Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: BingX against dYdX−0.431%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on dYdX Short on BingX

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. BingX is 0.431% cheaper against dYdX than usual: you would sell low and buy high (spread −0.431% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$43 on $10k: about 14 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX XPL-USD	0.09751	0	get 0.0000% / 1h	53m 21s	$8K	—	5x
Short	BingX XPL-USDT	0.09709	0.0100	get 0.0050% / 4h	1h 53m	—	$7.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against dYdX. 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 dYdXbpFee BingXbpOrdersPrice spread, now −0.431%Rate

Funding earned: $21
Price spread: −0.431% → 0.000%: −$43.1
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$42.1
Costs to cover: 0.200%
Break-even: 21.0 days

Slippage unknown: dYdX: no order-book sample; BingX: live order book, 15 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 dYdX no order-book sample	—	—	—	—	—
Sell BingX live order book, 15 min ago	1.03 bp	19.2 bp −$19	34.8 bp −$348	91.9 bp −$9,190	doesn't fit

dYdX: 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
Deribit XPL_USDC-PERPETUAL	−0.0471%	1h	0.09707	−0.451%	$47K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0136%	1h	0.09725	−0.267%	$565	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0095% / S +0.0495%	1h	0.09713	−0.389%	$112K	—	100x	as long as short
Lighter XPL	−0.0056%	1h	0.09729	−0.226%	$4.4M	$4.1M	10x	as long as short
dYdX XPL-USDlong	0.0000%	1h	0.09751	long leg	$8K	—	5x
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.361%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09716	−0.361%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0081%	4h	0.09708	−0.441%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0090%	8h	0.09735	−0.168%	$13K	$2K	5x	as long as short
Backpack XPL_USDC_PERP	+0.0093%	1h	0.09754	+0.031%	$178K	$281K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XPL-PERP	+0.0100%	1h	0.09731	−0.200%	$1.4M	$2.7M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09744	−0.071%	$62.8M	$47.4M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09735	−0.168%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09745	−0.062%	$222K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09709	−0.431%	$43.6M	$105.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09710	−0.421%	$47.4M	$53.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09705	−0.472%	$8.9M	$53.3M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09700	−0.521%	$140K	$10K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09718	−0.339%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09717	−0.349%	$12.6M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09735	−0.164%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09715	−0.369%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDTshort	+0.0100%	4h	0.09709	−0.431%	—	$7.9M	—
Variational Omni XPL	+0.0100%	4h	0.09767	+0.166%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09760	+0.092%	$264K	$775K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09790	+0.400%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09738	−0.132%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09710	−0.421%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09710	−0.421%	$205	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09771	+0.205%	$139K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09706	−0.462%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09714	−0.383%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09726	−0.257%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09726	−0.257%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09794	+0.441%	$74K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4603%	1h	0.09753	+0.022%	$513K	$953K	10x	as long as short