Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0672%/8h= −73.6% APRpaid last 24h −0.218%

Price spread now: Orderly against Coinbase International−0.196%7-day average −0.748% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Coinbase International Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.216%−$22 on $10k

Price spread, last 3 days (all we have)−0.500%−$50 · spread now −0.196%, 7d avg −0.748%

Together, before fees−0.716%−$72 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Orderly is 0.552% dearer against Coinbase International than usual: you sell high and buy low (spread −0.196% now, against its 7-day average of −0.748%): +$55 on $10k if it goes back. Holding the pair costs −$20 a day in funding at the current rate, which eats that in about 2.7 days. At the pace of the last 7 days (−0.216% in total) that is about 18 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.216% in total (about -11.3% 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	0.09670	0.0672	pay 0.0084% / 1h	15m 50s	$75K	$93K	50x
Short	Orderly PERP_XPL_USDC	0.09651	0.0000	get 0.0000% / 4h	1h 15m	$29K	$335K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Coinbase International. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 OrderlybpOrdersPrice spread, now −0.196%Rate

Funding earned: −$141.06
Price spread: −0.196% → −0.748%: $55.16
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$101.9
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Coinbase International: no order-book sample; Orderly: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—

Coinbase International and Orderly: 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	0.09648	−0.228%	$561	$708	5x	as long as short
Backpack XPL_USDC_PERP	−0.0274%	1h	0.09655	−0.155%	$179K	$230K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0265% / S +0.0586%	1h	0.09658	−0.120%	$106K	—	100x	as long as short
Bybit XPLUSDT	−0.0082%	4h	0.09633	−0.383%	$45.7M	$56.7M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09658	−0.128%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.710%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09656	−0.145%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDCshort	0.0000%	4h	0.09651	−0.196%	$29K	$335K	10x
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09658	−0.119%	$73K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0062%	4h	0.09638	−0.331%	$8.3M	$52.7M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0064%	8h	0.09656	−0.145%	$13K	$2K	5x	as long as short
Lighter XPL	+0.0096%	1h	0.09646	−0.248%	$4.4M	$4.2M	10x	as long as short
Gate XPL_USDT	+0.0098%	4h	0.09653	−0.176%	$3.0M	$3.8M	75x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09655	−0.153%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09665	−0.049%	$60.6M	$48.2M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09658	−0.126%	$245K	$497K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09658	−0.120%	$220K	$48K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09649	−0.216%	$43.7M	$108.5M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09610	−0.620%	$140K	$5K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09650	−0.207%	$12.6M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09652	−0.186%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09648	−0.228%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09648	−0.228%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09645	−0.262%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09638	−0.327%	$261K	$922K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09660	−0.103%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09664	−0.064%	$128K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09630	−0.414%	$3K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09650	−0.207%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09659	−0.114%	$145K	$263K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09647	−0.233%	$636K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09655	−0.155%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09660	−0.103%	$196K	$629K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09649	−0.217%	$1.7M	$1.0M	75x	as long as short
Coinbase International XPL-PERP-INTXlong	+0.0672%	1h	0.09670	long leg	$75K	$93K	50x
Kraken Futures PF_XPLUSD	+0.3547%	1h	0.09692	+0.230%	$550K	$1.0M	10x	as long as short