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: OKX against Deribit−0.042%46s7-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 OKX

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. OKX is 0.042% cheaper against Deribit than usual: you would sell low and buy high (spread −0.042% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 34 hours of funding at the current rate (+$3 a day). The two prices were read 46 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	0.09520	0	get 0.0000% / 1h	49m 33s	$46K	$18K	25x
Short	OKX XPL-USDT-SWAP	0.09516	0.0100	get 0.0050% / 4h	49m 33s	$8.2M	$49.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.042%Rate

Funding earned: $21
Price spread: −0.042% → 0.000%: −$4.2
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$0.2
Costs to cover: 0.170%
Break-even: 7.1 days

Slippage unknown: Deribit: no order-book sample; OKX: 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 OKX live order book, 4 min ago	0.52 bp	13.4 bp −$13	40.7 bp −$407	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
01 Exchange XPLUSD	−0.0320%	1h	0.09504	−0.168%	$553	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0289% / S +0.0601%	1h	0.09521	+0.011%	$105K	—	100x	as long as short
Bybit XPLUSDT	−0.0116%	4h	0.09507	−0.137%	$45.0M	$55.6M	75x	as long as short
Backpack XPL_USDC_PERP	−0.0108%	1h	0.09520	0.000%	$176K	$227K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09525	+0.057%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.475%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUALlong	0.0000%	1h	0.09520	long leg	$46K	$18K	25x
Orderly PERP_XPL_USDC	+0.0004%	4h	0.09518	−0.021%	$29K	$335K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09521	+0.008%	$72K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0071%	8h	0.09515	−0.051%	$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	0.09510	−0.105%	$4.3M	$3.3M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09519	−0.011%	$1.2M	$2.7M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09530	+0.109%	$59.7M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09521	+0.011%	$241K	$477K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09520	0.000%	$217K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09512	−0.084%	$43.2M	$105.1M	75x	as long as short
OKX XPL-USDT-SWAPshort	+0.0100%	4h	0.09516	−0.042%	$8.2M	$49.5M	50x
Gate XPL_USDT	+0.0100%	4h	0.09512	−0.084%	$3.0M	$3.5M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09516	−0.042%	$12.3M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09524	+0.042%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09518	−0.021%	$8.5M	$10.3M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09512	−0.084%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09518	−0.023%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09541	+0.217%	$254K	$955K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09530	+0.105%	$25K	$79K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09521	+0.007%	$126K	$2.1M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09500	−0.210%	$2K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09520	0.000%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09534	+0.147%	$143K	$236K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09565	+0.473%	$139K	$5K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09511	−0.095%	$646K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09520	0.000%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09540	+0.210%	$193K	$617K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09528	+0.084%	$1.7M	$983K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09606	+0.903%	$74K	$86K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3338%	1h	0.09556	+0.375%	$541K	$977K	10x	as long as short