Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0013%/8h= +1.4% APRpaid last 24h +0.013%

Price spread now: Orderly against dYdX−0.183%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 Orderly

What this pair did over the last

the charts below follow

Funding, last 6 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. Orderly is 0.183% cheaper against dYdX than usual: you would sell low and buy high (spread −0.183% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$18 on $10k: about 46 days of funding at the current rate ($0 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX XPL-USD	0.09565	0	get 0.0000% / 1h	37m 37s	$9K	$600	5x
Short	Orderly PERP_XPL_USDC	0.09548	0.0013	get 0.0007% / 4h	2h 37m	$29K	$320K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.183%Rate

Funding earned: $2.76
Price spread: −0.183% → 0.000%: −$18.26
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$31.5
Costs to cover: 0.160%
Break-even: 86.8 days

Slippage unknown: dYdX: no order-book sample; Orderly: 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 dYdX no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

dYdX and Orderly: 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	−0.0240%	1h	0.09561	−0.047%	$556	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0234% / S +0.0570%	1h	0.09551	−0.148%	$105K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0169%	1h	0.09551	−0.151%	$46K	$18K	25x	as long as short
Lighter XPL	−0.0024%	1h	0.09557	−0.089%	$4.3M	$3.0M	10x	as long as short
dYdX XPL-USDlong	0.0000%	1h	0.09565	long leg	$9K	$600	5x
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.852%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09552	−0.136%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDCshort	+0.0013%	4h	0.09548	−0.183%	$29K	$320K	10x
Backpack XPL_USDC_PERP	+0.0040%	1h	0.09560	−0.057%	$174K	$190K	10x	as long as short
Paradex XPL-USD-PERP	+0.0065%	8h	0.09569	+0.035%	$12K	$696	5x	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	0.09581	+0.162%	$60.5M	$46.4M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09572	+0.072%	$252K	$430K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09572	+0.064%	$219K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09565	−0.001%	$43.4M	$100.3M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09567	+0.016%	$45.3M	$54.3M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09568	+0.026%	$8.1M	$48.3M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09565	0.000%	$139K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09569	+0.037%	$3.0M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09567	+0.016%	$12.3M	$6.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09558	−0.078%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09576	+0.110%	$9.1M	$9.7M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09572	+0.068%	—	$7.8M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09544	−0.220%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09540	−0.271%	$253K	$1.1M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09540	−0.266%	$25K	$77K	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09570	+0.053%	$1.2M	$2.4M	10x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09564	−0.011%	$125K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09530	−0.371%	$3K	$1.7M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09550	−0.162%	$202	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09544	−0.224%	$139K	$185K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09569	+0.034%	$632K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09550	−0.162%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09575	+0.100%	$194K	$536K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09518	−0.496%	$1.7M	$940K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0592%	1h	0.09640	+0.779%	$67K	$90K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2903%	1h	0.09577	+0.120%	$544K	$989K	10x	as long as short