Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0446%/8h= −48.8% APRpaid last 24h −0.191%

Price spread now: MEXC against Coinbase International−0.229%7-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 MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.093%−$9 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 −$13 a day on $10k at the current rate, and MEXC is 0.229% cheaper against Coinbase International than usual: you would sell low and buy high (−$23 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.093% in total (about -4.9% 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	0.09596	0.0536	pay 0.0067% / 1h	22m 29s	$64K	$92K	50x
Short	MEXC XPL_USDT	0.09574	0.0090	get 0.0045% / 4h	3h 22m	$12.8M	$6.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.229%Rate

Funding earned: −$93.66
Price spread: −0.229% → 0.000%: −$22.93
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: −$126.59
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; MEXC: 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 MEXC live order book, 1 min ago	0.52 bp	1.1 bp −$1	2.9 bp −$29	80.0 bp −$7,998	230.6 bp −$115.3K

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
Lighter XPL	−0.1192%	1h	0.09561	−0.365%	$4.3M	$3.2M	10x	as long as short
Bybit XPLUSDT	−0.0465%	4h	0.09573	−0.240%	$45.4M	$54.3M	75x	as long as short
01 Exchange XPLUSD	−0.0424%	1h	0.09568	−0.292%	$556	$873	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0311% / S +0.0615%	1h	0.09543	−0.549%	$105K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0274%	1h	0.09544	−0.542%	$46K	$17K	25x	as long as short
Paradex XPL-USD-PERP	−0.0120%	8h	0.09577	−0.202%	$12K	$696	5x	as long as short
OKX XPL-USDT-SWAP	−0.0055%	4h	0.09572	−0.250%	$7.6M	$47.7M	50x	as long as short
Gate XPL_USDT	−0.0044%	4h	0.09574	−0.229%	$2.9M	$3.3M	75x	as long as short
Orderly PERP_XPL_USDC	−0.0033%	4h	0.09537	−0.615%	$30K	$239K	10x	as long as short
Backpack XPL_USDC_PERP	−0.0030%	1h	0.09546	−0.521%	$179K	$180K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX XPL-USD	0.0000%	1h	0.09571	−0.262%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.105%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09546	−0.517%	$72K	—	150x	as long as short
Extended XPL-USD	+0.0048%	1h	0.09571	−0.260%	$616K	$1.2M	25x	as long as short
MEXC XPL_USDTshort	+0.0090%	4h	0.09574	−0.229%	$12.8M	$6.5M	100x
Binance XPLUSDT	+0.0092%	4h	0.09573	−0.243%	$43.7M	$98.1M	75x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09572	−0.245%	$1.2M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09592	−0.036%	$60.7M	$45.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09580	−0.165%	$254K	$400K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09579	−0.176%	$219K	$47K	10x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09479	−1.217%	$138K	$0	10x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09569	−0.281%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09586	−0.104%	$9.0M	$9.9M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09570	−0.271%	—	$7.7M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09484	−1.171%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09501	−0.985%	$254K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09510	−0.896%	$25K	$73K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09582	−0.146%	$126K	$1.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09520	−0.792%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09540	−0.584%	$189	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09517	−0.823%	$132K	$214K	20x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09540	−0.584%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09515	−0.844%	$192K	$494K	10x	as long as short
BloFin XPL-USDT	+0.0331%	4h	0.09532	−0.667%	$1.7M	$943K	75x	as long as short
Coinbase International XPL-PERP-INTXlong	+0.0536%	1h	0.09596	long leg	$64K	$92K	50x
Kraken Futures PF_XPLUSD	+0.2711%	1h	0.09566	−0.317%	$544K	$958K	10x	as long as short