Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0468%/8h= +51.2% APRpaid last 24h +0.202%

Price spread now: Coinbase International against MEXC+0.143%7-day average +0.719% · you sell dearer than you buy

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$108as in the Price arb table

costs, in and out, $10k−$500.499% of the position

Long on MEXC Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.003%$0 on $10k

Price spread, last 3 days (all we have)+0.536%+$54 · spread now +0.143%, 7d avg +0.719%

Together, before fees+0.540%+$54 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.576% cheaper against MEXC than usual: you would sell low and buy high (spread +0.143% now, against its 7-day average of +0.719%). If the spread goes back, that is −$58 on $10k: about 4.1 days of funding at the current rate (+$14 a day). At the pace of the last 7 days (+0.003% in total) that is about years.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.003% in total (about 0.2% 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	MEXC XPL_USDT	0.09811	0.0100	pay 0.0050% / 4h	52m 57s	$12.8M	$7.6M	100x
Short	Coinbase International XPL-PERP-INTX	0.09825	0.0568	get 0.0071% / 1h	52m 57s	$72K	$97K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against MEXC. 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 MEXCbpFee Coinbase InternationalbpOrdersPrice spread, now +0.143%Rate

Funding earned: $98.28
Price spread: +0.143% → +0.719%: −$57.63
Slippage, 4 orders: −$39.92
Fee MEXC: 0 bp × 2 orders: $0
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$9.27
Costs to cover: 0.499%
Break-even: 7.7 days

Slippage from MEXC: live order book, 10 min ago; Coinbase International: live order book, 25 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 MEXC live order book, 10 min ago	0.51 bp	1.5 bp −$1	5.5 bp −$55	91.7 bp −$9,168	234.5 bp −$117.2K
Sell Coinbase International live order book, 25 min ago	17.51 bp	23.4 bp −$23	166.8 bp −$1,668	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
Lighter XPL	−0.0360%	1h	0.09803	−0.082%	$4.4M	$4.1M	10x	as long as short
01 Exchange XPLUSD	−0.0264%	1h	0.09814	+0.031%	$571	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0157%	1h	0.09816	+0.051%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0124% / S +0.0514%	1h	0.09824	+0.133%	$113K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09816	+0.053%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.838%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09823	+0.120%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0063%	4h	0.09813	+0.020%	$30K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0082%	8h	0.09809	−0.018%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09818	+0.076%	$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	0.09831	+0.200%	$63.6M	$47.8M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09821	+0.105%	$254K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09820	+0.092%	$223K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09809	−0.020%	$44.4M	$107.6M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09812	+0.010%	$48.2M	$55.0M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09809	−0.020%	$8.9M	$54.6M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09811	0.000%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDTlong	+0.0100%	4h	0.09811	long leg	$12.8M	$7.6M	100x
KuCoin XPLUSDTM	+0.0100%	4h	0.09810	−0.010%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09819	+0.082%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09810	−0.010%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09821	+0.102%	$179K	$279K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09788	−0.233%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09812	+0.008%	$261K	$787K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09800	−0.112%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09834	+0.230%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09800	−0.112%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09810	−0.010%	$451	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09811	0.000%	$139K	$246K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09790	−0.214%	$143K	$9K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09810	−0.014%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09819	+0.081%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0327%	1h	0.09824	+0.133%	$199K	$651K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09816	+0.051%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTXshort	+0.0568%	1h	0.09825	+0.143%	$72K	$97K	50x
Kraken Futures PF_XPLUSD	+0.5063%	1h	0.09860	+0.501%	$568K	$1.0M	10x	as long as short