Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.063%

Price spread now: MEXC against Deribit+0.063%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 MEXC

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 +$3 a day on $10k at the current rate, and MEXC is 0.063% dearer against Deribit than usual: you sell high and buy low: +$6 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	0.09515	0	get 0.0000% / 1h	47m 57s	$46K	$18K	25x
Short	MEXC XPL_USDT	0.09521	0.0100	get 0.0050% / 4h	47m 57s	$12.3M	$7.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.063%Rate

Funding earned: $21
Price spread: +0.063% → 0.000%: $6.31
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee MEXC: 0 bp × 2 orders: $0
Net: $20.31
Costs to cover: 0.070%
Break-even: 0.2 days

Slippage unknown: Deribit: no order-book sample; MEXC: live order book, 5 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 MEXC live order book, 5 min ago	0.52 bp	4.2 bp −$4	12.4 bp −$124	93.8 bp −$9,375	234.4 bp −$117.2K

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
01 Exchange XPLUSD	−0.0320%	1h	0.09510	−0.053%	$553	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0290% / S +0.0602%	1h	0.09517	+0.025%	$105K	—	100x	as long as short
Bybit XPLUSDT	−0.0121%	4h	0.09515	0.000%	$45.1M	$55.6M	75x	as long as short
Backpack XPL_USDC_PERP	−0.0111%	1h	0.09520	+0.053%	$176K	$226K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09511	−0.044%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.434%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUALlong	0.0000%	1h	0.09515	long leg	$46K	$18K	25x
Orderly PERP_XPL_USDC	+0.0003%	4h	0.09515	0.000%	$29K	$339K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09518	+0.028%	$72K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0072%	8h	0.09514	−0.007%	$12K	$2K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPL	+0.0096%	1h	0.09504	−0.116%	$4.3M	$3.3M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09519	+0.042%	$1.2M	$2.7M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09532	+0.179%	$59.7M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09523	+0.088%	$242K	$486K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09509	−0.063%	$217K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09520	+0.053%	$43.2M	$104.7M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09523	+0.084%	$8.2M	$49.6M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09519	+0.042%	$3.0M	$3.6M	75x	as long as short
MEXC XPL_USDTshort	+0.0100%	4h	0.09521	+0.063%	$12.3M	$7.7M	100x
KuCoin XPLUSDTM	+0.0100%	4h	0.09525	+0.105%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09525	+0.105%	$8.5M	$10.3M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09519	+0.042%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09518	+0.030%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09541	+0.269%	$254K	$955K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09530	+0.158%	$25K	$79K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09526	+0.112%	$127K	$2.1M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09500	−0.158%	$2K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09510	−0.053%	$190	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09460	−0.578%	$142K	$246K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09565	+0.525%	$139K	$5K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09517	+0.026%	$643K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09512	−0.029%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09540	+0.263%	$193K	$617K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09501	−0.147%	$1.7M	$984K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09606	+0.956%	$74K	$86K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3344%	1h	0.09540	+0.264%	$541K	$977K	10x	as long as short