Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0264%/8h= +28.9% APRpaid last 24h +0.071%

Price spread now: Gate against Deribit−0.072%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 Gate

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. Gate is 0.072% cheaper against Deribit than usual: you would sell low and buy high (spread −0.072% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 22 hours of funding at the current rate (+$8 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit XPL_USDC-PERPETUAL	0.09657	−0.0164	get 0.0021% / 1h	9m 16s	$46K	$18K	25x
Short	Gate XPL_USDT	0.09650	0.0100	get 0.0050% / 4h	2h 09m	$3.0M	$3.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.072%Rate

Funding earned: $55.45
Price spread: −0.072% → 0.000%: −$7.25
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $26.2
Costs to cover: 0.220%
Break-even: 3.7 days

Slippage unknown: Deribit: no order-book sample; Gate: 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 Gate live order book, 4 min ago	3.10 bp	22.9 bp −$23	123.6 bp −$1,236	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 35 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
01 Exchange XPLUSD	−0.0280%	1h	0.09636	−0.217%	$560	$708	5x	as long as short
Backpack XPL_USDC_PERP	−0.0210%	1h	0.09647	−0.104%	$178K	$243K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0205% / S +0.0567%	1h	0.09659	+0.022%	$111K	—	100x	as long as short
Deribit XPL_USDC-PERPETUALlong	−0.0164%	1h	0.09657	long leg	$46K	$18K	25x
Orderly PERP_XPL_USDC	−0.0001%	4h	0.09652	−0.052%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09650	−0.077%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.605%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09659	+0.022%	$59K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0045%	4h	0.09652	−0.052%	$8.3M	$53.9M	50x	as long as short
Paradex XPL-USD-PERP	+0.0047%	8h	0.09650	−0.077%	$13K	$2K	5x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPL	+0.0048%	1h	0.09647	−0.104%	$4.4M	$4.2M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09649	−0.078%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09659	+0.021%	$61.5M	$47.4M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09659	+0.021%	$246K	$510K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09658	+0.006%	$220K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09653	−0.041%	$43.8M	$108.4M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09650	−0.072%	$46.5M	$56.7M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09660	+0.031%	$141K	$7K	10x	as long as short
Gate XPL_USDTshort	+0.0100%	4h	0.09650	−0.072%	$3.0M	$3.9M	75x
MEXC XPL_USDT	+0.0100%	4h	0.09649	−0.083%	$12.7M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09654	−0.031%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09653	−0.041%	$8.6M	$11.2M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09652	−0.052%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09671	+0.143%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09670	+0.135%	$257K	$891K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09680	+0.238%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09659	+0.017%	$131K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09640	−0.176%	$2K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09650	−0.072%	$193	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09664	+0.072%	$144K	$249K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09651	−0.066%	$655K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09651	−0.063%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09687	+0.311%	$196K	$657K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09766	+1.129%	$78K	$95K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4411%	1h	0.09697	+0.412%	$550K	$1.0M	10x	as long as short