Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0158%/8h= +17.3% APRpaid last 24h +0.075%

Price spread now: BingX against Deribit−0.082%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 BingX

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

Funding pays, the price is against you. BingX is 0.082% cheaper against Deribit than usual: you would sell low and buy high (spread −0.082% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 42 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit XPL_USDC-PERPETUAL	0.09741	−0.0058	get 0.0007% / 1h	51m 36s	$47K	$18K	25x
Short	BingX XPL-USDT	0.09733	0.0100	get 0.0050% / 4h	2h 51m	—	$7.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.082%Rate

Funding earned: $33.15
Price spread: −0.082% → 0.000%: −$8.21
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: $7.94
Costs to cover: 0.170%
Break-even: 5.3 days

Slippage unknown: Deribit: no order-book sample; BingX: 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 Deribit no order-book sample	—	—	—	—	—
Sell BingX live order book, 1 min ago	5.66 bp	15.9 bp −$16	34.8 bp −$348	88.9 bp −$8,889	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
Backpack XPL_USDC_PERP	−0.0277%	1h	0.09740	−0.010%	$180K	$283K	10x	as long as short
Lighter XPL	−0.0240%	1h	0.09718	−0.236%	$4.4M	$4.2M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0067% / S +0.0477%	1h	0.09741	+0.001%	$112K	—	100x	as long as short
Deribit XPL_USDC-PERPETUALlong	−0.0058%	1h	0.09741	long leg	$47K	$18K	25x
dYdX XPL-USD	0.0000%	1h	0.09729	−0.124%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.278%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09740	−0.015%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0079%	4h	0.09734	−0.072%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0095%	8h	0.09732	−0.090%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09738	−0.028%	$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	0.09728	−0.129%	$63.0M	$46.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09734	−0.072%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09731	−0.099%	$220K	$19K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09731	−0.103%	$44.3M	$103.7M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09728	−0.133%	$47.0M	$52.5M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09733	−0.082%	$9.0M	$52.7M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09728	−0.133%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09731	−0.103%	$12.8M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09734	−0.072%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09739	−0.021%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDTshort	+0.0100%	4h	0.09733	−0.082%	—	$7.9M	—
Variational Omni XPL	+0.0100%	4h	0.09837	+0.990%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09760	+0.194%	$265K	$782K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09840	+1.016%	$25K	$82K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09745	+0.039%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09720	−0.216%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09730	−0.113%	$199	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09702	−0.400%	$138K	$245K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09730	−0.113%	$140K	$11K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09733	−0.081%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09742	+0.008%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09717	−0.246%	$1.8M	$1.2M	75x	as long as short
01 Exchange XPLUSD	+0.0344%	1h	0.09730	−0.113%	$566	$582	5x	as long as short
Phoenix XPL	+0.0485%	1h	0.09742	+0.010%	$199K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09965	+2.300%	$75K	$106K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3475%	1h	0.09842	+1.034%	$469K	$878K	10x	as long as short