Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.006%

Price spread now: BingX against Extended+0.027%7-day average +0.039% · you sell dearer than you buy

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$500.502% of the position

Long on Extended Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.052%+$5 on $10k

Price spread, last 4 days (all we have)+1.059%+$106 · spread now +0.027%, 7d avg +0.039%

Together, before fees+1.111%+ Points / potential airdropExtended: Active · farm board+$111 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended XPL-USD	0.09784	0.0104	pay 0.0013% / 1h	55m 52s	$697K	$1.0M	25x
Short	BingX XPL-USDT	0.09787	0.0100	get 0.0050% / 4h	2h 55m	—	$7.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Extended. 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 ExtendedbpFee BingXbpOrdersPrice spread, now +0.027%Rate

Funding earned: −$0.84
Price spread: +0.027% → +0.039%: −$1.24
Slippage, 4 orders: −$35.24
Fee Extended: 2.5 bp × 2 orders: −$5
Fee BingX: 5 bp × 2 orders: −$10
Net: −$52.31
Costs to cover: 0.502%
Break-even: never at this rate

Slippage from Extended: live order book, 2 min ago; BingX: live order book, 12 min ago.

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 Extended live order book, 2 min ago	0.51 bp	14.0 bp −$14	24.3 bp −$243	doesn't fit	doesn't fit
Sell BingX live order book, 12 min ago	5.55 bp	16.1 bp −$16	29.0 bp −$290	94.2 bp −$9,416	doesn't fit

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	−0.0157%	1h	0.09829	+0.456%	$49K	$17K	25x	as long as short
Backpack XPL_USDC_PERP	−0.0136%	1h	0.09808	+0.241%	$183K	$282K	10x	as long as short
Lighter XPL	−0.0128%	1h	0.09825	+0.415%	$4.4M	$4.2M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0065% / S +0.0475%	1h	0.09828	+0.450%	$113K	—	100x	as long as short
01 Exchange XPLUSD	−0.0056%	1h	0.09825	+0.415%	$571	$582	5x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09836	+0.528%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.622%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09829	+0.455%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0080%	4h	0.09829	+0.456%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0099%	8h	0.09835	+0.518%	$13K	$2K	5x	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	0.09829	+0.456%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09809	+0.256%	$64.5M	$45.3M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09800	+0.160%	$254K	$514K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09846	+0.628%	$223K	$19K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09789	+0.047%	$44.6M	$102.9M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09785	+0.006%	$47.3M	$51.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09791	+0.068%	$9.1M	$52.8M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09901	+1.192%	$143K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09784	−0.004%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09797	+0.129%	$13.1M	$7.5M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09789	+0.047%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09788	+0.037%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDTshort	+0.0100%	4h	0.09787	+0.027%	—	$7.9M	—
Variational Omni XPL	+0.0100%	4h	0.09899	+1.168%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09866	+0.836%	$268K	$782K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09890	+1.080%	$26K	$82K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09837	+0.540%	$133K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09810	+0.262%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09830	+0.466%	$209	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09833	+0.497%	$139K	$245K	20x	as long as short
Extended XPL-USDlong	+0.0104%	1h	0.09784	long leg	$697K	$1.0M	25x
Aevo XPL-PERP	+0.0104%	1h	0.09837	+0.538%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0318%	1h	0.09887	+1.049%	$202K	$646K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09826	+0.425%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09965	+1.846%	$75K	$106K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3459%	1h	0.09887	+1.044%	$296K	$673K	10x	as long as short