Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: Bybit against dYdX+0.650%7-day average — · you sell dearer than you buy

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

Long on dYdX Short on Bybit

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 Bybit is 0.650% dearer against dYdX than usual: you sell high and buy low: +$65 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	dYdX XPL-USD	0.09848	0	get 0.0000% / 1h	18m 16s	$8K	—	5x
Short	Bybit XPLUSDT	0.09912	0.0100	get 0.0050% / 4h	3h 18m	$48.2M	$56.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.650%Rate

Funding earned: $21
Price spread: +0.650% → 0.000%: $64.96
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $64.96
Costs to cover: 0.210%
Break-even: from the start

Slippage unknown: dYdX: no order-book sample; Bybit: live order book, 1 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 Bybit live order book, 1 min ago	0.51 bp	11.9 bp −$12	36.4 bp −$364	doesn't fit	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
01 Exchange XPLUSD	−0.0176%	1h	0.09867	+0.193%	$574	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0170% / S +0.0545%	1h	0.09889	+0.412%	$114K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0154%	1h	0.09895	+0.477%	$47K	$18K	25x	as long as short
Lighter XPL	0.0000%	1h	0.09895	+0.477%	$4.5M	$4.2M	10x	as long as short
dYdX XPL-USDlong	0.0000%	1h	0.09848	long leg	$8K	—	5x
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−23.128%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09889	+0.417%	$77K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0022%	4h	0.09890	+0.426%	$30K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0046%	8h	0.09844	−0.036%	$13K	$2K	5x	as long as short
Backpack XPL_USDC_PERP	+0.0094%	1h	0.09913	+0.660%	$186K	$263K	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	0.09874	+0.261%	$1.5M	$2.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09880	+0.325%	$255K	$534K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09850	+0.020%	$224K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09908	+0.612%	$45.3M	$108.9M	75x	as long as short
Bybit XPLUSDTshort	+0.0100%	4h	0.09912	+0.650%	$48.2M	$56.1M	75x
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09908	+0.609%	$8.8M	$56.2M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09870	+0.223%	$144K	$2K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09904	+0.568%	$3.1M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09903	+0.558%	$13.1M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09912	+0.650%	$2.5M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09916	+0.690%	$8.8M	$11.2M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09910	+0.629%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09915	+0.679%	$1.8M	$2.0M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09920	+0.731%	$266K	$835K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09920	+0.731%	$26K	$89K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09885	+0.379%	$132K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09840	−0.082%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09900	+0.528%	$197	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09878	+0.304%	$143K	$243K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09891	+0.441%	$669K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09920	+0.731%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0163%	1h	0.09941	+0.944%	$201K	$655K	10x	as long as short
Hyperliquid XPL	+0.0207%	1h	0.09928	+0.808%	$64.4M	$47.1M	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09892	+0.446%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0376%	1h	0.09980	+1.340%	$74K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5003%	1h	0.09945	+0.981%	$575K	$1.0M	10x	as long as short