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 +0.015%

Price spread now: Extended against GRVT−0.259%72s7-day average −0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs−$247as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$2432.430% of the position

Long on GRVT Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.038%−$4 on $10k

Price spread, last 3 days (all we have)−0.337%−$34 · spread now −0.259%, 7d avg −0.023%

Together, before fees−0.375%+ Points / potential airdropGRVT: Active · Extended: Active · farm board−$37 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Extended is 0.236% cheaper against GRVT than usual: you would sell low and buy high, −$24 on $10k if it goes back to its 7-day average of −0.023%. The two prices were read 72 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT XPL_USDT_Perp	0.09760	0.0100	pay 0.0050% / 4h	2h 52m	$265K	$782K	10x
Short	Extended XPL-USD	0.09735	0.0104	get 0.0013% / 1h	52m 14s	$653K	$1.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against GRVT. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GRVTbpFee ExtendedbpOrdersPrice spread, now −0.259%Rate

Funding earned: $0.84
Price spread: −0.259% → −0.023%: −$23.6
Slippage, 4 orders: −$229
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$265.76
Costs to cover: 2.430%
Break-even: 2221.7 days

Slippage from GRVT: live order book, 35 min ago; Extended: live order book, 1 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 GRVT live order book, 35 min ago	5.05 bp	82.7 bp −$83	220.5 bp −$2,205	doesn't fit	doesn't fit
Sell Extended live order book, 1 min ago	1.54 bp	6.0 bp −$6	22.0 bp −$220	doesn't fit	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
Backpack XPL_USDC_PERP	−0.0277%	1h	0.09740	−0.203%	$180K	$283K	10x	as long as short
Lighter XPL	−0.0240%	1h	0.09722	−0.388%	$4.4M	$4.2M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0067% / S +0.0477%	1h	0.09741	−0.192%	$112K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0058%	1h	0.09741	−0.193%	$47K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09723	−0.380%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.429%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09740	−0.208%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0079%	4h	0.09734	−0.265%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0096%	8h	0.09716	−0.446%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09738	−0.221%	$1.4M	$2.6M	10x	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	0.09735	−0.254%	$63.1M	$46.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09734	−0.266%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09719	−0.415%	$220K	$19K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09734	−0.264%	$44.4M	$103.7M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09729	−0.316%	$47.1M	$52.5M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09732	−0.285%	$9.0M	$52.7M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09901	+1.446%	$143K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09733	−0.275%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09730	−0.306%	$12.8M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09729	−0.316%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09736	−0.244%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09727	−0.337%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09837	+0.795%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perplong	+0.0100%	4h	0.09760	long leg	$265K	$782K	10x
ApeX Omni XPLUSDT	+0.0100%	1h	0.09840	+0.821%	$25K	$82K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09745	−0.154%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09720	−0.408%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09730	−0.306%	$199	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09702	−0.593%	$138K	$245K	20x	as long as short
Extended XPL-USDshort	+0.0104%	1h	0.09735	−0.259%	$653K	$1.1M	25x
Aevo XPL-PERP	+0.0104%	1h	0.09742	−0.185%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09717	−0.439%	$1.8M	$1.2M	75x	as long as short
01 Exchange XPLUSD	+0.0448%	1h	0.09714	−0.470%	$565	$582	5x	as long as short
Phoenix XPL	+0.0485%	1h	0.09742	−0.183%	$199K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09965	+2.102%	$75K	$106K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3475%	1h	0.09842	+0.839%	$469K	$878K	10x	as long as short