Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0020%/8h= +2.2% APRpaid last 24h +0.016%

Price spread now: Bulk against Orderly+0.599%7-day average +0.078% · you sell dearer than you buy

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

Long on Orderly Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.044%+$4 on $10k

Price spread, last 3 days (all we have)−0.007%−$1 · spread now +0.599%, 7d avg +0.078%

Together, before fees+0.037%+$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Bulk is 0.521% dearer against Orderly than usual: you sell high and buy low: +$52 more if the spread goes back to its 7-day average of +0.078%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_XPL_USDC	0.09842	0.0080	pay 0.0040% / 4h	2h 56m	$27K	$333K	10x
Short	Bulk XPL-USD	0.09901	0.0100	get 0.0013% / 1h	56m 47s	$143K	$11K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Orderly. 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 OrderlybpFee BulkbpOrdersPrice spread, now +0.599%Rate

Funding earned: $4.3
Price spread: +0.599% → +0.078%: $52.14
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: $43.44
Costs to cover: 0.130%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Bulk: live order book, 32 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Bulk live order book, 32 min ago	5.04 bp	8.5 bp −$9	18.2 bp −$182	55.9 bp −$5,591	doesn't fit

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	−0.0186%	1h	0.09843	+0.010%	$184K	$283K	10x	as long as short
Lighter XPL	−0.0072%	1h	0.09832	−0.102%	$4.4M	$4.2M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0064% / S +0.0475%	1h	0.09840	−0.016%	$113K	—	100x	as long as short
01 Exchange XPLUSD	−0.0016%	1h	0.09836	−0.061%	$572	$582	5x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09836	−0.061%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−23.075%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09845	+0.030%	$49K	$17K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09842	+0.001%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDClong	+0.0080%	4h	0.09842	long leg	$27K	$333K	10x
Paradex XPL-USD-PERP	+0.0099%	8h	0.09823	−0.195%	$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	0.09840	−0.020%	$1.4M	$2.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09840	−0.020%	$255K	$514K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09840	−0.020%	$223K	$19K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09842	+0.003%	$44.8M	$102.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09837	−0.051%	$47.6M	$51.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09836	−0.061%	$9.2M	$53.2M	50x	as long as short
Bulk XPL-USDshort	+0.0100%	1h	0.09901	+0.599%	$143K	$11K	10x
Gate XPL_USDT	+0.0100%	4h	0.09840	−0.020%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09842	0.000%	$13.2M	$7.5M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09838	−0.041%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09846	+0.041%	$8.7M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09837	−0.051%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09899	+0.576%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09866	+0.246%	$268K	$782K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09890	+0.488%	$26K	$82K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09852	+0.104%	$133K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09820	−0.224%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09840	−0.020%	$202	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09863	+0.213%	$140K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09842	−0.003%	$701K	$1.0M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09846	+0.042%	$38K	$5K	3x	as long as short
Hyperliquid XPL	+0.0125%	1h	0.09855	+0.128%	$65.1M	$45.2M	10x	as long as short
Phoenix XPL	+0.0318%	1h	0.09887	+0.457%	$202K	$646K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09826	−0.163%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09965	+1.250%	$75K	$106K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3462%	1h	0.09877	+0.355%	$295K	$673K	10x	as long as short