Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.056%

Price spread now: Paradex against Deribit+0.064%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 Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Paradex is 0.064% 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	0.09586	−0.0167	get 0.0021% / 1h	37m 50s	$46K	$18K	25x
Short	Paradex XPL-USD-PERP	0.09592	0.0053	get 0.0053% / 8h	5h 37m	$12K	$2K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now +0.064%Rate

Funding earned: $46.28
Price spread: +0.064% → 0.000%: $6.42
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: $41.71
Costs to cover: 0.110%
Break-even: 0.7 days

Slippage unknown: Deribit: no order-book sample; Paradex: no order-book sample. 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 Paradex no order-book sample	—	—	—	—	—

Deribit and Paradex: 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
Backpack XPL_USDC_PERP	−0.0605%	1h	0.09580	−0.063%	$180K	$242K	10x	as long as short
01 Exchange XPLUSD	−0.0432%	1h	0.09579	−0.073%	$557	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0249% / S +0.0577%	1h	0.09589	+0.030%	$105K	—	100x	as long as short
Deribit XPL_USDC-PERPETUALlong	−0.0167%	1h	0.09586	long leg	$46K	$18K	25x
Orderly PERP_XPL_USDC	−0.0005%	4h	0.09581	−0.052%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09598	+0.121%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.023%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09589	+0.037%	$72K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0031%	4h	0.09582	−0.042%	$8.2M	$52.8M	50x	as long as short
Lighter XPL	+0.0032%	1h	0.09578	−0.083%	$4.3M	$4.2M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERPshort	+0.0053%	8h	0.09592	+0.064%	$12K	$2K	5x
Gate XPL_USDT	+0.0080%	4h	0.09579	−0.073%	$2.9M	$3.7M	75x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09585	−0.010%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09595	+0.095%	$60.3M	$48.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09582	−0.042%	$243K	$501K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09600	+0.145%	$219K	$48K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09581	−0.052%	$43.3M	$108.6M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09574	−0.125%	$45.4M	$56.7M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09540	−0.480%	$139K	$7K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09581	−0.052%	$12.3M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09569	−0.177%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09586	0.000%	$8.5M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09580	−0.063%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09587	+0.007%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09616	+0.311%	$260K	$901K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09620	+0.355%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09592	+0.063%	$127K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09560	−0.271%	$3K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09580	−0.063%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09580	−0.063%	$144K	$264K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09581	−0.053%	$633K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09583	−0.029%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09608	+0.230%	$195K	$629K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09576	−0.104%	$1.7M	$1.0M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0672%	1h	0.09640	+0.563%	$74K	$93K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3572%	1h	0.09624	+0.393%	$546K	$1.0M	10x	as long as short