Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.010%

Price spread now: Bybit against KuCoin+0.114%7-day average −0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$112as in the Funding arb table

Net, price: spread back to 7d avg − costs−$87as in the Price arb table

costs, in and out, $10k−$1011.011% of the position

Long on KuCoin Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.111%−$11 on $10k

Price spread, last 7 days−0.112%−$11 · spread now +0.114%, 7d avg −0.029%

Together, before fees−0.223%−$22 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: Bybit is 0.143% dearer against KuCoin than usual: you sell high and buy low, +$14 on $10k if it goes back to its 7-day average of −0.029%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin XPLUSDTM	0.09635	0.0100	pay 0.0050% / 4h	2h 19m	$2.3M	$1.4M	50x
Short	Bybit XPLUSDT	0.09646	0.0100	get 0.0050% / 4h	2h 19m	$45.7M	$53.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against KuCoin. 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 KuCoinbpFee BybitbpOrdersPrice spread, now +0.114%Rate

Funding earned: $0
Price spread: +0.114% → −0.029%: $14.34
Slippage, 4 orders: −$78.09
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$86.75
Costs to cover: 1.011%
Break-even: never at this rate

Slippage from KuCoin: live order book, 2 min ago; Bybit: live order book, 4 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 KuCoin live order book, 2 min ago	6.25 bp	36.3 bp −$36	151.3 bp −$1,513	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.52 bp	16.0 bp −$16	37.3 bp −$373	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
01 Exchange XPLUSD	−0.0272%	1h	0.09629	−0.062%	$560	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0234% / S +0.0570%	1h	0.09643	+0.083%	$106K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09652	+0.173%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.423%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09642	+0.073%	$46K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09643	+0.083%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0008%	4h	0.09636	+0.010%	$29K	$306K	10x	as long as short
Lighter XPL	+0.0024%	1h	0.09640	+0.052%	$4.4M	$3.0M	10x	as long as short
Paradex XPL-USD-PERP	+0.0064%	8h	0.09648	+0.132%	$13K	$696	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09641	+0.057%	$1.2M	$2.3M	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	0.09659	+0.244%	$61.1M	$46.3M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09656	+0.219%	$254K	$428K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09656	+0.220%	$221K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09650	+0.153%	$43.7M	$99.7M	75x	as long as short
Bybit XPLUSDTshort	+0.0100%	4h	0.09646	+0.114%	$45.7M	$53.8M	75x
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09649	+0.145%	$8.2M	$48.6M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09581	−0.557%	$140K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09647	+0.125%	$3.1M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09648	+0.135%	$12.4M	$6.9M	100x	as long as short
KuCoin XPLUSDTMlong	+0.0100%	4h	0.09635	long leg	$2.3M	$1.4M	50x
Bitget XPLUSDT	+0.0100%	4h	0.09657	+0.228%	$9.2M	$9.7M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09649	+0.145%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09651	+0.166%	$175K	$190K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09604	−0.324%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09580	−0.571%	$253K	$1.1M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09570	−0.675%	$25K	$77K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09647	+0.125%	$126K	$1.9M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09620	−0.156%	$3K	$1.7M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09640	+0.052%	$206	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09617	−0.187%	$137K	$191K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09646	+0.111%	$606K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09635	−0.002%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09582	−0.550%	$194K	$536K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09620	−0.156%	$1.7M	$949K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0592%	1h	0.09666	+0.322%	$67K	$90K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2873%	1h	0.09675	+0.416%	$550K	$975K	10x	as long as short