Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0325%/8h= −35.6% APRpaid last 24h −0.056%

Price spread now: Deribit against Orderly+0.041%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Deribit is 0.041% dearer against Orderly than usual: you sell high and buy low (spread +0.041% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 10 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_XPL_USDC	0.09807	0.0066	pay 0.0033% / 4h	57m 01s	$29K	$335K	10x
Short	Deribit XPL_USDC-PERPETUAL	0.09811	−0.0259	pay 0.0032% / 1h	57m 01s	$47K	$18K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.041%Rate

Funding earned: −$68.32
Price spread: +0.041% → 0.000%: $4.08
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$77.24
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Deribit: 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 Orderly no order-book sample	—	—	—	—	—
Sell Deribit no order-book sample	—	—	—	—	—

Orderly and Deribit: 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
Lighter XPL	−0.0336%	1h	0.09786	−0.214%	$4.4M	$4.1M	10x	as long as short
01 Exchange XPLUSD	−0.0296%	1h	0.09795	−0.122%	$569	$708	5x	as long as short
Deribit XPL_USDC-PERPETUALshort	−0.0259%	1h	0.09811	+0.041%	$47K	$18K	25x
GMX XPL/USD [WBTC.b-USDC]	L −0.0122% / S +0.0513%	1h	0.09810	+0.034%	$113K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09799	−0.081%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.806%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09810	+0.031%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDClong	+0.0066%	4h	0.09807	long leg	$29K	$335K	10x
Paradex XPL-USD-PERP	+0.0084%	8h	0.09799	−0.085%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09799	−0.076%	$1.4M	$2.6M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid XPL	+0.0100%	1h	0.09808	+0.009%	$63.5M	$47.8M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09802	−0.047%	$254K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09806	−0.007%	$223K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09783	−0.244%	$44.3M	$107.4M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09785	−0.224%	$48.1M	$54.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09781	−0.265%	$8.9M	$54.4M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09800	−0.071%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09800	−0.071%	$12.7M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09792	−0.153%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09796	−0.112%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09786	−0.214%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09796	−0.112%	$178K	$279K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09755	−0.528%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09790	−0.173%	$261K	$787K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09790	−0.173%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09815	+0.082%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09790	−0.173%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09800	−0.071%	$451	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09786	−0.214%	$139K	$246K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09790	−0.173%	$143K	$9K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09807	−0.005%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09819	+0.118%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09800	−0.071%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09785	−0.224%	$198K	$649K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09825	+0.184%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5067%	1h	0.09853	+0.471%	$567K	$1.0M	10x	as long as short