Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0572%/8h= +62.6% APRpaid last 24h +0.072%

Price spread now: Bitget against Deribit+0.103%7-day average — · you sell dearer than you buy

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

Long on Deribit Short on Bitget

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

Both sides work for this trade now. Funding pays +$17 a day on $10k at the current rate, and Bitget is 0.103% dearer against Deribit than usual: you sell high and buy low: +$10 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit XPL_USDC-PERPETUAL	0.09691	−0.0472	get 0.0059% / 1h	55m 33s	$46K	$18K	25x
Short	Bitget XPLUSDT	0.09701	0.0100	get 0.0050% / 4h	2h 55m	$8.7M	$11.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.103%Rate

Funding earned: $120.07
Price spread: +0.103% → 0.000%: $10.32
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: $111.39
Costs to cover: 0.190%
Break-even: 0.5 days

Slippage unknown: Deribit: no order-book sample; Bitget: live order book, 3 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 Bitget live order book, 3 min ago	4.11 bp	16.7 bp −$17	41.1 bp −$411	doesn't fit	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	−0.0472%	1h	0.09691	long leg	$46K	$18K	25x
01 Exchange XPLUSD	−0.0280%	1h	0.09672	−0.196%	$562	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0182% / S +0.0552%	1h	0.09705	+0.140%	$111K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09703	+0.124%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.880%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09704	+0.130%	$58K	—	150x	as long as short
Lighter XPL	+0.0008%	1h	0.09690	−0.010%	$4.4M	$4.1M	10x	as long as short
Orderly PERP_XPL_USDC	+0.0012%	4h	0.09689	−0.021%	$29K	$335K	10x	as long as short
OKX XPL-USDT-SWAP	+0.0047%	4h	0.09613	−0.805%	$8.5M	$54.9M	50x	as long as short
Paradex XPL-USD-PERP	+0.0049%	8h	0.09706	+0.151%	$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	0.09590	−1.042%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09711	+0.205%	$62.9M	$47.2M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09703	+0.125%	$256K	$552K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09705	+0.145%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09683	−0.084%	$44.2M	$109.3M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09669	−0.227%	$46.9M	$56.7M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09698	+0.072%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09700	+0.093%	$12.9M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09707	+0.165%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDTshort	+0.0100%	4h	0.09701	+0.103%	$8.7M	$11.2M	75x
BingX XPL-USDT	+0.0100%	4h	0.09687	−0.041%	—	$8.0M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09686	−0.052%	$182K	$237K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09695	+0.041%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09750	+0.608%	$266K	$857K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09780	+0.918%	$25K	$89K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09718	+0.281%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09680	−0.114%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09690	−0.010%	$487	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09703	+0.124%	$141K	$247K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09755	+0.660%	$142K	$2K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09699	+0.085%	$656K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09684	−0.077%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0163%	1h	0.09794	+1.063%	$198K	$657K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09751	+0.619%	$1.8M	$1.1M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09776	+0.877%	$77K	$100K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4392%	1h	0.09740	+0.502%	$563K	$1.0M	10x	as long as short