Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0398%/8h= +43.5% APRpaid last 24h +0.144%

Price spread now: BloFin against Deribit+0.031%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 BloFin

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 +$12 a day on $10k at the current rate, and BloFin is 0.031% dearer against Deribit than usual: you sell high and buy low: +$3 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	0.09749	−0.0058	get 0.0007% / 1h	38m 26s	$47K	$18K	25x
Short	BloFin XPL-USDT	0.09752	0.0340	get 0.0170% / 4h	1h 38m	$1.7M	$1.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.031%Rate

Funding earned: $83.5
Price spread: +0.031% → 0.000%: $3.08
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: $67.58
Costs to cover: 0.190%
Break-even: 1.3 days

Slippage unknown: Deribit: no order-book sample; BloFin: live order book, 4 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 BloFin live order book, 4 min ago	1.03 bp	11.9 bp −$12	20.0 bp −$200	74.0 bp −$7,397	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	−0.0309%	1h	0.09749	0.000%	$178K	$281K	10x	as long as short
01 Exchange XPLUSD	−0.0200%	1h	0.09741	−0.082%	$566	$708	5x	as long as short
Lighter XPL	−0.0136%	1h	0.09729	−0.205%	$4.4M	$4.1M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0102% / S +0.0500%	1h	0.09741	−0.087%	$112K	—	100x	as long as short
Deribit XPL_USDC-PERPETUALlong	−0.0058%	1h	0.09749	long leg	$47K	$18K	25x
dYdX XPL-USD	0.0000%	1h	0.09739	−0.103%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.346%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09740	−0.090%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0078%	4h	0.09734	−0.154%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0090%	8h	0.09740	−0.097%	$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	0.09743	−0.056%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09756	+0.075%	$62.9M	$47.5M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09746	−0.029%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09743	−0.059%	$222K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09737	−0.123%	$43.8M	$106.3M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09736	−0.133%	$47.4M	$54.0M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09733	−0.164%	$8.9M	$53.5M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09750	+0.008%	$140K	$8K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09737	−0.123%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09740	−0.092%	$12.6M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09738	−0.113%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09731	−0.185%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09734	−0.154%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09747	−0.017%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09730	−0.190%	$261K	$789K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09740	−0.092%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09752	+0.027%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09730	−0.195%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09740	−0.092%	$448	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09743	−0.062%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09726	−0.233%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09727	−0.230%	$38K	$5K	3x	as long as short
BloFin XPL-USDTshort	+0.0340%	4h	0.09752	+0.031%	$1.7M	$1.2M	75x
Phoenix XPL	+0.0412%	1h	0.09744	−0.051%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09734	−0.154%	$72K	$104K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4587%	1h	0.09786	+0.377%	$515K	$952K	10x	as long as short