Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0236%/8h= +25.8% APRpaid last 24h +0.071%

Price spread now: BloFin against Extended+0.061%7-day average +0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs+$5as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$430.426% of the position

Long on Extended Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.473%+$47 on $10k

Price spread, last 4 days (all we have)−0.252%−$25 · spread now +0.061%, 7d avg +0.006%

Together, before fees+0.221%+ Points / potential airdropExtended: Active · farm board+$22 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and BloFin is 0.055% dearer against Extended than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.006%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended XPL-USD	0.09522	0.0104	pay 0.0013% / 1h	51m 13s	$647K	$1.1M	25x
Short	BloFin XPL-USDT	0.09528	0.0340	get 0.0170% / 4h	51m 13s	$1.7M	$983K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.061%Rate

Funding earned: $49.56
Price spread: +0.061% → +0.006%: $5.49
Slippage, 4 orders: −$25.65
Fee Extended: 2.5 bp × 2 orders: −$5
Fee BloFin: 6 bp × 2 orders: −$12
Net: $12.4
Costs to cover: 0.426%
Break-even: 5.2 days

Slippage from Extended: live order book, 2 min ago; BloFin: live order book, 2 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	0.52 bp	10.4 bp −$10	24.2 bp −$242	doesn't fit	doesn't fit
Sell BloFin live order book, 2 min ago	1.05 bp	14.0 bp −$14	23.6 bp −$236	64.5 bp −$6,446	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
01 Exchange XPLUSD	−0.0328%	1h	0.09525	+0.030%	$554	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0288% / S +0.0601%	1h	0.09527	+0.053%	$105K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0180%	1h	0.09528	+0.061%	$176K	$227K	10x	as long as short
Bybit XPLUSDT	−0.0118%	4h	0.09522	−0.002%	$45.1M	$56.0M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09538	+0.167%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.493%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09527	+0.051%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDC	+0.0004%	4h	0.09523	+0.009%	$29K	$335K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09529	+0.069%	$72K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0070%	8h	0.09536	+0.148%	$12K	$2K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX XPL-USDT-SWAP	+0.0095%	4h	0.09527	+0.051%	$8.2M	$49.9M	50x	as long as short
Lighter XPL	+0.0096%	1h	0.09517	−0.054%	$4.3M	$3.3M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09527	+0.056%	$1.2M	$2.7M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09542	+0.208%	$59.8M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09537	+0.152%	$242K	$478K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09532	+0.107%	$217K	$48K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09526	+0.036%	$43.2M	$105.6M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09533	+0.114%	$3.0M	$3.5M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09528	+0.061%	$12.3M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09535	+0.135%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09533	+0.114%	$8.5M	$10.4M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09524	+0.019%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09536	+0.144%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09541	+0.194%	$254K	$955K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09570	+0.502%	$25K	$80K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09536	+0.144%	$127K	$2.1M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09510	−0.128%	$3K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09520	−0.023%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09565	+0.450%	$143K	$237K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09565	+0.450%	$139K	$5K	10x	as long as short
Extended XPL-USDlong	+0.0104%	1h	0.09522	long leg	$647K	$1.1M	25x
Aevo XPL-PERP	+0.0104%	1h	0.09525	+0.030%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09568	+0.481%	$194K	$617K	10x	as long as short
BloFin XPL-USDTshort	+0.0340%	4h	0.09528	+0.061%	$1.7M	$983K	75x
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09606	+0.880%	$74K	$86K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3334%	1h	0.09568	+0.477%	$541K	$977K	10x	as long as short