Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0162%/8h= +17.7% APRpaid last 24h +0.062%

Price spread now: SunX against Deribit−0.323%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 SunX

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. SunX is 0.323% cheaper against Deribit than usual: you would sell low and buy high (spread −0.323% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$32 on $10k: about 6.6 days of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit XPL_USDC-PERPETUAL	0.09611	−0.0062	get 0.0008% / 1h	22m 07s	$46K	$18K	25x
Short	SunX XPL-USDT	0.09580	0.0100	get 0.0050% / 4h	2h 22m	$2K	$1.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.323%Rate

Funding earned: $34.03
Price spread: −0.323% → 0.000%: −$32.25
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$13.23
Costs to cover: 0.150%
Break-even: 9.7 days

Slippage unknown: Deribit: no order-book sample; SunX: live order book, 3 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 SunX live order book, 3 min ago	52.30 bp	168.9 bp −$169	doesn't fit	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	−0.0272%	1h	0.09588	−0.239%	$557	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0234% / S +0.0570%	1h	0.09607	−0.040%	$106K	—	100x	as long as short
Deribit XPL_USDC-PERPETUALlong	−0.0062%	1h	0.09611	long leg	$46K	$18K	25x
Lighter XPL	0.0000%	1h	0.09605	−0.062%	$4.3M	$3.0M	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09587	−0.251%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.227%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09607	−0.041%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0009%	4h	0.09605	−0.062%	$29K	$306K	10x	as long as short
Paradex XPL-USD-PERP	+0.0062%	8h	0.09585	−0.275%	$12K	$696	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09595	−0.164%	$1.2M	$2.4M	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	0.09629	+0.188%	$60.9M	$46.3M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09625	+0.148%	$253K	$428K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09594	−0.181%	$219K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09620	+0.091%	$43.6M	$100.0M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09618	+0.073%	$45.6M	$53.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09622	+0.114%	$8.1M	$48.4M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09581	−0.308%	$140K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09617	+0.062%	$3.1M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09610	−0.010%	$12.3M	$6.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09604	−0.073%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09627	+0.166%	$9.2M	$9.7M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09619	+0.083%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09625	+0.146%	$175K	$190K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09545	−0.687%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09557	−0.563%	$253K	$1.1M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09540	−0.739%	$25K	$77K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09614	+0.032%	$126K	$2.0M	10x	as long as short
SunX XPL-USDTshort	+0.0100%	4h	0.09580	−0.323%	$2K	$1.7M	20x
SoDEX XPL-USD	+0.0100%	1h	0.09610	−0.010%	$206	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09592	−0.198%	$137K	$191K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09607	−0.038%	$604K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09616	+0.055%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09582	−0.302%	$194K	$536K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09560	−0.531%	$1.7M	$943K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0592%	1h	0.09605	−0.062%	$67K	$89K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2884%	1h	0.09641	+0.314%	$548K	$979K	10x	as long as short