Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0692%/8h= −75.8% APRpaid last 24h −0.200%

Price spread now: SunX against Coinbase International−0.307%7-day average −0.876% · you buy dearer than you sell

Net, funding: paid 7d − costs−$405as in the Funding arb table

Net, price: spread back to 7d avg − costs−$352as in the Price arb table

costs, in and out, $10k−$4094.091% of the position

Long on Coinbase International Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.040%+$4 on $10k

Price spread, last 3 days (all we have)−0.707%−$71 · spread now −0.307%, 7d avg −0.876%

Together, before fees−0.668%−$67 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.569% dearer against Coinbase International than usual: you sell high and buy low (spread −0.307% now, against its 7-day average of −0.876%): +$57 on $10k if it goes back. Holding the pair costs −$21 a day in funding at the current rate, which eats that in about 2.7 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.040% in total (about 2.1% 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	0.09760	0.0792	pay 0.0099% / 1h	22m 20s	$72K	$104K	50x
Short	SunX XPL-USDT	0.09730	0.0100	get 0.0050% / 4h	1h 22m	$3K	$2.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.307%Rate

Funding earned: −$145.32
Price spread: −0.307% → −0.876%: $56.86
Slippage, 4 orders: −$391.06
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$497.53
Costs to cover: 4.091%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 60 min ago; SunX: live order book, 4 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, 60 min ago	38.25 bp	45.0 bp −$45	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 4 min ago	35.92 bp	150.3 bp −$150	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
Backpack XPL_USDC_PERP	−0.0304%	1h	0.09740	−0.205%	$177K	$282K	10x	as long as short
Lighter XPL	−0.0248%	1h	0.09718	−0.430%	$4.4M	$4.1M	10x	as long as short
01 Exchange XPLUSD	−0.0216%	1h	0.09738	−0.225%	$566	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0161%	1h	0.09740	−0.205%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0110% / S +0.0505%	1h	0.09742	−0.188%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09728	−0.326%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.433%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09742	−0.187%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0072%	4h	0.09738	−0.225%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0082%	8h	0.09737	−0.240%	$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	0.09735	−0.251%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09756	−0.045%	$63.1M	$47.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09745	−0.155%	$252K	$526K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09739	−0.210%	$222K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09739	−0.215%	$43.9M	$106.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09740	−0.205%	$48.0M	$54.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09737	−0.236%	$8.9M	$54.0M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09688	−0.736%	$141K	$10K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09735	−0.256%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09740	−0.205%	$12.6M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09735	−0.256%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09745	−0.154%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09739	−0.215%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09689	−0.724%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09766	+0.061%	$260K	$787K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09780	+0.205%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09749	−0.117%	$129K	$2.7M	10x	as long as short
SunX XPL-USDTshort	+0.0100%	4h	0.09730	−0.307%	$3K	$2.0M	20x
SoDEX XPL-USD	+0.0100%	1h	0.09740	−0.205%	$448	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09763	+0.031%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09738	−0.224%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09740	−0.205%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09753	−0.072%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09703	−0.584%	$196K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTXlong	+0.0792%	1h	0.09760	long leg	$72K	$104K	50x
Kraken Futures PF_XPLUSD	+0.4579%	1h	0.09803	+0.445%	$563K	$994K	10x	as long as short