Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.004%

Price spread now: Extended against OKX+0.034%7-day average −0.053% · you sell dearer than you buy

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$390.394% of the position

Long on OKX Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.011%+$1 on $10k

Price spread, last 4 days (all we have)−0.227%−$23 · spread now +0.034%, 7d avg −0.053%

Together, before fees−0.216%+ Points / potential airdropExtended: Active · farm board−$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: Extended is 0.087% dearer against OKX than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of −0.053%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX XPL-USDT-SWAP	0.09728	0.0100	pay 0.0050% / 4h	1h 42m	$8.9M	$53.4M	50x
Short	Extended XPL-USD	0.09731	0.0104	get 0.0013% / 1h	42m 58s	$657K	$1.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against OKX. 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 OKXbpFee ExtendedbpOrdersPrice spread, now +0.034%Rate

Funding earned: $0.84
Price spread: +0.034% → −0.053%: $8.75
Slippage, 4 orders: −$24.36
Fee OKX: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$29.78
Costs to cover: 0.394%
Break-even: 255.1 days

Slippage from OKX: live order book, 1 min ago; Extended: live order book, just now.

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 OKX live order book, 1 min ago	0.51 bp	13.3 bp −$13	33.3 bp −$333	doesn't fit	doesn't fit
Sell Extended live order book, just now	2.57 bp	6.9 bp −$7	17.9 bp −$179	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
Backpack XPL_USDC_PERP	−0.0340%	1h	0.09732	+0.041%	$177K	$281K	10x	as long as short
01 Exchange XPLUSD	−0.0216%	1h	0.09738	+0.103%	$566	$708	5x	as long as short
Lighter XPL	−0.0168%	1h	0.09718	−0.103%	$4.4M	$4.1M	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0161%	1h	0.09726	−0.021%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0099% / S +0.0498%	1h	0.09725	−0.035%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09741	+0.129%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.177%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09727	−0.012%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0079%	4h	0.09720	−0.082%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0090%	8h	0.09737	+0.089%	$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-PERP	+0.0100%	1h	0.09738	+0.103%	$1.4M	$2.7M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09744	+0.166%	$62.8M	$47.5M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09733	+0.048%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09744	+0.160%	$222K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09732	+0.042%	$43.7M	$106.2M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09732	+0.041%	$47.4M	$53.9M	75x	as long as short
OKX XPL-USDT-SWAPlong	+0.0100%	4h	0.09728	long leg	$8.9M	$53.4M	50x
Bulk XPL-USD	+0.0100%	1h	0.09695	−0.340%	$140K	$8K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09734	+0.062%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09732	+0.041%	$12.6M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09729	+0.010%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09737	+0.093%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09731	+0.031%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09719	−0.097%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09736	+0.083%	$261K	$789K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09740	+0.123%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09750	+0.228%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09730	+0.021%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09720	−0.082%	$447	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09730	+0.021%	$138K	$246K	20x	as long as short
Extended XPL-USDshort	+0.0104%	1h	0.09731	+0.034%	$657K	$1.1M	25x
Aevo XPL-PERP	+0.0104%	1h	0.09723	−0.054%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09740	+0.123%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09751	+0.236%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09734	+0.062%	$72K	$104K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4595%	1h	0.09769	+0.421%	$514K	$951K	10x	as long as short