Short	KuCoin XPLUSDTM	0.09644	0.0100	get 0.0050% / 4h	25m 33s	$2.3M	$1.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.331%Rate

Funding earned: −$108.36
Price spread: −0.331% → 0.000%: −$33.07
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$163.43
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; KuCoin: live order book, 1 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 KuCoin live order book, 1 min ago	8.32 bp	39.9 bp −$40	166.9 bp −$1,669	doesn't fit	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	−0.0376%	1h	0.09647	−0.300%	$561	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0308% / S +0.0613%	1h	0.09609	−0.687%	$106K	—	100x	as long as short
Bybit XPLUSDT	−0.0081%	4h	0.09654	−0.227%	$45.7M	$54.7M	75x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0062%	1h	0.09621	−0.568%	$46K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09639	−0.385%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.758%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09650	−0.269%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0013%	4h	0.09617	−0.610%	$29K	$339K	10x	as long as short
Backpack XPL_USDC_PERP	+0.0054%	1h	0.09627	−0.506%	$178K	$223K	10x	as long as short
Paradex XPL-USD-PERP	+0.0080%	8h	0.09640	−0.371%	$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
Lighter XPL	+0.0096%	1h	0.09629	−0.486%	$4.4M	$3.3M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09666	−0.102%	$61.0M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09642	−0.353%	$242K	$469K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09648	−0.290%	$220K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09655	−0.217%	$43.9M	$103.4M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09647	−0.300%	$8.3M	$49.6M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09550	−1.302%	$139K	$5K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09646	−0.310%	$3.0M	$3.6M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09645	−0.320%	$12.4M	$7.7M	100x	as long as short
KuCoin XPLUSDTMshort	+0.0100%	4h	0.09644	−0.331%	$2.3M	$1.4M	50x
Bitget XPLUSDT	+0.0100%	4h	0.09655	−0.217%	$8.6M	$10.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09649	−0.279%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09615	−0.633%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09612	−0.667%	$252K	$983K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09620	−0.579%	$25K	$78K	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09648	−0.292%	$1.2M	$2.6M	10x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09665	−0.117%	$125K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09590	−0.889%	$3K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09620	−0.579%	$197	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09612	−0.661%	$141K	$206K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09647	−0.295%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09620	−0.579%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09626	−0.517%	$195K	$617K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09595	−0.837%	$1.7M	$989K	75x	as long as short
Coinbase International XPL-PERP-INTXlong	+0.0616%	1h	0.09676	long leg	$75K	$87K	50x
Kraken Futures PF_XPLUSD	+0.3305%	1h	0.09653	−0.239%	$547K	$975K	10x	as long as short