Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.001%

Price spread now: Bulk against Nado−0.481%7-day average +0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$94as in the Price arb table

costs, in and out, $10k−$430.433% of the position

Long on Nado Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.001%$0 on $10k

Price spread, last 3 days (all we have)+0.182%+$18 · spread now −0.481%, 7d avg +0.031%

Together, before fees+0.181%+ Points / potential airdropNado: Active · farm board+$18 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: Bulk is 0.511% cheaper against Nado than usual: you would sell low and buy high, −$51 on $10k if it goes back to its 7-day average of +0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado XPL-PERP	0.09777	0.0100	pay 0.0012% / 1h	46m 26s	$1.4M	$2.6M	10x
Short	Bulk XPL-USD	0.09730	0.0100	get 0.0013% / 1h	46m 26s	$140K	$11K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Nado. 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 NadobpFee BulkbpOrdersPrice spread, now −0.481%Rate

Funding earned: $0
Price spread: −0.481% → +0.031%: −$51.15
Slippage, 4 orders: −$29.28
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$94.43
Costs to cover: 0.433%
Break-even: 9239998899621518.0 days

Slippage from Nado: live order book, 2 min ago; Bulk: live order book, 42 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 Nado live order book, 2 min ago	3.59 bp	9.6 bp −$10	20.7 bp −$207	doesn't fit	doesn't fit
Sell Bulk live order book, 42 min ago	5.04 bp	8.5 bp −$9	18.2 bp −$182	55.9 bp −$5,591	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	−0.0296%	1h	0.09784	+0.072%	$4.4M	$4.3M	10x	as long as short
Backpack XPL_USDC_PERP	−0.0162%	1h	0.09819	+0.430%	$181K	$281K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0069% / S +0.0478%	1h	0.09785	+0.087%	$113K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0055%	1h	0.09823	+0.470%	$47K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09802	+0.256%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.564%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09787	+0.101%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0080%	4h	0.09786	+0.092%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0095%	8h	0.09797	+0.201%	$13K	$2K	5x	as long as short
01 Exchange XPLUSD	+0.0096%	1h	0.09777	0.000%	$568	$582	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XPL-PERPlong	+0.0100%	1h	0.09777	long leg	$1.4M	$2.6M	10x
Hyperliquid XPL	+0.0100%	1h	0.09787	+0.102%	$62.9M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09792	+0.158%	$253K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09801	+0.241%	$222K	$19K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09783	+0.061%	$44.3M	$104.1M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09784	+0.072%	$47.5M	$52.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09782	+0.051%	$9.0M	$53.1M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09778	+0.010%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09789	+0.123%	$12.8M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09778	+0.010%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09787	+0.102%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09781	+0.041%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09735	−0.434%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09720	−0.583%	$264K	$769K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09740	−0.378%	$25K	$86K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09785	+0.081%	$132K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09800	+0.235%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09810	+0.338%	$204	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09740	−0.378%	$138K	$245K	20x	as long as short
Bulk XPL-USDshort	+0.0100%	1h	0.09730	−0.481%	$140K	$11K	10x
Extended XPL-USD	+0.0104%	1h	0.09781	+0.038%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09825	+0.491%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09812	+0.358%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09731	−0.470%	$199K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09844	+0.685%	$74K	$105K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3474%	1h	0.09844	+0.689%	$518K	$939K	10x	as long as short