Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0157%/8h= +17.2% APRpaid last 24h +0.055%

Price spread now: GRVT against Deribit−0.316%75s7-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 GRVT

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—+ Points / potential airdropGRVT: Active · farm boardneeds both histories

Funding pays, the price is against you. GRVT is 0.316% cheaper against Deribit than usual: you would sell low and buy high (spread −0.316% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$32 on $10k: about 6.7 days of funding at the current rate (+$5 a day). The two prices were read 75 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit XPL_USDC-PERPETUAL	0.09768	−0.0057	get 0.0007% / 1h	47m 47s	$47K	$18K	25x
Short	GRVT XPL_USDT_Perp	0.09737	0.0100	get 0.0050% / 4h	2h 47m	$264K	$782K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.316%Rate

Funding earned: $32.98
Price spread: −0.316% → 0.000%: −$31.63
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$14.65
Costs to cover: 0.160%
Break-even: 10.1 days

Slippage unknown: Deribit: no order-book sample; GRVT: live order book, 40 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 GRVT live order book, 40 min ago	5.05 bp	145.0 bp −$145	308.5 bp −$3,085	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	−0.0304%	1h	0.09760	−0.082%	$4.4M	$4.2M	10x	as long as short
Backpack XPL_USDC_PERP	−0.0254%	1h	0.09778	+0.102%	$181K	$281K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0068% / S +0.0478%	1h	0.09764	−0.039%	$112K	—	100x	as long as short
Deribit XPL_USDC-PERPETUALlong	−0.0057%	1h	0.09768	long leg	$47K	$18K	25x
dYdX XPL-USD	0.0000%	1h	0.09741	−0.276%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.494%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09765	−0.029%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0080%	4h	0.09764	−0.041%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0095%	8h	0.09749	−0.191%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09740	−0.282%	$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	0.09790	+0.229%	$63.0M	$47.0M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09780	+0.126%	$253K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09745	−0.233%	$221K	$19K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09784	+0.165%	$44.3M	$104.0M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09781	+0.133%	$47.4M	$52.7M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09787	+0.195%	$9.0M	$53.1M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09782	+0.143%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09779	+0.113%	$12.8M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09781	+0.133%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09791	+0.235%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09784	+0.164%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09735	−0.342%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perpshort	+0.0100%	4h	0.09737	−0.316%	$264K	$782K	10x
ApeX Omni XPLUSDT	+0.0100%	1h	0.09740	−0.287%	$25K	$86K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09752	−0.169%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09750	−0.184%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09760	−0.082%	$203	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09740	−0.287%	$138K	$245K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09730	−0.389%	$140K	$11K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09786	+0.183%	$656K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09770	+0.020%	$38K	$5K	3x	as long as short
01 Exchange XPLUSD	+0.0176%	1h	0.09740	−0.287%	$566	$582	5x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09708	−0.614%	$1.8M	$1.1M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09742	−0.266%	$199K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09787	+0.195%	$74K	$104K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3483%	1h	0.09817	+0.498%	$517K	$933K	10x	as long as short