Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0396%/8h= +43.4% APRpaid last 24h +0.201%

Price spread now: Coinbase International against HTX+1.055%7-day average +0.736% · you sell dearer than you buy

Net, funding: paid 7d − costs−$248as in the Funding arb table

Net, price: spread back to 7d avg − costs−$200as in the Price arb table

costs, in and out, $10k−$2322.321% of the position

Long on HTX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.164%−$16 on $10k

Price spread, last 3 days (all we have)−0.261%−$26 · spread now +1.055%, 7d avg +0.736%

Together, before fees−0.424%−$42 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Coinbase International is 0.319% dearer against HTX than usual: you sell high and buy low: +$32 more if the spread goes back to its 7-day average of +0.736%. Mind the row above: over the last 7 days funding on this pair cost −0.164%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.164% in total (about -8.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX XPL-USDT	0.09664	0.0100	pay 0.0050% / 4h	2h 08m	$144K	$249K	20x
Short	Coinbase International XPL-PERP-INTX	0.09766	0.0496	get 0.0062% / 1h	8m 10s	$78K	$95K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against HTX. 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 HTXbpFee Coinbase InternationalbpOrdersPrice spread, now +1.055%Rate

Funding earned: $83.16
Price spread: +1.055% → +0.736%: $31.94
Slippage, 4 orders: −$210.12
Fee HTX: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$117.02
Costs to cover: 2.321%
Break-even: 16.9 days

Slippage from HTX: live order book, 58 min ago; Coinbase International: live order book, 45 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 HTX live order book, 58 min ago	13.68 bp	20.4 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 45 min ago	35.65 bp	66.7 bp −$67	doesn't fit	doesn't fit	doesn't fit

XPL on 35 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	−0.0288%	1h	0.09658	−0.062%	$562	$708	5x	as long as short
Backpack XPL_USDC_PERP	−0.0219%	1h	0.09675	+0.114%	$179K	$243K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0206% / S +0.0567%	1h	0.09679	+0.153%	$111K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0163%	1h	0.09676	+0.124%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDC	−0.0001%	4h	0.09673	+0.093%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09669	+0.047%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.662%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09680	+0.162%	$60K	—	150x	as long as short
Lighter XPL	+0.0032%	1h	0.09661	−0.031%	$4.4M	$4.2M	10x	as long as short
Paradex XPL-USD-PERP	+0.0046%	8h	0.09661	−0.031%	$13K	$2K	5x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX XPL-USDT-SWAP	+0.0046%	4h	0.09669	+0.052%	$8.4M	$53.8M	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09666	+0.018%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09682	+0.183%	$61.7M	$47.4M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09671	+0.072%	$246K	$500K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09671	+0.068%	$220K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09670	+0.062%	$43.9M	$108.4M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09668	+0.041%	$46.5M	$56.6M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09660	−0.041%	$141K	$7K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09669	+0.052%	$3.0M	$3.9M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09669	+0.052%	$12.7M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09663	−0.010%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09671	+0.072%	$8.6M	$11.2M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09670	+0.062%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09671	+0.070%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09670	+0.062%	$257K	$891K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09680	+0.166%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09679	+0.153%	$132K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09670	+0.062%	$2K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09670	+0.062%	$193	$11K	10x	as long as short
HTX XPL-USDTlong	+0.0100%	4h	0.09664	long leg	$144K	$249K	20x
Extended XPL-USD	+0.0104%	1h	0.09669	+0.054%	$655K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09670	+0.062%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09687	+0.238%	$196K	$657K	10x	as long as short
Coinbase International XPL-PERP-INTXshort	+0.0496%	1h	0.09766	+1.055%	$78K	$95K	50x
Kraken Futures PF_XPLUSD	+0.4404%	1h	0.09712	+0.502%	$551K	$1.0M	10x	as long as short