Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0744%/8h= +81.5% APRpaid last 24h +0.212%

Price spread now: Coinbase International against Orderly+0.593%7-day average +0.756% · you sell dearer than you buy

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

Long on Orderly Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.162%+$16 on $10k

Price spread, last 3 days (all we have)+0.364%+$36 · spread now +0.593%, 7d avg +0.756%

Together, before fees+0.527%+$53 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.163% cheaper against Orderly than usual: you would sell low and buy high (spread +0.593% now, against its 7-day average of +0.756%). If the spread goes back, that is −$16 on $10k: about 18 hours of funding at the current rate (+$22 a day). At the pace of the last 7 days (+0.162% in total) that is about 7.1 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.162% in total (about 8.5% 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	Orderly PERP_XPL_USDC	0.09786	0.0080	pay 0.0040% / 4h	2h 45m	$27K	$333K	10x
Short	Coinbase International XPL-PERP-INTX	0.09844	0.0824	get 0.0103% / 1h	45m 30s	$74K	$105K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Orderly. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Coinbase InternationalbpOrdersPrice spread, now +0.593%Rate

Funding earned: $156.24
Price spread: +0.593% → +0.756%: −$16.35
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $123.89
Costs to cover: 0.160%
Break-even: 1.4 days

Slippage unknown: Orderly: no order-book sample; Coinbase International: live order book, 42 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 Coinbase International live order book, 42 min ago	32.79 bp	63.5 bp −$64	doesn't fit	doesn't fit	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
Deribit XPL_USDC-PERPETUAL	−0.0363%	1h	0.09785	−0.010%	$47K	$18K	25x	as long as short
Lighter XPL	−0.0296%	1h	0.09781	−0.051%	$4.4M	$4.3M	10x	as long as short
Backpack XPL_USDC_PERP	−0.0103%	1h	0.09789	+0.031%	$181K	$281K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0069% / S +0.0478%	1h	0.09785	−0.005%	$113K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09789	+0.031%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.635%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09787	+0.009%	$72K	—	150x	as long as short
01 Exchange XPLUSD	+0.0080%	1h	0.09791	+0.051%	$569	$582	5x	as long as short
Orderly PERP_XPL_USDClong	+0.0080%	4h	0.09786	long leg	$27K	$333K	10x
Paradex XPL-USD-PERP	+0.0095%	8h	0.09800	+0.144%	$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	0.09792	+0.066%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09802	+0.167%	$63.0M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09798	+0.121%	$253K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09797	+0.115%	$222K	$19K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09792	+0.061%	$44.4M	$104.1M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09792	+0.061%	$47.6M	$52.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09792	+0.061%	$9.0M	$53.1M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09789	+0.031%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09792	+0.061%	$12.8M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09786	0.000%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09799	+0.133%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09790	+0.041%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09793	+0.072%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09807	+0.215%	$266K	$769K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09820	+0.347%	$25K	$86K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09803	+0.171%	$132K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09770	−0.163%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09780	−0.061%	$208	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09740	−0.470%	$138K	$245K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09730	−0.572%	$140K	$11K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09790	+0.042%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09788	+0.018%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09812	+0.266%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09731	−0.562%	$199K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTXshort	+0.0824%	1h	0.09844	+0.593%	$74K	$105K	50x
Kraken Futures PF_XPLUSD	+0.3480%	1h	0.09827	+0.423%	$517K	$939K	10x	as long as short