Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0022%/8h= −2.4% APRpaid last 24h −0.017%

Price spread now: Orderly against Nado−0.077%7-day average −0.034% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Nado Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.041%−$4 on $10k

Price spread, last 3 days (all we have)−0.071%−$7 · spread now −0.077%, 7d avg −0.034%

Together, before fees−0.112%+ Points / potential airdropNado: Active · farm board−$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Orderly is 0.043% cheaper against Nado than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.034%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado XPL-PERP	0.09755	0.0100	pay 0.0012% / 1h	38m 52s	$1.4M	$2.7M	10x
Short	Orderly PERP_XPL_USDC	0.09747	0.0078	get 0.0039% / 4h	1h 38m	$29K	$335K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.077%Rate

Funding earned: −$4.6
Price spread: −0.077% → −0.034%: −$4.33
Slippage, 4 orders: no order book: not counted
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$21.93
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Nado: live order book, 5 min ago; Orderly: no order-book sample. Net counts fees only.

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, 5 min ago	2.05 bp	7.9 bp −$8	20.1 bp −$201	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0309%	1h	0.09749	−0.056%	$178K	$281K	10x	as long as short
01 Exchange XPLUSD	−0.0200%	1h	0.09747	−0.077%	$567	$708	5x	as long as short
Lighter XPL	−0.0136%	1h	0.09735	−0.200%	$4.4M	$4.1M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0101% / S +0.0500%	1h	0.09753	−0.016%	$112K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0058%	1h	0.09749	−0.056%	$47K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09748	−0.069%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.390%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09753	−0.013%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDCshort	+0.0078%	4h	0.09747	−0.077%	$29K	$335K	10x
Paradex XPL-USD-PERP	+0.0090%	8h	0.09743	−0.120%	$13K	$2K	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	0.09755	long leg	$1.4M	$2.7M	10x
Hyperliquid XPL	+0.0100%	1h	0.09763	+0.082%	$62.9M	$47.5M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09750	−0.043%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09750	−0.046%	$222K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09744	−0.108%	$43.8M	$106.3M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09745	−0.097%	$47.4M	$54.0M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09741	−0.138%	$8.9M	$53.5M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09750	−0.048%	$140K	$8K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09743	−0.118%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09743	−0.118%	$12.6M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09751	−0.036%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09752	−0.026%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09744	−0.108%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09747	−0.073%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09730	−0.247%	$261K	$789K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09740	−0.149%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09762	+0.073%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09730	−0.251%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09740	−0.149%	$448	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09743	−0.118%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09744	−0.110%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09749	−0.057%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09752	−0.026%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09744	−0.108%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09734	−0.210%	$72K	$104K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4587%	1h	0.09786	+0.321%	$515K	$952K	10x	as long as short