Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0365%/8h= +40.0% APRpaid last 24h +0.074%

Price spread now: Bybit against Deribit−0.052%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 Bybit

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. Bybit is 0.052% cheaper against Deribit than usual: you would sell low and buy high (spread −0.052% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 11 hours of funding at the current rate (+$11 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit XPL_USDC-PERPETUAL	0.09704	−0.0265	get 0.0033% / 1h	31m 47s	$47K	$18K	25x
Short	Bybit XPLUSDT	0.09699	0.0100	get 0.0050% / 4h	31m 47s	$47.3M	$55.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.052%Rate

Funding earned: $76.65
Price spread: −0.052% → 0.000%: −$5.15
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $53.5
Costs to cover: 0.180%
Break-even: 2.1 days

Slippage unknown: Deribit: no order-book sample; Bybit: live order book, 2 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 Bybit live order book, 2 min ago	0.52 bp	10.6 bp −$11	34.8 bp −$348	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
Lighter XPL	−0.0656%	1h	0.09685	−0.196%	$4.4M	$4.1M	10x	as long as short
01 Exchange XPLUSD	−0.0408%	1h	0.09700	−0.041%	$564	$708	5x	as long as short
Deribit XPL_USDC-PERPETUALlong	−0.0265%	1h	0.09704	long leg	$47K	$18K	25x
GMX XPL/USD [WBTC.b-USDC]	L −0.0134% / S +0.0521%	1h	0.09711	+0.074%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09710	+0.067%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−21.987%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09712	+0.079%	$76K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0023%	8h	0.09703	−0.008%	$13K	$2K	5x	as long as short
Orderly PERP_XPL_USDC	+0.0051%	4h	0.09703	−0.010%	$29K	$335K	10x	as long as short
Gate XPL_USDT	+0.0080%	4h	0.09699	−0.052%	$3.0M	$4.0M	75x	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	0.09706	+0.026%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09713	+0.096%	$62.7M	$48.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09707	+0.035%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09717	+0.132%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09698	−0.062%	$44.1M	$108.1M	75x	as long as short
Bybit XPLUSDTshort	+0.0100%	4h	0.09699	−0.052%	$47.3M	$55.3M	75x
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09697	−0.072%	$8.7M	$54.2M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09740	+0.372%	$142K	$9K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09699	−0.052%	$12.6M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09707	+0.031%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09708	+0.041%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09699	−0.052%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09698	−0.062%	$179K	$281K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09708	+0.045%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09715	+0.115%	$260K	$806K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09720	+0.165%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09717	+0.133%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09680	−0.247%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09700	−0.041%	$200	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09711	+0.072%	$138K	$233K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09698	−0.063%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09700	−0.041%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0327%	1h	0.09751	+0.484%	$197K	$651K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09705	+0.010%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09825	+1.247%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5117%	1h	0.09756	+0.535%	$563K	$1.0M	10x	as long as short