Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0776%/8h= +85.0% APRpaid last 24h +0.075%

Price spread now: Binance against Deribit−0.010%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on Binance

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$23 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit XPL_USDC-PERPETUAL	0.09711	−0.0676	get 0.0084% / 1h	53m 01s	$47K	$18K	25x
Short	Binance XPLUSDT	0.09710	0.0100	get 0.0050% / 4h	2h 53m	$44.2M	$103.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Deribit. 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 DeribitbpFee BinancebpOrdersPrice spread, now −0.010%Rate

Funding earned: $162.95
Price spread: −0.010% → 0.000%: −$0.99
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: $144.96
Costs to cover: 0.170%
Break-even: 0.8 days

Slippage unknown: Deribit: no order-book sample; Binance: live order book, 5 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 Deribit no order-book sample	—	—	—	—	—
Sell Binance live order book, 5 min ago	0.51 bp	12.6 bp −$13	27.7 bp −$277	113.2 bp −$11.3K	doesn't fit

Deribit: 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
Deribit XPL_USDC-PERPETUALlong	−0.0676%	1h	0.09711	long leg	$47K	$18K	25x
Lighter XPL	−0.0368%	1h	0.09696	−0.154%	$4.4M	$4.2M	10x	as long as short
Backpack XPL_USDC_PERP	−0.0318%	1h	0.09700	−0.113%	$179K	$282K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0066% / S +0.0476%	1h	0.09718	+0.069%	$111K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09735	+0.252%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.038%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09719	+0.085%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0079%	4h	0.09708	−0.031%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0096%	8h	0.09724	+0.133%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09726	+0.157%	$1.4M	$2.6M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid XPL	+0.0100%	1h	0.09701	−0.101%	$63.0M	$46.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09705	−0.057%	$251K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09731	+0.202%	$220K	$19K	10x	as long as short
Binance XPLUSDTshort	+0.0100%	4h	0.09710	−0.010%	$44.2M	$103.6M	75x
Bybit XPLUSDT	+0.0100%	4h	0.09716	+0.051%	$47.0M	$52.4M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09711	0.000%	$9.0M	$52.6M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09901	+1.957%	$143K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09699	−0.124%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09707	−0.041%	$12.8M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09702	−0.093%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09715	+0.041%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09718	+0.072%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09837	+1.302%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09760	+0.503%	$265K	$782K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09840	+1.328%	$25K	$82K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09722	+0.109%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09700	−0.113%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09700	−0.113%	$206	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09702	−0.093%	$138K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09708	−0.035%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09715	+0.040%	$38K	$5K	3x	as long as short
01 Exchange XPLUSD	+0.0288%	1h	0.09787	+0.783%	$569	$582	5x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09717	+0.062%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09742	+0.319%	$199K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09965	+2.616%	$75K	$106K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3483%	1h	0.09817	+1.093%	$397K	$806K	10x	as long as short